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So im currently looking around for a life insurance policy for both Gary and myself and so far, it look like Genworth seem to have the best options on their policy for the quote, i was just wondering how many of you folks actually have life insurance, and from which company?
Right now its looking like a 25yr fixed term, 1 million policy is going to cost around $70 a month for both of us.
Regards,
Lee
Life insurance? I don't even have health insurance! :eek:
That is a really bad idea. I live in the UK with a free health service and im still insured. If you live without a free health service then you really need it.Quote:
Originally Posted by Xstr8guy
Coming from someone that used to own an insurance agency - state funded health insurance is a bad idea. (Puts hard working people out of business)Quote:
Originally Posted by marcjacob
And also Lee - really think long and hard before going with a term policy. I can't remember the statistics now, but its something like "only 4% of term policies ever pay out" (which is a result of - if you ever don't pay your premium or if you live 26 years, etc)
All I'm saying is really look around first - whole life is always my personal recommendation.
Ryan,
Any recommendations for whole life companies to check out?
Regards,
Lee
Depending on where you live - different companies will have better products. My recommendation is goto a large Brokerage as they should represent every major company in your area. (I'd just hate to name an insurance company since its been a good number of years since I actively sold life insurance and who's to say that company hasn't gone downhill)
However, one brokerage I'd recommend (I think they have offices in all 50 states) is the Fraternal Order of Foresters. They're one of the few "old-school" fraternal life insurance companies still around - but the great thing about them is that their new management - or at least it was new when I was an agent - are philanthropists as apposed to capitalists. So their excess every year gets donated to charities across the board as apposed to going in the CEO's pocket. Also, as a Fraternal member you get ancillary benefits - everything from disability and scholarships to discounts on Disneyland tickets.
But like I said, it's been a few years and who's to say what they support nowadays. So I'd still do some research - this is one of those perfect opportunities to vote with your dollars.
i would pay well over $500 a month for health insurance that didn't have a stupid deductable - and even then, the policy would be restricted from a lot of things including any pre-existing conditions. and since most of the reasons i would end up needing medical care are pre-existing, health insurance and i haven't made friends yet.
i am planning to get a health savings account this coming year. for those of us in the u.s. who aren't 25 and in perfect health, it's probably a good way to go.
Quote:
Originally Posted by marcjacob
Yeah - HSA's are great. (Much better than MSA's - their predecessor)
Not a dime!
I've taken care of my responsibilities (Paco's going away roast, or cremation, is paid for in full) and I do not see a need for a single guy to have life insurance.
My cat will not be able to spend it and my flatM8 knows he is getting all my gear. What's left?
Oh shit, after saying that I now know why he was in my room, while I slept, with a butcher's knife.
My brother worked for many insurance corps, and he kinda filled me in on what to expect ... not a dime due to my love for drugs!
Yeah Paco - generally life insurance won't pay out on deaths resulting from illegal activity. (IE: drug overdose, shot robbing a bank, etc) However, as long as your initial application is 100% true - check yes for drug use - and if they insure you and you die of natural causes - they're obligated by law to pay.
and I was informed that for most drug users there really is no such thing as "natural causes" - many claims have been dismissed based on the fact that the person used drugs to the point their heart gave out (not an OD) due to unnatural causes.
I was not shocked to hear (NOT) that insurance companies accept my type as it is free money. This includes heavy drinkers.
"natural causes" is actually not a well defined by them - no list to view exactly what they consider what.
If you own your house, you might want to check with the same people that do your homeowners insurance. I got a huge discount on my homeowners because I also have my life policy and auto with them. Sometimes the mutipolicy discounts can save you a lot of money.
Absolutely - I know for a while if you had farmers auto and homeowners insurance - the discount for life insurance was larger than the premium (so in essence you were saving money by buying another policy)Quote:
Originally Posted by TropixxxStudios
Yes, I forgot to mention that.Quote:
Originally Posted by sXeRyan
The discount on my auto and homeowners policy more than covers my Life Insurance...so basically I get Life Insurance for free.
In Colorado, we dont have a domestic partnership or civil union law (one on the ballot on Tuesday) so we had to buy an additional policy for Matt...but with his age it was not much...and they still gave us a break for multi-policy since I was able to show a vested financial interest since he owns part of my company...but the laws vary from state to state.
Good Luck.
:donmike:
The way prices are rising in UK - not enough!! Will search for more Monday.