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Money Matters
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Old 10-24-2012, 07:28 AM   #1
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Life insurance?

I don't know much about it, and sometimes these life insurance sellers like to make things sound way better than it is..

So what should I look for or look into? Who has a good policy? Not sure if location has anything to do with it but I live in Stamford, CT (fairfield county)

I have a family now and god forbid shiit goes south for me I want to make sure they are taken care if

Please any suggestion would be fantastic!
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Old 10-24-2012, 08:39 AM   #2
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I am no expert but this is what I would do since you have a family and I assume you are relatively young...

I would buy several different term life insurance policies for like $200,000 each from different well known companies. (StateFarm, etc.)

I would buy one whole life policy for like $200,000 from a well know company.

Term = cheaper and only pays when you die.
Whole = more expensive and builds a cash value that you can borrow against or close before you die and pays out when you die.

$1MM total for a 30 something year old should only be a couple hundred per month.

The advantage of having 4 or 5 smaller policies is that you can cancel one or two down the road if you cant afford them. You also have a better chance of not getting screwed by 5 different companies opposed to 1.

If you miss any payments, your policy is terminated and you have paid for years for nothing. You have to make sure you pay in advance and never get behind no matter what.

PS - Have your wife do it also. Also try to get policies (at least a few) that cover suicide. Yes, there are some. REGARDLESS of your feelings about it, if your death is ruled one, you don't want your wife to get screwed out of her money. (Car accident, drugs, alcohol poisoning etc. could all be ruled as suicide.)
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Old 10-24-2012, 07:05 PM   #3
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I am a Financial Advisor with my Life Insurance license. Basically what Glockman said is right on point.

Term life is cheaper because it is for a specific term. It's only pure insurance, no saving abilities. Good option for an outstanding mortgage on a home.

Whole life covers you for your 'whole' life, as long as you pay your premium. It also accumulates cash within the policy, like a saving feature.

How old are you? Also what kind of loans do you have outstanding, PM me and I can give you an idea on what is a right price, I can search about 250 carriers and let you know what is a fair quote.

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Old 11-05-2012, 06:26 PM   #4
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Whole Life Insurance grows in value and it cannot be taken from you in a divorce, lawsuit or bankruptcy.
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Old 11-23-2012, 11:51 AM   #5
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Originally Posted by Raymond42262 View Post
Whole Life Insurance grows in value and it cannot be taken from you in a divorce, lawsuit or bankruptcy.
Whole life is also one of the worst financial products known to mankind. You're better off with a term policy and put the difference in a savings account.

Stick with term, that's all you need. Whole life policies just pay for the agent's kid's college.

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Old 11-23-2012, 12:00 PM   #6
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If you do the math whole life provides worse returns, more fees, and more expensive coverage than a term life policy. Take the extra money and invest it separately Get free quotes from sites like Zander insurance. Don't rely on your job for all your insurance needs as you might lose your job and your ins at same time.
I don't sell anything. My wife is almost 30 we pay 14.00 a month for 250 k 20 year term. That's dirt cheap.
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Old 11-23-2012, 01:26 PM   #7
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Whole Life is nothing I would recommend. Expensive and very Profitable for the agent.. not you...

Term is so cheap and you can get it for 5-30 years. You can ad a new policy for a different time in your life.

I was paying $47 a month for me @49 years old for a $500k a few years ago.. even cheaper now.
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Old 01-01-2013, 09:17 AM   #8
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Where is the best place online to shop for term insurance?
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Old 01-26-2013, 08:40 PM   #9
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I agree with everyone. Skip everything else and just go term. Just don't fill out a quote online and put your phone # down. I still get calls. Stupid me
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