Please Help Explain Life Insurance Terms.?
Posted February 9, 2010 – 4:25 pm in: term life insuranceI am pretty much dependent on my guy for my life expenses. Our other policy was dropped (long story but mistake on the part of the insurance company) .
I hear terms “whole life’ and ‘term” what I need is something to help me get expenses paid for about a year should (God Forbid) anything happen. He is 57, non smoker good health but a tad high blood pressure. Suggestions of types or companies are appreciated. Thank you.
8 Comments
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Insurance terms? Oh no….don’t make me!!! I hate to even see an insurance envelope……No….you can’t make me……..the jargon fries my brain…..noooooooo.
I sort of think “term” and “whole life” are technical terms. What really matters to you is how much the coverage costs, how long it will last, and how guaranteed it is. Who care what you call it.
To me, it’s like you need a fence and interview contractors asking them if they will use a reciprocating saw or a circular saw. What really matters is the durability of the fence, the craftsmanship, and the price.
Stop worrying about the tool and think about your goals instead.
First, are you his primary beneficiary? Sounds like you are not married, because you say you are dependent on your ‘guy’? Make sure you are and that said, at his age and with some high bp issues, whole life will be expensive at this point. Look at term and look at the longer term or time you can get…example..20 yr term vs. 5 yr term. 5 will be cheaper now, but 20 yrs will last longer. when 5 yrs is up and he’s not as healthy, you will want to renew it and it will be more expensive, since the 5 yr term has expired. Northwestern Mutual is a great insurance Company. I’d try them first. He can also broker out your situation and get the best quotes for you, if NW is not the best price.
Suze ormond is a fan of term life insurance.
And so am I.
It is cheaper and you can get it for only 10 years if you want.
In 10 years you can get another term policy.
Hopefully by then you won’t need it, since your home and all your debts will be paid off.
Note: Save, save, save so you can live a comfortable retirement in case he ever passes.
Tonight google retirement calculator.
Or go to Charles Schwab and click on retirement calculators.
You will need about 1.5 million in order to retire in about 10 years if you want to live above the poverty level.
If you don’t have this – I would just get term life – and save like you have never saved before.
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Any A rated, admitted carrier is best.
But at 57, neither is going to be cheap. What you have to decide, is, is your need for one year of expenses temporary, or permanent? Five years from now, do you stillneed one year of expenses? 10 years from now?
You need to select the product based on the GOAL. You have to sharply define the goal, before you pick the product. And that includes deciding if there’s a time in the future, that you won’t NEED the insurance.
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
Go to Yahoo Personal Finance and read the information on life insurance. The types are explained there.