Life Isnurance Topic

marquisej

marquisej

273
35
Joined
May 27, 2006
Good afternoon all, I was talking with my grandmother today and when we spoke about finances she bought up me obtaining life insurance.

Most of us are 90's babies and still young however it's a very valid topic, how many of you have taken that next step into life insurance and securing their future's from a financial burden on their families upon death? I plan on researching then making that crucial step in gaining some, what are some of youtr experiences on this topic?

Thanks, for input folks.
 
Yo yo, what up yo? Time is runnin out, it's forreal though. Let's connect politic, ditto.
 
MarquiseJ, insurance is not all about protecting your love ones from unforeseen incidents. the insurance world has changed. just like a cell phone, it use to be a simple phone where you just make calls. texting got popular. now touch phones with internet are in the market. the evolution of insurance has allowed you to make money from insurance now, while YOU ARE STILL ALIVE. the great thing, is you can use the money while you're alive and still have money for your loves one when you leave. the old life insurance was "Death Insurance". do some research and you won't think insurance is the same as before.
 
Originally Posted by swooshallday

MarquiseJ, insurance is not all about protecting your love ones from unforeseen incidents. the insurance world has changed. just like a cell phone, it use to be a simple phone where you just make calls. texting got popular. now touch phones with internet are in the market. the evolution of insurance has allowed you to make money from insurance now, while YOU ARE STILL ALIVE. the great thing, is you can use the money while you're alive and still have money for your loves one when you leave. the old life insurance was "Death Insurance". do some research and you won't think insurance is the same as before.
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Just get Term Life Insurance for whatever amount you feel you need. Every other kinds of Life Insurance is a scam. FYI, insurance agents make the least commission from straight Term Life Insurance policies. That's a reason why they try and get you to buy other kinds.
 
Term life insurance is the best way to go. It's the cheapest insurance but the best protection. Don't fall for cash value it sounds good because you supposedly build a savings but you don't. Accidental insurance is a joke also. No matter what you do make sure you go term.
 
Have it through my job. Payroll deductions are only like $3 every pay period (my job pays the rest). I'm worth more dead than alive...lol
 
Swooshallday is correct, Insurance has evolved thanks to changes in the tax code, to help Americans save for retirement. You can buy policies that you will pay into, knowing you'll never let it reach maturity. You will take the penalties and still be on a nice amount of cash. For example pay in 32K over 15yrs and be able to take 100K out. The insurance co. takes the money and invests in mutual funds/stocks/bonds etc and you provide the fuel. Once your policy matures enough, it's valuable and you can cash out.
 
Originally Posted by swooshallday

MarquiseJ, insurance is not all about protecting your love ones from unforeseen incidents. the insurance world has changed. just like a cell phone, it use to be a simple phone where you just make calls. texting got popular. now touch phones with internet are in the market. the evolution of insurance has allowed you to make money from insurance now, while YOU ARE STILL ALIVE. the great thing, is you can use the money while you're alive and still have money for your loves one when you leave. the old life insurance was "Death Insurance". do some research and you won't think insurance is the same as before.
Click to expand...
You realize these are a terrible "investment", right? When you compare the additional amount you're paying into a Universal Live, or other similar products you could have had  10x that amount in basic term insurance and your investments in indexed securities would be worth many times that the "investment" value of that policy would have been.

A rule of thumb for any consumer is keep your products basic. Don't fall for the "you can invest, insure, and make toast all with one product". Typically when someone is pitching convenience that product will come with a steep price attached.

MarquiseJ- Take out a policy that's 5x your annual income if your single, or 10x if you're married on a 20 year term. That way you can be "replaced" should you die. Also make sure your policy isn't with your employer. If you're fired or laid off you'll be SOL.
 
Im 24, currently pay $27.00 a month for 400k, only reason i chose that much because of my son and being in the military...so yea lol
 
Originally Posted by blackngold1z

Have it through my job. Payroll deductions are only like $3 every pay period (my job pays the rest). I'm worth more dead than alive...lol
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Same with me except mine is $1.53...150k coverage and they give me Accidental Death/Dismemberment included in the $1.53.
 
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