IBTG81 Posted October 25, 2006 Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance. Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks.
JimBob2232 Posted October 25, 2006 Posted October 25, 2006 I'm not sure you getting married requires you geting life insurance. What is your fiance doing now? If somethign happened to you, would she be okay? To me this is the big question. The purpose of life insurance is for those you left behind to be able to support themselves financially and maintain a certain quality of life in your absense. Until you start having kids (or perhaps buy a house), im not sure life insurance is that important. Now if your family would have difficult covering your final expenses, you at least need to address that with a life insurance policy now. Just my 0.02.
bills_fan Posted October 25, 2006 Posted October 25, 2006 See if your company offers it as a benefit, many do. My life insurance is thru my company.
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 I'm not sure you getting married requires you geting life insurance. What is your fiance doing now? If somethign happened to you, would she be okay? To me this is the big question. The purpose of life insurance is for those you left behind to be able to support themselves financially and maintain a certain quality of life in your absense. Until you start having kids (or perhaps buy a house), im not sure life insurance is that important. Now if your family would have difficult covering your final expenses, you at least need to address that with a life insurance policy now. Just my 0.02. 817085[/snapback] She's a college Professor. We're planning on kids in a few years. You think it would be best to wait?
JimBob2232 Posted October 25, 2006 Posted October 25, 2006 I suppose I should pontificate here a bit more in case you do decide to get insurance. 1) Check out your employers offerings. These tend to be pretty good cheap policies. 2) Shop around. Call your homeowners insurance company, your auto insurance company, any compay you have a relationship with first. 3) Go for term insurance. Stay away from what is called "whole life" insurance. Don't be swayed by the "cash value" these can have. Once insurance rates start rising you could be in a world of hurt....and even if rates werent rising, its still a bad idea. 4) Consult a financial advisor. Seriously. This is much more a financial decision than most people realize. A good financial planner will point you in a much better direction than your run of the mill insurance agent/salesperson. Besides, you should have on anyway. 5) Research Research Research. Learn all you can. The more informed you are the better.
JimBob2232 Posted October 25, 2006 Posted October 25, 2006 She's a college Professor.We're planning on kids in a few years. You think it would be best to wait? 817092[/snapback] I think I would in your case...Sounds like your wife would be in okay shape (financially) if somethign happened to you. Natrually I cant know all the intricate details of your financial situation...hence why you should probably consult a financial advisor. But it begs the question, if she works for a university, chances are she gets some kind of life insurance policy. And chances are once you are married, you can be added to her policy. Something else to check out.
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 I suppose I should pontificate here a bit more in case you do decide to get insurance. 1) Check out your employers offerings. These tend to be pretty good cheap policies. 2) Shop around. Call your homeowners insurance company, your auto insurance company, any compay you have a relationship with first. 3) Go for term insurance. Stay away from what is called "whole life" insurance. Don't be swayed by the "cash value" these can have. Once insurance rates start rising you could be in a world of hurt....and even if rates werent rising, its still a bad idea. 4) Consult a financial advisor. Seriously. This is much more a financial decision than most people realize. A good financial planner will point you in a much better direction than your run of the mill insurance agent/salesperson. Besides, you should have on anyway. 5) Research Research Research. Learn all you can. The more informed you are the better. 817097[/snapback] Thanks!
Chef Jim Posted October 25, 2006 Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] Hmmmm, should I help him?
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 Hmmmm, should I help him? 817106[/snapback] After all this, are you really an insurance salesman?
meazza Posted October 25, 2006 Posted October 25, 2006 Hmmmm, should I help him? 817106[/snapback] He's too stupid to understand your advice.
Bungee Jumper Posted October 25, 2006 Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] Look into whole life rather than term life. A term policy, you pay for it, and after the end of the term you have nothing. Whole life acts more like an asset; it annuitizes, and you can actually draw against it later in life before you die (e.g. you can borrow $100k against a $500k policy that you've fully paid up). Whole life costs more than term...but it'll only get more expensive as you get older, and as young as you are you might actually be able to afford it. I don't know ALL the details - it's been a while since I looked into it - but it's something to at least research. Or, if you want to go REALLY cheap, just pretend you have life insurance. Just like you pretend a woman's interested in you.
VABills Posted October 25, 2006 Posted October 25, 2006 After all this, are you really an insurance salesman? 817108[/snapback] Actually James is a poor chef who took up life insurance because noone wanted to buy his ratatta. Seems the only call for it came from those in the bottom 25% percent of the class in one of the best high school in a certain county in the state of Indiana. of course James lives in Iowa, so the market really was bad. But dammit he makes the best damn batch in less then an hour.
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 Look into whole life rather than term life. A term policy, you pay for it, and after the end of the term you have nothing. Whole life acts more like an asset; it annuitizes, and you can actually draw against it later in life before you die (e.g. you can borrow $100k against a $500k policy that you've fully paid up). Whole life costs more than term...but it'll only get more expensive as you get older, and as young as you are you might actually be able to afford it. I don't know ALL the details - it's been a while since I looked into it - but it's something to at least research. Or, if you want to go REALLY cheap, just pretend you have life insurance. Just like you pretend a woman's interested in you. 817131[/snapback] Thanks, ass! Seriously, Jim is going to help me with everything. Thanks for your advice.
SDS Posted October 25, 2006 Posted October 25, 2006 Actually, disability insurance is probably more valuable, since there is a much greater chance you will become disabled during your working years than to die (thus the HIGHER premiums. They are higher because people USE it.) Your greatest asset is your ability to work - disability guards against losing that asset.
daquixers_is_back Posted October 25, 2006 Posted October 25, 2006 Great law website I use http://library.findlaw.com/1999/Dec/1/126810.html
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 Actually, disability insurance is probably more valuable, since there is a much greater chance you will become disabled during your working years than to die (thus the HIGHER premiums. They are higher because people USE it.) Your greatest asset is your ability to work - disability guards against losing that asset. 817155[/snapback] Is there a combo?
IBTG81 Posted October 25, 2006 Author Posted October 25, 2006 Great law website I use http://library.findlaw.com/1999/Dec/1/126810.html 817156[/snapback] How far are you in law school. A buddy of mine is in his first semester, and I can't believe the amount of reading that is required.
SDS Posted October 25, 2006 Posted October 25, 2006 Read this: http://ricedelman.com/planning/insurance/disability.asp he is my FP... Other insurance articles: http://ricedelman.com/planning/insurance/default.asp
JimBob2232 Posted October 25, 2006 Posted October 25, 2006 Thanks, ass! Seriously, Jim is going to help me with everything. Thanks for your advice. 817148[/snapback] Honestly, look into whole life, cant hurt. The product woudlnt be out there if it wasnt right for someone...but I dont like it and would never buy it. My problem with whole life is this.... Premiums are higher for the same coverage. This is because you are basically buying a term policy, and paying to develop a "cash value". The "cash value" eventually generates enough income of its own to continue paying the premium, and thus you can stop paying and still keep insurance (hence whole life). They promote your ability to borrow against this money. WHY WOULD YOU DO THIS? You pay extra to develop a cash value, then borrow against your own money? Not sure why this is a perk. In addition, that 100k you have in "cash value", you have no control over. The insurance company invests it as they see fit. So instead of earning 10% on your 100k ($10,000/year), you wind up investing this in a safe and secure 4% government bond or somethign to cover your premiums. And lastly, (i think i mispoke earlier), in an environment with lowering interest rates, you have to be extremely careful because low interest rates mean the cash value of your account isnt earning enough to cover the premium, and you could suffer a deficit...and have to cut a check for the difference. Term life is much cleaner.
taterhill Posted October 25, 2006 Posted October 25, 2006 in Jersey..30 Year 250K age 25...between 215-250 per year....you can do much better than HSBC..avoid Whole Life if you are putting money away for your self in retirement accounts etc...younger people should almost always buy a convertible term policy and invest the difference....
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