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Re: Life Insurance

Posted: Wed Apr 03, 2019 12:23 pm
by nbeaver
Ojodi, I agree with colonialgirl: you want term life. Frankly, I think everyone should get term life. Whole life is MUCH more expensive. Insurance salesmen will tell you that's because it is an investment. But you want insurance, not an investment. If you do want to invest some money, whole life insurance is a terrible investment vehicle. Term life is much less expensive, and it does want you want life insurance to do: takes care of your loved ones after you're gone.

Re: Life Insurance

Posted: Wed Apr 03, 2019 12:46 pm
by colonialgirl
"Funny how State Farm (who i"ve been with for 30 years) never mentioned term life, just told me about whole life, lol "

Insurance companies have spent years cultivating the image of being someone who is there for you -you know - like a good neighbor, SF is there. Uh - nope. They are a business and salesmen are paid solely on commission. They want to sell you the most profitable item they have.

When I started my training, after the class on product information - I remarked to the teacher that no matter what happened, the company made money unless the person died immediately. She said to me, yes that is why we are in business. Insurance is often a necessity and certainly has its place. But they try and sell it as an investment and there are way better investments.

But to be fair, because of fiscal irresponsibility or circumstance or lack of understanding so many people end their life with only one asset - their life insurance. I worked approving variable policies for sale because they had market investments attached & you would not have believed the sales that I rejected. Some agents are just short of crooks. I guess it jaded me.

Re: Life Insurance

Posted: Wed Apr 03, 2019 2:56 pm
by clemencia2us
Also agree with sandi

Get the numbers - what he gets each month. Set it up so they put some of that away each month.

SS does end at 18. It used to follow if you went to college but they don’t do that now. I used to get a small amount via my father’s SS.

What about SSI? Would he qualify for that

Re: Life Insurance

Posted: Thu Apr 11, 2019 10:44 pm
by gaylejackson2
colonialgirl wrote:
Wed Apr 03, 2019 12:46 pm
"Funny how State Farm (who i"ve been with for 30 years) never mentioned term life, just told me about whole life, lol "
Perhaps it just depends on the agent? We use state farm for our life insurance and he laid all the options out for us, whole vs term. He basically told dh to get the max of term life to be able to leave enough for children & I.

Re: Life Insurance

Posted: Fri Apr 12, 2019 12:01 am
by ohjodi
clemencia2us wrote:
Wed Apr 03, 2019 2:56 pm
Also agree with sandi

Get the numbers - what he gets each month. Set it up so they put some of that away each month.

SS does end at 18. It used to follow if you went to college but they don’t do that now. I used to get a small amount via my father’s SS.

What about SSI? Would he qualify for that
He does get SS survivors benefit since his mother died, but now he's getting SS off my dad's earnings (since my dad adopted him some months ago) because my dad is retired. It's probably a few hundred more per month.