Question : Does Life Insurance really pay? How do I find the right company to buy level term?
My husband doesn't want to get life insurance, he thinks it is a waste and a scam. But if something should happen to him, me and the kids would be SOL. How do I get insurance for us? How do I know the insurance co. will actually pay if something does happen? Are there ways to write the policy so to protect us better?
- asked by shine_on
All Answers:
Answer #1
insure.com for term life.. it is inexpensive ifyou are young and don't smoke.you need to coveryourself and your husband
- answered by trade_info
Answer #2
The terms of the policy are determined by theinsurance company. You cannot change the terms or"write the policy" to improve the protection itprovides. When comparing companies look for theirratings to compare financial strength andclaims-paying ability. AM Best, Moody's, Standard& Poors are popular ratings companies.Rememberthat while Level Term insurance is very cheap,relatively speaking, the premiums will increasedramatically once the level term period (typically10, 20 or 30 years) expires.The only times I haveheard of a policy not paying is when either theapplicant lied on the application or the insureddied in an exempt manner. These typically includedeath occuring during or caused by the commissionof a felony or death resulting from participationin an act of war.You have the best chance ofchanging your husband's mind, but consulting afinancial planner might help. A competent plannerwill help you both quantify the risk of one, orboth of you passing away unexpectedly.AVOID:Anyone who tells you to only consider terminsurance. Anyone who tells you to never considerterm insurance. Anyone who determines your need bymultiplying your salary by some arbitrary number.Anyone who tells you what you need without askingalot of questions about your financialsituation.BE VERY SKEPTICAL of anyone who worksdirectly for an insurance company (career agent).Often the company they are contracted withrequires the agent meets certain production quotasof proprietary products. This may not be in yourbest interest.
- answered by Financial Answer Guy
Answer #3
I like the answer provided by "Financial AnswerGuy". (1) You should have some form of protectionif anything happens. It is just like you have tobuy car insurance. Do you think your life worthless than your car?(2) You should be aware thatthere are many forms of insurances and balancebetween them if possible.(3) Please check therating of the insurance company before buying. Youdon't want an insurance company that disappearswhen you need the pay out, right?
- answered by ykchen913
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measure and fulfill your financial needs
