Life Insurance

[bugstruck]

Originally Posted by 3RRL

Go to a CPA or financial advisor for advice on finances or taxes or maybe investments, but go to an insurance company to fill your insurance needs. Insurance needs are different than asset current financial matters. They provide for those things that you or your spouse and family will NOT have.

Determine what your family needs will be income to pay off mortgages, provide college funds or a stable income to make up for yours (or your spouse). Work out a long range plan as your needs change to keep them in balance. Insurance is a vehicle to accomplish this. Get whole life whenever you can afford it too. Just my 2¢

Simply... good advice.

[gsganzer]

I can't stress enough, the need to get insurance when you're young and healthy. You'd be amazed at all the things that will affect your insurance rating and cost. If you use tobacco, it will put you in a higher risk group. If you have parents or siblings that have had cancer or other health issues, you'll be in a higher risk group. If you have a bad driving record, higher risk group. Overweight, higher risk group. (Don't get the wrong idea, these don't all apply to me )

The younger you are, the better you'll probably score on most of these catagories.

[Richard]

About a month ago, I had a 49 year old client get hit (on his bicycle) by a motorist and killed.

He has three daughters & a wife (who's coming in tomorrow to go over their things)

Life insurance has its place, Term AND whole life. I could say more but have tried before, long long ago and regardless what I say, there will be someone who will take issue with it.

I've been in the investment biz for 20 years and consider myself one of the "good guys" as I try... no, I ALWAYS "play right" by the individual, I hate the slime bags in this (or any other) business that are responsible for giving it a bad rap

I wonder how this lady coming in tomorrow is going to feel when we review her husbands insurance policy now that he's gone?

[hazmat]

It's already been said to get it while your young, but I will add this. Get what you need plus a bit extra maybe 50%. There is a good chance that your income & lifestyle expenses (bigger house, extra offspring) will go up as you go from your 20's/30's to your 40's/50's.

It is less expensive to buy a larger 30 year term policy at 30 than it is to add a 20 year policy at age 40.

I'm 31 and am worth far more dead than alive. That piece of mind for my family costs me ~$1,000 a year.

[riptides]

Lets not forget about Accidental Death and Dismemberment coverage and policies too. ADD could really help you out for the loss of your body parts while working around your machinery.

I had no ADD coverage when I had my accident, and could have used the help.

-Mike Z.