Question : Life Insurance?
My husband, 32 and I, 30 are looking into life insurance. Can anyone tell me which company or websites I can use to get information. There are so many out there... wouldnt know where to start. Who do you personally use? Is there a medical exam involved? What type of premiums are you paying? Is it fixed or does it go up every few years? We live in Florida also. Any help would be appriciated.
- asked by Natalie B
All Answers:
Answer #1
I'm from Australia but my mum uses the samecompany as we do for car insurance, house andcontents insurance. They give a discount forhaving all your policies together. My dad uses acompany called ING, which I dont know if you havethere. It costs around $300 year and goes up withyour age. It also varies how much your insuredfor.From memory, mum's last invoice was $457, for$20,000 coverage.Dad's is through work, he salarysacrifices one spot said $3,800 another had a costof $304 a year, so not entirely sure of the costbut I think his work subsidises the cost. He isinsured for $391,800. He has income protectionalso.Other things to consider, there is a fewlevels of life insurance. Death insurance,Disablement insurance and Income protection. Asfar as I know there is no medical. Mostsuperannuation companies offer life insurancealso.
- answered by Mel
Answer #2
Natalie, as a Florida-licensed health and lifeinsurance broker (brokers can write coverage withmultiple carriers, not just one.....please use abroker to find the best rate for you!), I can atleast give you some guidelines to consider. I haveaccess to a quality system that compares the ratesof many carriers. I am not sure how this comparesto the many Internet sites, but rates in generalare very low right now. If you and your husbandare healthy, non-smokers who qualify for the verybest rate I would have available for one of myclients, he could qualify for a rate as low as $14per month, or $168 per year for a $500,000,10-year level term policy. You could qualify forsame rate, even though there is a small differencein age. This rate is guaranteed for 10 years. Somedays I wonder how they do it for such lowpremiums.For 20-year-level term, the rate justgoes to $21 per month for you, and for 30 years,just $35. With today's ultra-low premiums, I wouldrecommend serious consideration of the30-year-term. You would have put your insurance inplace until your 60's, and a surviving spouse andchildren, should something happen, would at leastbe in excellent shape financially.You can expectto complete an in-person, detailed healthquestionaire with your agent or broker, and theinsurance company will typically request yourmedical records from your doctor's office duringthe underwriting period. They may well alsorequire a physical. Some carriers are not asstrict for $100,000 and less, it depends on theirindividual underwriting guidelines. They will payfor a physical if one is required, and if thereare any past or current health issues of concern,you can expect a higher rate. My system quotes 5levels of health premiums, and the lowest two areonly available to non-smokers. Of course, certainserious health conditions are uninsurable at anyprice level, but it does not sound like you oryour husband are in that category. I wish I couldtell everyone how important it is to get healthand life insurance while they are still healthy!It distresses me when I get calls (often) frompeople who have waited too long. Once somethingsignificant happens to your health, its too late!At that point, you can't get health coverage foryourself, and you can't leave your family inproper financial condition. Good luck in yoursearch for the right coverage, and if I can assistyou in any way, I would be most happy to do so. Mypersonal e-mail is fec2010@yahoo.com.
- answered by fec2010
Answer #3
There are two main types of life insurance--termand whole life. Term is for a fixed period oftime, i.e. 10 year, 15 year, 20 year, 30 year. The premium is level for the entire period IF itis a guaranteed level premium policy. If not,there are times and/or situations that can causethe premium can increase. Once the fixed periodexpires, the policy can be renewed as an AnnualRenewal Term policy. At that point the preimiumwill skyrocket to match what is charged for yourattained age and will increase every yearthereafter. Term insurance is great if you needit for a fixed period of time and will befinancially secure when that time has passed. Remember, however, that you really cannot see thefuture and no matter how certain you are that thefuture is secure, things can change due to global,national or even family events. With terminsurance, you are betting that you are going todie within the specified period and the insurancecompany is betting that you won't. Financiallyspeaking, if you die, they lose. If you live,they win.Whole life is a product that, whenproperly set up, will give you coverage for yourentire life. The premium will be higher than termso many people opt for term just because of this. A portion of your preimum is used to pay for theinsurance and administrative cost associated withthe policy and the rest of the premium is put intoa type of savings account for you. The funds thatare put into the side account are referred to asyour "cash value." It can grow significantly overa long period of time, but it should not be lookedat as an investment. (There are MUCH betterinvestment opportunities available to you.) Theadvantage to the whole life over term life is thatno matter what happens, if you pay your premiums,when you die the insurance company will cut acheck. The insurance company isn't gambling onwhether or not you will die, only that they canmake money from your premiums before you die.Thereare ways to combine both the whole life and theterm products into one policy. That is normallywhat I recommend to people who are looking toprotect their families for the long haul.As far asmedical examinations, it will depend on the policytype and face amount that you select. Largepolicies always require exams and the larger thepolicy the more intense the exam. I personallyhave a combination policy. It is a Universal Lifepolicy with a term rider. I wouldn't recommendpurchasing your life insurance from an internetsite unless you know everything you need to knowabout what you are buying. There are just toomany options and if you don't know what they mean,you could be paying way too much or not have thecoverage that you really need for your situation. My recommendation is to find a reputable agentthat will show you ALL of your options.
- answered by fth106
Answer #4
Why not let an insurance broker do the shoppingfor you? A broker works with several companies andcan get you the best coverage at the best price.To find a broker in your area, log onto a websitesuch as
http://www.lifeinsurancewiz.com and fillout a form requesting a free quote. Good luck!
- answered by Bradley S
Answer #5
There are two types of Insurance; Permanent andTerm.A comparison to whats already out there isgoodtoo..
http://www.surveyland.org/jump.php?link=insuranceAll the best to you.
- answered by Jenna B
Answer #6
what ever you guys do DO NOT BUY CASH VALUE, WHOLELIFE UNIVERSAL LIFE ETC. BUY ONLY TERM cash valueis a way for insurance companies to steal time useof your money from u. dont let them talk u intoinsurance is a great investment.(it is for theagent and ins. company) but not you. buy termwww.primerica.com enuff said
- answered by huskerred
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measure and fulfill your financial needs
