jackrabbit
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I am looking to buy 20-year term life insurance for myself and my wife. Any suggestions?
jk
jk
term life insurance?
- 主题发起人 jackrabbit
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胡说之
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If you need a quote, send me your contact info by email:
cloudrain@comefromchina.com
cloudrain@comefromchina.com
Life insurance, or it may be also considered as “Financial Protection for Dependents”, is it really necessary? I mean, if you don’t have children, you won’t need life insurance; it’s like buying car insurance without a car…however, if you do have dependents, consider the following factors then:
・To provide cash for direct death expenses (funeral and repayments of debts)
・To help your dependants maintain their standard of living if you die prematurely
・To maximize the after-tax value of your estate
・To provide an alternative form of tax-sheltered savings
・To equalize the bequest among survivors; eg: if one heir gets the house or business, others may get the equivalent cash through insurance payouts.
There are 2 types of Life Insurance ? renewable term and permanent.
Term insurance (there’s term and cash-value) pays out the face amount of the policy if the insured dies. It is in force for a guaranteed period of time ? your term (eg: 20 years). Most often, terms are sold in 1, 5, 10, or 20 yrs. Very importantly, when the term expires, so does the insurance!!! There are no cash values, savings, or investment elements. It’s insurance in its most basic and least expensive form.
What permanent insurance means is that it will run for as long as you live, or to age 100. You are really buying guaranteed renewable term insurance here. However, the level of premiums at each renewable term will go up in prices….
・Whole life (most traditional form of life insurance)
・Universal life (tax shelter)
・Term-to-100 (in between cash-value and term insurance policies)
One of the main benefits of purchasing life insurance is that the re-payment to your beneficiaries is TAX-FREE!!!
Well, enough said on concepts. In your case, you should really examine your needs & expected coverage on life insurance, one tip to remember is don’t turn down free insurance offered by company benefits or other sources. Go to the library for references and talk to insurance agents, this will take time and bother, but it is critical…
Hope this helps!!
・To provide cash for direct death expenses (funeral and repayments of debts)
・To help your dependants maintain their standard of living if you die prematurely
・To maximize the after-tax value of your estate
・To provide an alternative form of tax-sheltered savings
・To equalize the bequest among survivors; eg: if one heir gets the house or business, others may get the equivalent cash through insurance payouts.
There are 2 types of Life Insurance ? renewable term and permanent.
Term insurance (there’s term and cash-value) pays out the face amount of the policy if the insured dies. It is in force for a guaranteed period of time ? your term (eg: 20 years). Most often, terms are sold in 1, 5, 10, or 20 yrs. Very importantly, when the term expires, so does the insurance!!! There are no cash values, savings, or investment elements. It’s insurance in its most basic and least expensive form.
What permanent insurance means is that it will run for as long as you live, or to age 100. You are really buying guaranteed renewable term insurance here. However, the level of premiums at each renewable term will go up in prices….
・Whole life (most traditional form of life insurance)
・Universal life (tax shelter)
・Term-to-100 (in between cash-value and term insurance policies)
One of the main benefits of purchasing life insurance is that the re-payment to your beneficiaries is TAX-FREE!!!
Well, enough said on concepts. In your case, you should really examine your needs & expected coverage on life insurance, one tip to remember is don’t turn down free insurance offered by company benefits or other sources. Go to the library for references and talk to insurance agents, this will take time and bother, but it is critical…
Hope this helps!!
Thinking in this way, if you are the only person to provide major income in the household, if you die, what's left:
1. funeral cost, which is very expensive.
2. morgage,
3. daily expenses
How can your spouse start to work right away while he/she still in grief of your left?
I really think the life insurance is a necessary.
1. funeral cost, which is very expensive.
2. morgage,
3. daily expenses
How can your spouse start to work right away while he/she still in grief of your left?
I really think the life insurance is a necessary.
jackrabbit
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I am considering buy the 20-year term insurance from federated life insurance. I know
what I need but I don't know anything about the company. I think I need to talk to an agent.
Would like your input such as where you purchased from? Is it convertable, etc? What other factors do you consider?
what I need but I don't know anything about the company. I think I need to talk to an agent.
Would like your input such as where you purchased from? Is it convertable, etc? What other factors do you consider?
jackrabbit
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This is what I got from a web site. Their advice is to talk to agent.
Differences Between Companies and Products
The following is a brief list of some of the other factors that you will need to consider when comparing products and companies:
Company Financial Strength - Not all life insurance companies are the same. Some are very large financially, some are small. Some companies are in better financial condition than others. The longer the level premium and coverage period, the more important it is to consider how healthy and strong the life insurance company is. Make sure that you ask your agent for information about the financial ratings for the companies that you are considering.
Premium Guarantees - Are the premiums for the policy fully guaranteed? Not all companies fully guarantee their premiums. For the purpose of this comparison, only policies which guarantee their initial level premiums (and coverage) are compared.
Renewal Period - Most level term policies have the ability to renew the policy beyond the initial level premium period. Two products may offer identical premiums for the initial level period, and yet there may be an enormous difference in renewal costs beyond the level period. An agent using Compulife has access to that renewal information and can provide a year by year future premium printout that lets you compare more fully.
Conversion Period - Many term policies offer the ability to exchange the term policy for a whole life policy without having to again medically qualify. Should your health change, and should you not be able to buy a new policy elsewhere, you may find the conversion option important. Not all policies offer the same time period for conversion to take place, and not all give you access to the same types of whole life. An agent using Compulife has access to more information about that.
Comparing Different Level Periods - Should you be buying a 10 year term product, a 20 year term, 30 year term or a policy which covers you for life, such as Term to 100? How long do you really need the insurance? If you buy a 10 year term, how will future cost increases after the 10th year compare to a longer level term plan such as 20 year term? If you only need insurance for 10 years, you could be wasting your money buying a 20 year term product. You should discuss why you are buying the insurance with a life insurance agent and let them give you the benefit of their knowledge and experience. The agent may be able to identify other factors you have not yet considered. A Compulife subscriber can easily compare, side by side, the future cost of different level term and guaranteed Term to 100 or whole life insurance policies.
Monthly Payment Options - Many consumers pay their term insurance premiums on a monthly basis. The least expensive product based upon the annual premium may not have the lowest monthly, quarterly or semi-annual premium. Many life insurance companies charge extra to pay more frequently than annually, and some charge more than others. Once again, an agent using Compulife has access to that information.
Health Risk Conditions - Each life insurance company establishes its own health and lifestyle requirements to determine what premiums you may qualify for. Slightly high blood pressure may disqualify you for one company's preferred health premium, but might be acceptable to obtain another company's preferred health premium. Your agent will be able to give you more guidance.
Smoking Considerations - Not all life companies define smoking the same way. If you have never smoked or used tobacco products in any way, then a non-smoking comparison will include products that you can qualify for based upon non-smoking. If you were a smoker and later quit, then how long ago that you quit may limit your choices. If you do smoke, some companies may offer products with better premiums depending on how little you smoke, or whether you smoke cigars or pipe rather than cigarettes. You will need to discuss all of this with your agent.
Differences Between Companies and Products
The following is a brief list of some of the other factors that you will need to consider when comparing products and companies:
Company Financial Strength - Not all life insurance companies are the same. Some are very large financially, some are small. Some companies are in better financial condition than others. The longer the level premium and coverage period, the more important it is to consider how healthy and strong the life insurance company is. Make sure that you ask your agent for information about the financial ratings for the companies that you are considering.
Premium Guarantees - Are the premiums for the policy fully guaranteed? Not all companies fully guarantee their premiums. For the purpose of this comparison, only policies which guarantee their initial level premiums (and coverage) are compared.
Renewal Period - Most level term policies have the ability to renew the policy beyond the initial level premium period. Two products may offer identical premiums for the initial level period, and yet there may be an enormous difference in renewal costs beyond the level period. An agent using Compulife has access to that renewal information and can provide a year by year future premium printout that lets you compare more fully.
Conversion Period - Many term policies offer the ability to exchange the term policy for a whole life policy without having to again medically qualify. Should your health change, and should you not be able to buy a new policy elsewhere, you may find the conversion option important. Not all policies offer the same time period for conversion to take place, and not all give you access to the same types of whole life. An agent using Compulife has access to more information about that.
Comparing Different Level Periods - Should you be buying a 10 year term product, a 20 year term, 30 year term or a policy which covers you for life, such as Term to 100? How long do you really need the insurance? If you buy a 10 year term, how will future cost increases after the 10th year compare to a longer level term plan such as 20 year term? If you only need insurance for 10 years, you could be wasting your money buying a 20 year term product. You should discuss why you are buying the insurance with a life insurance agent and let them give you the benefit of their knowledge and experience. The agent may be able to identify other factors you have not yet considered. A Compulife subscriber can easily compare, side by side, the future cost of different level term and guaranteed Term to 100 or whole life insurance policies.
Monthly Payment Options - Many consumers pay their term insurance premiums on a monthly basis. The least expensive product based upon the annual premium may not have the lowest monthly, quarterly or semi-annual premium. Many life insurance companies charge extra to pay more frequently than annually, and some charge more than others. Once again, an agent using Compulife has access to that information.
Health Risk Conditions - Each life insurance company establishes its own health and lifestyle requirements to determine what premiums you may qualify for. Slightly high blood pressure may disqualify you for one company's preferred health premium, but might be acceptable to obtain another company's preferred health premium. Your agent will be able to give you more guidance.
Smoking Considerations - Not all life companies define smoking the same way. If you have never smoked or used tobacco products in any way, then a non-smoking comparison will include products that you can qualify for based upon non-smoking. If you were a smoker and later quit, then how long ago that you quit may limit your choices. If you do smoke, some companies may offer products with better premiums depending on how little you smoke, or whether you smoke cigars or pipe rather than cigarettes. You will need to discuss all of this with your agent.
jackrabbit
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Thanks for the info.
However, I think you'll pay more if you switch later. I'd like to choose a good one and stick to it. What is your opinion of Federated Life Insurance? Do you need a license to sell insurance?
However, I think you'll pay more if you switch later. I'd like to choose a good one and stick to it. What is your opinion of Federated Life Insurance? Do you need a license to sell insurance?
jackrabbit
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I don't view it that way. I am simply buying peace of mind.
jackrabbit
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Sage: That's totally different from buying insurance. Without insurance, my family will suffer if I had an accident. I'd rather spend the money than worrying about it.
From your tone, I gather you don't have life insurance. If you have children, I strongly suggest you re-consider.
I currently have insurance on my daughter's RESP and my morgage. I'm considering getting rid of them and buying term life insurance instead.
