Do you have LIFE INSURANCE???

[redhen]

Quote:

 

[Stephanie739]

Quote:
Term is temporary insurance for a set "term" 10, 15, 30 years...once the term expires, the coverage ends and if the insured is still living no benefits paid (with some exceptions, listed below*) Obtaining a new policy (upon expiration) is sometimes very expensive and sometimes even impossible, so this is why convertible to permanent or guaranteed renewal term policies are good.

Whole Life is permanent insurance. This policy will pay either a death benefit or the benefit upon maturity usually when the insured is close to 100 years old, however, the living cash value continues to grow as the insured ages, so the customer can cash it in or borrow against the death benefit at anytime.

There is a combination of the two policies, called universal life. This is often an easier to afford permanent policy choice but the cash value will usually decrease after hitting a prime towards the middle of the policy.

The purpose in permanent policies is to lock in rates and insurability. As you age and your health declines, coverage becomes more expensive.


*You can sometimes purchase a benefit on a term policy called "return of premium" which will return the premium paid at the end of the term if the insured is living. The endorsement close to doubles the premium.

Thanks SO much for the information! Which would YOU choose??

And what company?? I live in MASS...
Its all so confusing!!!..

I'd only need a policy on my husband...
He's 40... a bit overweight, but not obese. Non-smoker. Normal blood pressure. No real medical problems...
Hes a CDL truck driver and sheet metal journeyman..(in case they need to know occupation..)

What i am looking for is security if(god forbid) he passes. Maybe enough to pay off the house.. etc.. maybe like $200.000 ?

Thanks for the help! I have been brooding over this for a looong time! And i NEED to get it done ASAP...
I was going to go to my car ins company... I think they use Safety insurance(not sure who they use for life ins policies though..)... but they're small towm podunk operation... i just worry about them being around years to come.

Your welcome. It depends on your debt level and life circumstance, kids? If you think your house will be paid for in the next couple decades and you will be able to survive w/o a benefit if he lives past the term (70 years?), the least expensive will be a term. His prices for a term are probably still fairly low, based on his health. Here is a term rate comparison guide http://www.term4sale.com/ But a term expires - its over at the end (30 year term, 70 years of age and no insurance) Get the highest benefit and the longest term you can afford now - you can probably lower the limit w/o trouble if the premium becomes is unaffordable later.

If you can afford a little more, get a universal policy with the highest benefit you can afford now - my recommendation. If the price later becomes more than you can handle, you can always lower the limit (increasing it is more difficult) Make sure you talk about 'target premium.' You will need an agent for this type of policy. Target premium is a suggested amount to pay to make sure the policy is fully funded for as long as the insured is alive. This type of policy is a flexible premium option too (ask the agent) I am a Virginia agent, state licensed (not in Mass!

). I have had good results with Mutual of Omaha policies, and I believe Lincoln National is good too. Prudential is a very old company, stable. The rates will vary from company to company so do not get discouraged if one is too high, check another! State Farm, Nationwide, and some others are captive agents - only represent one company. Get their rates, but definitely ask a few independent agents for quotes. They shop for you. You should also talk to your agent about your 'target premium.' Tell them what you can afford per month, and ask the benefit level they can offer. $70 a month, maybe $100,000-$150,000? Just a wild guess, don't hold me to that! Stick to companies that are financially rated b or above.

It sounds like your husband will still qualify for decent rates, so do buy now. Fully underwritten policies (blood work, etc) will be the least expensive. A nurse handles it, company expense, your convenience and location....very fast and easy. Once he has the policy, do not let it cancel!! Good luck

 

[Stephanie739]

Red Hen,

He may be able to get a good Universal Life policy for a much better premium than I guessed. I just ran myself through the rater, and was quoted a UL (look for this on the 'list all' options!) and found a premium considerably less than I would anticipated, so low I think I may buy it. $18/month for a $100,000 a UL.

ETA: I just called the company. It wasn't a true UL, just guaranteed renewal (still a good option) I have about 5 years to go before my 10 year term expires, so I am sort of wondering what other options I might have at that time

 

[wolftracks]

Quote:
Wish I could find it that cheap.

For anyone who thinks that this stuff isn't important I'm going to tell you why it is and yes it's a very long story.

I used to sell insurance for a while, so I was nicely insured. Most of my kids grew up and I have my empty nest baby at home now. He's 15, and younger than one nephew and 2 nieces.

When I met my husband we were both insured. Him mostly through his job. My rates had gone up and my coverage had gone down. Later they dropped me. I've had several strokes and a brain tumor. They find ways out with those. My husband was injured and couldn't work the hours he needed to continue his coverage, so we lived without insurance for maybe 4 years.

My husband was a Vietnam Vet, a little older than me, but not all that much. In October 2009, he was re-evaluated for his VA disability. PTSD. He couldn't work and I have some issues other than the strokes that kept me home, but I hadn't applied for disability, until just the past year. So he was granted 100% which was a huge amount from what he had recieved since before I met him. We lost a house waiting for that first check, but he didn't have to wait months to be upgraded from 10% to 100%, just a couple of weeks. It did take a few months for the first check though. We moved to this house in March of 2010. This was supposed ot be temporary and we had a house in escrow, so it didn't matter that we would be in the ghetto for a few months.

April 22nd, my mom suddenly died. The first check hadn't gotten here yet, we owed a lot of people, but things were going through with the house. I fell apart and he took care of me. We were half way home from my mom's service when I got a call that my dad was in the hospital and it wasn't good. We got home and the check was here. Bill paid off some people and all the bills and we had enough to go see my dad. We could fly free, but we couldn't get a straight flight and we spent a day looking for a way there. One of my sisters called and said not to rush. The doctors said he probably wouldn't make it through the night, so at 4:20 am on May first I got the call he died. We ended up renting a car and going to Oklahoma for the funeral. Good thing the check for that month showed up, cause the first one by then was gone.

July 4th my husband said his chest hurt and he thought maybe he needed to go to the ER. He was a surgical RN, so of course the pain stopped and he refused to go. July 11th, I found him sitting on the bench on the porch with his trusty clipboard and a pile of papers. The first thing he showed me was an insurance application. He said it wasn't much, but he wanted to know I'd be ok if anything ever happened to him. I didn't wan tto talk about it. I told him just don't be my number 3 and he said he wasn't going anywhere. Then he said since it was sunday, that he next day that paperwork was first priority after his doctor appointment that he waited 3 months for was done. Then we talked about the new house. Did we want it or something better? We talked about so much all day long.

He came into the living room that night and said he was going to stay up and shave and shower so he could be at the VA clinic the next morning. I was laying in the floor watching a movie with my then 4 year old grand daughter who couldn't sleep. She wanted grandpa. He said he'd get her to sleep for me and I told him I would be up when he came back out. I fell asleep. I never sleep. I woke up at 8am and saw the light on in the bathroom. I was going to try and stay up on BYC and go with him, but I figured he had just gotten home, so left him. Then at 8:30 I needed in that bathroom. No answer. I kept calling him and asking him to open the door, but ended up picking the lock. He was in the floor in the position you would have someone it they were having a heart attack. I kept shaking him, but I couldn't wake him up. Then I finally managed to turn him over. Worse thing that every happened in my whole life. EMTs showed after the sheriffs and they looked at him and said he had been gone too long.

There was no insurance. He was a Vet, but trust me that doesn't help much when you have a funeral. You get a piece of dirt and a 15 minute grave side service that isn't even graveside. We hadn't had time to save the money we were going to put up for 4 months like the plan. I remember and I've heard my daughter talking when they think I haven't heard about me saying over and over, "What do I do? What am I going to do?" I've paid back some of it, but my daughters put their money together and paid for all the costs, flowers, casket, everything. They didn't want the money back, but I made them take it. I should have held off. I have to be 60 to collect his Social Security benefits. It's been 16 months since he died. His whatever he is at the VA place, sorry they irk me, set up an appointment in 5 days. No death certificate, so I had to wait. Got that and had it faxed to him also. He didn't return calls, they said HE had to make his own appointments and no one else could. Took my husband's counceler at the VA Center to get through and it was in one call 2 minutes after I was told he wasn't in. So another month before I could apply for survivor benefits. His heart condition has just gone through with vets who had been exposed to Agent Orange. I'm still waiting to see if they are going to grant the benefits to me. The only way to get survivor benefits otherwise is if he died from his VA Disability. So people are mad at me because they think I'm hoarding money. NOT my kids. They know better. This was their stepdad and they loved him and they told him if anything ever happened to him they would make sure they took care of thing, because he knew iz'd be a mess. He didn't know about his heart condition. If he had gone to the ER on 4th of July, he'd probably be alive today.

I'm broker than broke. I have to let one bill go each month to pay another and tis the time of year the utility companies want to clear their books. Somehow and i'm still fighting it, I have a water bill of almost $300. I think someone hooked into mine, but no one has even bother to check, because I know they'd have found it.

My husband wanted me to be taken care of. He just didn't knwo it was going to be 12 hours after he said it to me and neither did I . He did have small policies, but they were all for accidental death, so none of them were any good.

I spend a lot of time online talking with other widows. Most are between 19 and 33 years old. Average age is about 24. Lots of them. And some are widowers too. Same age range.

Not telling you all any of this for attention or to have anyone feel sorry for me.

I'm telling you all this to scare the crap out of you. Death doesn't have an age and you just never know. I can't believe how many people I've met in 16 months that have lost someone over things like a cat scratch, the flu, car accidents, you name it. I know a man online, that went mountain climbing with his girlfriend, ring in hand and she turned to just when he ws going to ask her and got hit by lightening! She was like 23 or 24. Don't think it won't happen and if you love your spouse and have a mortgage, kids, business, make sure you have insurance to get them through a long hard time of grief. There;s not a timeframe for it and trust me it isn't what people who haven't been through it expect. If things are taken care of it seems to at least give time to grieve without having to worry how you'll live and pay bills and not have to rush out and pretend you're ok to the people who think you need to be over it 5 minutes after the funeral. It's hard enough for the people who do have money. And my daughters put up houses to help and could never catch up, so it goes further and affects even more people. And cremations aren't free either so there are expenses.

OK I've done my job here. As you were!

 

[Stephanie739]

Quote:
I just watched this video. What an arrogant jerk. For those of you who are comfortable believing you too will have $700,000 in savings and no debt at age 52, you too should be fine with a term policy that expires at that time in your life. For those other financially less fortunate people like me, buy your policies early to lock in rates, look for guaranteed renewal or convertible (if you buy term) If at all possible try to start with a permanent policy when you are young and healthy. Universal life is less expensive than whole life. The cash building aspects of the permanent policies are not really much more than savings plans, imo...so stick with UL - best deal/but not typically a high value cash building policy (*some can be...) probably will not have much cash value at age 75 or so, yet will have a death benefit should you keep it in force)

I do not believe buying life insurance on your children is necessary.

A combination of a small permanent policy with a larger term policy is sometimes an effective, cost efficient way to protect those you love too.

 

[Stephanie739]

Quote:
Wish I could find it that cheap.

For anyone who thinks that this stuff isn't important I'm going to tell you why it is and yes it's a very long story.

I used to sell insurance for a while, so I was nicely insured. Most of my kids grew up and I have my empty nest baby at home now. He's 15, and younger than one nephew and 2 nieces.

When I met my husband we were both insured. Him mostly through his job. My rates had gone up and my coverage had gone down. Later they dropped me. I've had several strokes and a brain tumor. They find ways out with those. My husband was injured and couldn't work the hours he needed to continue his coverage, so we lived without insurance for maybe 4 years.

My husband was a Vietnam Vet, a little older than me, but not all that much. In October 2009, he was re-evaluated for his VA disability. PTSD. He couldn't work and I have some issues other than the strokes that kept me home, but I hadn't applied for disability, until just the past year. So he was granted 100% which was a huge amount from what he had recieved since before I met him. We lost a house waiting for that first check, but he didn't have to wait months to be upgraded from 10% to 100%, just a couple of weeks. It did take a few months for the first check though. We moved to this house in March of 2010. This was supposed ot be temporary and we had a house in escrow, so it didn't matter that we would be in the ghetto for a few months.

April 22nd, my mom suddenly died. The first check hadn't gotten here yet, we owed a lot of people, but things were going through with the house. I fell apart and he took care of me. We were half way home from my mom's service when I got a call that my dad was in the hospital and it wasn't good. We got home and the check was here. Bill paid off some people and all the bills and we had enough to go see my dad. We could fly free, but we couldn't get a straight flight and we spent a day looking for a way there. One of my sisters called and said not to rush. The doctors said he probably wouldn't make it through the night, so at 4:20 am on May first I got the call he died. We ended up renting a car and going to Oklahoma for the funeral. Good thing the check for that month showed up, cause the first one by then was gone.

July 4th my husband said his chest hurt and he thought maybe he needed to go to the ER. He was a surgical RN, so of course the pain stopped and he refused to go. July 11th, I found him sitting on the bench on the porch with his trusty clipboard and a pile of papers. The first thing he showed me was an insurance application. He said it wasn't much, but he wanted to know I'd be ok if anything ever happened to him. I didn't wan tto talk about it. I told him just don't be my number 3 and he said he wasn't going anywhere. Then he said since it was sunday, that he next day that paperwork was first priority after his doctor appointment that he waited 3 months for was done. Then we talked about the new house. Did we want it or something better? We talked about so much all day long.

He came into the living room that night and said he was going to stay up and shave and shower so he could be at the VA clinic the next morning. I was laying in the floor watching a movie with my then 4 year old grand daughter who couldn't sleep. She wanted grandpa. He said he'd get her to sleep for me and I told him I would be up when he came back out. I fell asleep. I never sleep. I woke up at 8am and saw the light on in the bathroom. I was going to try and stay up on BYC and go with him, but I figured he had just gotten home, so left him. Then at 8:30 I needed in that bathroom. No answer. I kept calling him and asking him to open the door, but ended up picking the lock. He was in the floor in the position you would have someone it they were having a heart attack. I kept shaking him, but I couldn't wake him up. Then I finally managed to turn him over. Worse thing that every happened in my whole life. EMTs showed after the sheriffs and they looked at him and said he had been gone too long.

There was no insurance. He was a Vet, but trust me that doesn't help much when you have a funeral. You get a piece of dirt and a 15 minute grave side service that isn't even graveside. We hadn't had time to save the money we were going to put up for 4 months like the plan. I remember and I've heard my daughter talking when they think I haven't heard about me saying over and over, "What do I do? What am I going to do?" I've paid back some of it, but my daughters put their money together and paid for all the costs, flowers, casket, everything. They didn't want the money back, but I made them take it. I should have held off. I have to be 60 to collect his Social Security benefits. It's been 16 months since he died. His whatever he is at the VA place, sorry they irk me, set up an appointment in 5 days. No death certificate, so I had to wait. Got that and had it faxed to him also. He didn't return calls, they said HE had to make his own appointments and no one else could. Took my husband's counceler at the VA Center to get through and it was in one call 2 minutes after I was told he wasn't in. So another month before I could apply for survivor benefits. His heart condition has just gone through with vets who had been exposed to Agent Orange. I'm still waiting to see if they are going to grant the benefits to me. The only way to get survivor benefits otherwise is if he died from his VA Disability. So people are mad at me because they think I'm hoarding money. NOT my kids. They know better. This was their stepdad and they loved him and they told him if anything ever happened to him they would make sure they took care of thing, because he knew iz'd be a mess. He didn't know about his heart condition. If he had gone to the ER on 4th of July, he'd probably be alive today.

I'm broker than broke. I have to let one bill go each month to pay another and tis the time of year the utility companies want to clear their books. Somehow and i'm still fighting it, I have a water bill of almost $300. I think someone hooked into mine, but no one has even bother to check, because I know they'd have found it.

My husband wanted me to be taken care of. He just didn't knwo it was going to be 12 hours after he said it to me and neither did I . He did have small policies, but they were all for accidental death, so none of them were any good.

I spend a lot of time online talking with other widows. Most are between 19 and 33 years old. Average age is about 24. Lots of them. And some are widowers too. Same age range.

Not telling you all any of this for attention or to have anyone feel sorry for me.

I'm telling you all this to scare the crap out of you. Death doesn't have an age and you just never know. I can't believe how many people I've met in 16 months that have lost someone over things like a cat scratch, the flu, car accidents, you name it. I know a man online, that went mountain climbing with his girlfriend, ring in hand and she turned to just when he ws going to ask her and got hit by lightening! She was like 23 or 24. Don't think it won't happen and if you love your spouse and have a mortgage, kids, business, make sure you have insurance to get them through a long hard time of grief. There;s not a timeframe for it and trust me it isn't what people who haven't been through it expect. If things are taken care of it seems to at least give time to grieve without having to worry how you'll live and pay bills and not have to rush out and pretend you're ok to the people who think you need to be over it 5 minutes after the funeral. It's hard enough for the people who do have money. And my daughters put up houses to help and could never catch up, so it goes further and affects even more people. And cremations aren't free either so there are expenses.

OK I've done my job here. As you were!

Thats why I tell people to buy it when it is cheap, when they young and healthy. I am so sorry for your losses. Thank you for sharing your story.