Life insurance

[fitz19d]

I barely know much about regular instance types and I know none about Life.

Part of my getting a motorcycle sanctions is that my wife wants me to carry life insurance.

Have zero clues about any catches in any type of coverage or quality. Any group stand out or just bundle with existing Geico. (Thought if they know i have a bike maybe a penalty lol.)

[izzy]

My wife just started selling life insurance. PM me if you'd like to chat with her about it. Apparently if you get the right kind of policy you can actually make money off of it like an investment fund.

[kwando]

If you have the option to get it through work, get it. Way cheaper!

In my case, for $500k coverage it is $24/month through work.

I also have an separate policy outside of work, same coverage amount. And because I am short AND fat, it is $160/month.

for me it's a no brainer to keep the work coverage, I bought a separate policy just incase something happens at work.

Both of my policies are term life. The separate one has the option to convert it to a whole life insurance (savings) plan.

[fitz19d]

The quick geico one that seems to be thru some other company was quoting me 10/m for 300k for 10 years and a bit more for longer locks. I'm just worried about wierd exceptions beyond suicide of course. Low rate i imagine being young ish, tall average weight non tobacco.

[hurley842002]

X2 on a policy through work if you have that option. I recently took out the largest amount my work allowed me to pay for, plus the basic coverage that gives beneficiaries a year of my salary. I've also got a whole life policy which izzy was referring to, that my parents opened up for me when I was a baby.

[MrPrena]

X2 on a policy through work if you have that option. I recently took out the largest amount my work allowed me to pay for, plus the basic coverage that gives beneficiaries a year of my salary. I've also got a whole life policy which izzy was referring to, that my parents opened up for me when I was a baby.

+3 policy through work.
If you are not planning to work long there I recommend you to at least get term life.
Thosee variable/universal/whole life are expensive, because you have other $$ besides premium allocated to annuity. That annuity will be available for a "loan" from your own account at usually less than 1%.

Term= cheap but have term limit.
Whole/univ/Var = expensibe but have coverage until you die.

I also recommend insurance companies with good mutual and annuity programs.

I personally do not have and not plan to have life insurance. Only benefit I see from life insurance is unexpected early death, and people who need annuity to suppliment the inflation hedging.

[Dave_L]

I'm with Allstate and have a really good life specialist. Let me know if you'd like to talk to him. He's low pressure. He listens to your needs, presents some options and let's you make the choice, if anything. It really depends on what your needs are for what is the right fit for you.

ETA: Our policies have lots of cool riders you can add for kids, critical illness, and whats called "accelerated death benefit". If you're diagnosed with a terminal illness, you can actually get money before you die to help with treatment costs or just take the family on some last hurrahs before passing.

If you've never sat and talked to an expert, why not? It doesn't cost you anything and more information is better, especially when talking about something like life insurance. Everyone has an opinion on it so take 20 min and talk to an expert. That's just my $.02.

[gnihcraes]

My advice, buy it when you're young and plan to keep the life insurance. My brain blew up at 34 and I had coverage for Life and Disability.

I've not needed it obviously, but, I can't get coverage now do the medical history. I'm lucky to have purchased them long ago and still have coverage today.

I can't even get life insurance on my kids through work because of my medical history! Sucks. I have to buy more expensive stuff outside of work for the kids.

[cableguy11]

+++ for work insurance. Open enrollment should be pretty soon as well. You can call your HR department and ask them about it. I highly recommend you get it now when you are young. I have insurance thru work for myself, spouse and kids. I also have a policy for me at USAA. I also got a policy for my wife thru the Dave Ramsey website and Zander insurance which is basically a broker, but the rates are very good. What Dave L. said, it doesn't cost a thing to talk to a pro. One other thing is something like AFLAC and there is another one, but off the top of my head I don't remember the name. When I had my hips replaced AFLAC paid me around 3500 total for everything. Not much, but it adds up. At your age your rate would be pretty good.

[brutal]

Hell's bells.

I gave up and cashed out a company paid whole life plan many years ago after a job change when I couldn't really afford it on my own, so I'm relying on term life now.

Changing employer plans (acquisition) and the new employer's plans/costs suck balls compared to my current employer. Their 401K contributions suck too FWIW. I'm also losing 30 hours of PTO. However, I'm work from home (with travel) so I can "work" those extra 30 hours from the lake as long as I'm not out on project and have mobile coverage...

Biggest kicker is we were previously able to have separate coverage amounts for Life and AD&D, and the AD&D supplemental add-ons were dirt cheap ($1.75 per $100K for spouse, less for me.) New plan is combined and I can't even get them to give me the details on the AD&D coverages, exceptions, etc. Costs for the same coverage with combined Life/AD&D are more than double and the guaranteed max (before requiring certificate of insurability) for my wife is half, which now has me considering at off-work plans. Probably something I should be looking at anyway as I've either got a high probability of retirement coming in 3 years, or unemployment in 3-6 months. If I can pay the same or less, and get a locked in rate for a 20-25 year policy, I think that make a little more sense.

Thankfully, we are blessed with excellent health coverage through my wife so I don't have that BS to worry about.