Life Insurance

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nbeaver
Posts: 106
Joined: Mon Aug 31, 2015 1:49 pm

Re: Life Insurance

Post by nbeaver » Wed Apr 03, 2019 12:23 pm

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.

colonialgirl
Posts: 1503
Joined: Sat Aug 29, 2015 2:01 am
Location: Central Illinois

Re: Life Insurance

Post by colonialgirl » 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 "

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.

clemencia2us
Posts: 4131
Joined: Fri Aug 28, 2015 9:21 am

Re: Life Insurance

Post by clemencia2us » 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

gaylejackson2
Posts: 1900
Joined: Tue Sep 08, 2015 1:13 pm
Location: Utah

Re: Life Insurance

Post by gaylejackson2 » Thu Apr 11, 2019 10:44 pm

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.

ohjodi
Posts: 930
Joined: Sun Aug 30, 2015 3:57 pm

Re: Life Insurance

Post by ohjodi » Fri Apr 12, 2019 12:01 am

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.
ohjodi

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