by Guest » Tue Jun 29, 2010 06:40 pm
So, I am 19 and my husband is 28 and we want to buy life insurance. We have read up on the different types, but everywhere we look the descriptions of each are too wordy and not easily understandable for the common person like he and I. We simply want insurance that will last until each of our deaths that will benefit our child (or other future children). We do not want the payout to be small, but quite big like $500,000 or $1,000,000...I hope these types of policies are not too expensive are they? (Probably a dumb question) What is the best insurance in your opinion for our situation?
Posted: Fri Jul 02, 2010 03:32 am Post Subject: insurance
I was looking over the recent post (last few days..) the amounts ($200.00 or so and $400.00). Thats' alot of money. Thats what the OP would pay per month (providing this is the type of Insurance they decide upon)?! Thats' ALOT to pay for Insurance! I guess I'm saying that from 'my point of view'..being a single parent with low income, etc. But..I suppose if you can afford it and it has the benefits your looking for, it would 'work for you'.
Posted: Fri Jul 02, 2010 04:43 am Post Subject:
$440/month versus $710/month is still a big difference. For the difference in price they could start out with a $1.75 million death benefit each versus the $1M WL/term blend. Without getitng too deep into details and confusing the OP, they should generally realize as posted above:
1. Guaranteed Universal Life (GUL) - Lowest premiums, minimal cash value accumulation
2. Whole Life - Higher premiums, greater cash value accumulation
Take your pick.
Posted: Fri Jul 02, 2010 01:11 pm Post Subject: insurance
Yea..I see what you mean. It IS a big difference (seeing it on paper, anyway). If the policy has everything they are looking for, then it would be good for them. Starting out 'small' is probably a good idea. You can always purchase more, at a later time.
Posted: Fri Jul 02, 2010 02:14 pm Post Subject:
Yea..I see what you mean. It IS a big difference (seeing it on paper, anyway). If the policy has everything they are looking for, then it would be good for them. Starting out 'small' is probably a good idea. You can always purchase more, at a later time.
Yes, but if your health changes or you wait until you're much older, it might cost you a lot more money for the same coverage. If you have some major health problems, you might not be able to get anything at all at a later time.
Posted: Fri Jul 02, 2010 03:15 pm Post Subject:
This is why we use guaranteed increase options :D
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