I am 27 yrs old i want to take some insurance policy, but i am confused with the different kind of policy in market.
Total Comments: 8
Posted: Wed Dec 17, 2008 11:13 am Post Subject:
Well, there are few life insurance agents present in this board and they may help you in this regard. So, just stay tuned.
However, have you considered contacting an insurance agent about it? Now-a-days even you can do insurance shopping online, an idea worth considering :wink: :)
Posted: Wed Dec 17, 2008 02:01 pm Post Subject:
There are two basic forms of life insurance, term life insurance and permanent life insurance.
Term life provides temporary protection for 10, 15, 20, or 30 years. There is no investment, just pure life insurance protection. If you outlive your policy term, the coveratge expires.
Permanent life insurance provides lifetime protection as long as you pay your premiums.
Term life is usually less expensive than permanent life insurance.
When choosing a plan, make sure to determine what your goal is for life insurance - what do you want it to accomplish? Who relies on you for financial support? How much life insurance do you need? How long do you need life insurance? How much can you afford to pay?
Also, review the financial rating of the insurers, this is an indication of the insurance company's ability to meet their financial obligations.
Posted: Wed Dec 24, 2008 04:39 am Post Subject: Term v Perm
Excellent Hadley -
I would change one word on what you said.
Term life is usually less expensive than permanent life insurance.
I don't remember a time when a permanent policy was cheaper than a term policy. So I would say "always" instead of usually.
I know I'm in dangerous territory saying what I'm going to say in a life insurance forum, but here goes..."buy insurance for insurance' sake". With that in mind, it's almost always best to go with a term policy.
When you buy a permanent policy whether it's whole life or universal life, you are buying an 'investment' that does not always provide a good return for your investment. I know agents can't call an insurance policy an investment, but that's usually how they're sold. Plus, that "investment" is tied to one company. That should be rather unsettling with various financial firms in trouble this year.
Posted: Sun Dec 28, 2008 08:20 am Post Subject:
hey car insurance guy! nice quote by you on usually and always.one should be really expert in reading between the lines to come to know exact difference between usually and always that you are!.
ok, in my opinion it is really necessary that one should go for only term insurance from insurance company and for investment it should be directed to mutual funds.let the barber do his work and sweeper his own (read insurance company should only take care of insurance needs of the people and MF should concentrate on investment.)
so as the person here john83lee is only 27 yrs old he should go 4 term insurance & for savings he can direct his kitty either to govt bonds or equity (or mix of them) as per investment approach or risk appetite.
8)
Posted: Sun Dec 28, 2008 03:10 pm Post Subject: insurance
I believe this is the 'wrong' thread to do this on....I don't know. What about 'Final Expense'?: Do you pay so much a month, depending on how much money you have? no 'cash value' ( lack of a better word) on this? I just don't know. Can someone help in this 'area'?
Posted: Sun Dec 28, 2008 06:47 pm Post Subject:
I believe this is the 'wrong' thread to do this on.
my reply
hey sdchargersfan this is not a wrong thread at all.rather i can prove it to you that it is really related to insurance and is really an answer to that 27 year old guy.
difference betweem term & normal ULIPs is saving part is attached with normal policies,while in pure term policies insurance company does provide only insurance no taboo.
so i just told him to purchase a term insurance while trying to keep his savings somewhere else. :wink:
Posted: Thu Jan 01, 2009 12:01 am Post Subject: john83lee
John,
How much insurance do you need? You can get a 20yr 500k term policy for as little as $230/yr with an A+ company.
There are many different uses for life insurance. What type of plan you buy depends on your situation, but for your everyday needs I usually recommend term insurance.
Posted: Thu Jan 01, 2009 12:07 am Post Subject: sdchargersfan
Final expense is usually sold to people that want small policies under 50k and/or have medical problems and are going to be either very highly rated or uninsurable. Most agents sell guaranteed issue policies for final expense. Guaranteed issue means that everyone qualifies even if you are terminally ill. Most guaranteed issue polices have a graded death benefit. This means if you die within the first 2 to 3 yrs your beneficiaries only get back the premium you have paid thus far plus some interest. If you die after the first 2 or 3 yrs your beneficiaries would get the entire death benefit.
Posted: Wed Dec 17, 2008 11:13 am Post Subject:
Well, there are few life insurance agents present in this board and they may help you in this regard. So, just stay tuned.
However, have you considered contacting an insurance agent about it? Now-a-days even you can do insurance shopping online, an idea worth considering :wink: :)
Posted: Wed Dec 17, 2008 02:01 pm Post Subject:
There are two basic forms of life insurance, term life insurance and permanent life insurance.
Term life provides temporary protection for 10, 15, 20, or 30 years. There is no investment, just pure life insurance protection. If you outlive your policy term, the coveratge expires.
Permanent life insurance provides lifetime protection as long as you pay your premiums.
Term life is usually less expensive than permanent life insurance.
When choosing a plan, make sure to determine what your goal is for life insurance - what do you want it to accomplish? Who relies on you for financial support? How much life insurance do you need? How long do you need life insurance? How much can you afford to pay?
Also, review the financial rating of the insurers, this is an indication of the insurance company's ability to meet their financial obligations.
Posted: Wed Dec 24, 2008 04:39 am Post Subject: Term v Perm
Excellent Hadley -
I would change one word on what you said.
Term life is usually less expensive than permanent life insurance.
I don't remember a time when a permanent policy was cheaper than a term policy. So I would say "always" instead of usually.
I know I'm in dangerous territory saying what I'm going to say in a life insurance forum, but here goes..."buy insurance for insurance' sake". With that in mind, it's almost always best to go with a term policy.
When you buy a permanent policy whether it's whole life or universal life, you are buying an 'investment' that does not always provide a good return for your investment. I know agents can't call an insurance policy an investment, but that's usually how they're sold. Plus, that "investment" is tied to one company. That should be rather unsettling with various financial firms in trouble this year.
Posted: Sun Dec 28, 2008 08:20 am Post Subject:
hey car insurance guy! nice quote by you on usually and always.one should be really expert in reading between the lines to come to know exact difference between usually and always that you are!.
ok, in my opinion it is really necessary that one should go for only term insurance from insurance company and for investment it should be directed to mutual funds.let the barber do his work and sweeper his own (read insurance company should only take care of insurance needs of the people and MF should concentrate on investment.)
so as the person here john83lee is only 27 yrs old he should go 4 term insurance & for savings he can direct his kitty either to govt bonds or equity (or mix of them) as per investment approach or risk appetite.
8)
Posted: Sun Dec 28, 2008 03:10 pm Post Subject: insurance
I believe this is the 'wrong' thread to do this on....I don't know. What about 'Final Expense'?: Do you pay so much a month, depending on how much money you have? no 'cash value' ( lack of a better word) on this? I just don't know. Can someone help in this 'area'?
Posted: Sun Dec 28, 2008 06:47 pm Post Subject:
I believe this is the 'wrong' thread to do this on.
my reply
hey sdchargersfan this is not a wrong thread at all.rather i can prove it to you that it is really related to insurance and is really an answer to that 27 year old guy.
difference betweem term & normal ULIPs is saving part is attached with normal policies,while in pure term policies insurance company does provide only insurance no taboo.
so i just told him to purchase a term insurance while trying to keep his savings somewhere else. :wink:
Posted: Thu Jan 01, 2009 12:01 am Post Subject: john83lee
John,
How much insurance do you need? You can get a 20yr 500k term policy for as little as $230/yr with an A+ company.
There are many different uses for life insurance. What type of plan you buy depends on your situation, but for your everyday needs I usually recommend term insurance.
Posted: Thu Jan 01, 2009 12:07 am Post Subject: sdchargersfan
Final expense is usually sold to people that want small policies under 50k and/or have medical problems and are going to be either very highly rated or uninsurable. Most agents sell guaranteed issue policies for final expense. Guaranteed issue means that everyone qualifies even if you are terminally ill. Most guaranteed issue polices have a graded death benefit. This means if you die within the first 2 to 3 yrs your beneficiaries only get back the premium you have paid thus far plus some interest. If you die after the first 2 or 3 yrs your beneficiaries would get the entire death benefit.
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