Printable View
I am licensed with several carriers, and can run the gambit of levels of coverage and price. Shoot me a PM and I'll give you a quick education on different types of policies and the pros and cons of each. I view my role as an educator to try to make sure things fit your situation. No pressure or commitment.
Term life is the way to go if you're disciplined, IMO. You get a lot more coverge for a lot less money, when younger. If you're disciplined enough to invest the difference you will be much further ahead at the end of your term. When you're younger you need the higher death benefit to take care of your family after your death. As the kids get older and leave the home that need decreases and the difference, if invested, will most asuridly be worth more than a whole life policy benefit. Saw Dave Ramsey mentioned and this is what he preaches and my dad, one of the smartest men I knew/know drove that home to me for 35 years.
This is true to an extent. The vast majority of your coverage should be term. However, there is a place for a whole life component. The coverage that is truly needed by most Americans is a living benefit. The number one cause of bankruptcy is medical bills. What I usually recommend is a term with living benefits, and a whole life with either an indexed annuity side to it for tax free retirement use, or a variable life that also has an investment side. An indexed program gives you the upside of the market without the negative return years. The least that you will earn in a bad year in zero, not negative. The key as with everything is balancing your strategy to meet your goals. That is why having someone who truly listens to you is the key. Not someone who pushes whatever gives them the best commission.
Quote:
Originally Posted by jslo
If you don't have kids and your wife is capable of working you don't need life insurance. Simple term would be fine. Some sort of disability coverage would be more useful. If you can't work and can't pay the life insurance fees while your laid up for a extended period of time would suck.
Join the Army and get it all and a motorcycle.
That's kinda funny. I did have a motorcycle for a time when I was in the Army.Quote:
Originally Posted by earplug
I paid attention to folks who gave advice like foxtrot and bought a 20 year term policy about 2 years after I got married. I had to wait a little until my racing competition licenses had expired and decided not to take my private pilot license final to save some money. The value of my wife's is half of mine, but now that we have teenagers, we won't keep hers when the term runs in a few years. BUT, if you look at the stats, you are 4 times more likely to need disability insurance than life. So I also pay annually for a policy that pays me 70% of my current after 3 months of disability. Was still cheaper than whole and the difference I put into a brokerage account. WAY ahead of where I would have been with whole life. Will have to extend mine next year, but will likely drop the amount since my wife would not need the same amount of benefit.
I went through USAA for mine at age 50. Wife has a separate policy that is payable to her kids (we don't have any kids together.)
I went with term because my thought was that the purpose of my life insurance was to make sure my wife didn't suffer financially if I died while I was still earning an income and she was dependent on me.
My term expires at about age 71, and I figured that's long enough, since I plan to be retired by then and protecting my income will not be necessary.
I went back and forth on the whole vs term life thing but it seemed that term gave me more 'bang for the buck.' Starting at age 50, my premiums are under $100/mo for $500k. That seemed pretty reasonable to me. It helps that I'm a non smoker with no major health issues (I did have to get a physical before USAA would write my policy, but it was really cursory.)
Based on your user name I assume you would qualify for USAA membership. I've been with USAA for over 30 years and am very happy with them.Quote:
Originally Posted by fitz19d
USAA, wish I could get it. 20/20 hindsight.