Archive for April, 2010
April 22nd, 2010 | 
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My husband has pushed off his benefits paperwork til the last moment and I have to decide for him.
I’m intent on buying the max $100g policy (I know, I should get more too). He’s 31, a smoker and overweight. He’s in good health now, but he works long hours in a high stress job. I work part time so he is by a very large majority the bread winner.
We’ve got a fairly high level (though no mortgage) of debt that is very, very, very slowly being chipped away at. I am leaning toward the universal life.
If he were to die, I’d have to pay off about 75g in debt and move in with my inlaws out of state and look for full time work.
Which would you recommend? Thanks.
Is term still the best choice if we’re not going to be investing the savings we’d get over not going with universal? It may be the smartest thing to do, but I know it just will not happen. I’m nervous given his smoking, weight, stress and getting older, his premium will be way too high if we don’t get universal now. Am I right, or is term really good for us?
Shanelle Blashak
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Okey dokey, so as a ballpark how much would term life insurance cost annually for a 40 year old male non-smoker?
Jolyn Roth
How do I find figures and quotes for a Life Insurance Company such as New York Life?
We have to look up a life insurance company for econ class and list its quotes and figures for certain ages and term and whole life policies. Yet I have no clue where to find this.
Noe Rodino
Can you automatically change the beneficiary to another person or organisation? Or do you simply have to cancel your cover (which would seem a waste)? Thinking of getting covered for €100,000 / $145,000 for an initial 10 years, maybe. Thanks.
Lon Ko
My husband and I had a huge fight about life insurance last night. So much so that I am seriously questioning his morals, compassion, and his feelings of caring for me.
Yesterday we received a letter in the mail from our bank, stating that we could get $300K in term life insurance for $80/month. Right now we are both unemployed due to our companies downsizing, and we both had life insurance policies through our employers that ended when we were laid off. When I saw the ad from the bank, I mentioned it to him and told him I thought it might be a good idea for us to have life insurance without relying on our employers for it. He disagreed and said it would be a waste of $80/month right now that we need for other things and that he has no reason to have to make sure at our age (37) that his wife is “set for life” in the event of his death. I was blown away by this, not only because I was raised that spouses are supposed to watch out for each other and make sure each is provided for as needed, but also because if he were to die, I have a disease that has already caused me to have to go on disability once in my twenties, and it could happen again, and also because I only earn half what he does. I couldn’t believe he would think that he should take precautions to take care of me. Here is what ensued:
This is not about the money, or me getting some sort of high dollar amount when he dies. It’s about having a sense of morals and responsibility for your beloved spouse and taking care of that person. I tried explaining this to him repeatedly, and he just kept telling me that life insurance is a waste of money at our age and that it is selfish of me to expect him to “set me up for life” once he is dead and gone. I mentioned that there is the possibility that I could easily become unable to work and provide for myself due to my Diabetes and the complications that can come with it, and that even if I am able to work, I make about half what he does and would not be able to continue to pay the bills, etc. He’s always made almost exactly double what I earn. I am astonished at his lack of sensitivity in telling me that I am a “gold digger” and “selfish” because I expect him to feel a sense of responsibility, caring, and compassion towards me enough to WANT to protect me financially in the event of his death. He just doesn’t get it. He keeps telling me that I am trying to take advantage of him and that it’s ridiculous to expect him to want to protect me by having life insurance when we are only in our late 30′s. He says that if he died tomorrow, I would still be able to work and provide for myself, so why should he do it for me by giving me “some huge pay-out to make your life easier”? He says that the money I could get from selling our house (right now we are in the process of looking and have about $100K in savings to put towards a house–this would go to me if we didn’t have a house yet) would cover any debts and funeral expenses. But then where would I live? What if the real estate market is flat at the time he dies and I can’t get enough for the house to cover everything? He says this is not his problem at that point. He also says once he is working again, the life insurance he’ll likely have through his employer should do the job.
This is really not about me having millions of dollars if he were to die. What aggravates me, saddens me, and has me wanting to run to the divorce court is his overall lack of compassion and lack of caring for me that he would basically have a resentful and bitter attitude towards making sure I am cared for in the event of his death. Calling me a “gold digger” because I think life insurance is a good idea? What kind of husband doesn’t want to make sure his wife will be okay under any and all circumstances?! I am his wife, therefore shouldn’t he want to make sure I am taken care of in every way he can? I want to make sure of that for him.
I seriously can’t believe I married such a selfish, cold person! Am I over reacting? Please be direct, I appreciate it!
Alishia Girman
I’m 35, I have two daughters (age 10 and 5 months) plus two step sons and a fiance. I’m at a point in my life where I want to purchase life insurance to take care of my kids. I work for the government and won’t be legally able to retire for another 17 years. I only have one policy (paid for by my work) for 48K and this is not enough. I want to take out a policy for 1,000,000. Should I go with the 10 year term life insurance and re-enroll when I am 45? What are the chances that the lock in rates will go up or down based on historical evidence? If you were in my shoes what would you do? I’ve already considered whole life but honestly I can’t afford the premiums on whole life for this sort of policy (although I haven’t looked) and I’d rather invest the difference in IRA’s for the next X amount of years.
I’m considering either the 10, 30 or 35 year term. What do you think?
Thanks for all replies!!
I was thinking of taking out a 1-2 mil policy now for a 10 year term and decrease the amount as I get older and my kids get older. I figure when it’s time to renew I can take out a smaller policy every so many years until the kids are old enough to take care of themselves and then when I am real old I will only need enough just to cover my funeral expenses and a little something for the kids/grandkids. DOes that help?
I don’t know if I am misconceived about the notion that if I go with a longer term and say I died just after the insurance took effect, my kids would get the amount of the insurance policy minus the premiums owed for that many years (say 35 year term life) – is this correct or am I overanalyzing?
Alfonzo Cutliff
A life insurance policy that pays whether the policyholder lives or dies is called
A. premium insurance. C. term insurance.
B. straight life insurance. D. 20-year endowment.
Natalya Teece
Agents are always extremely keen about selling my family whole life insurance instead of term. According to the agents, whole life is preferable to term since it does not expire and as a result the beneficiary is guaranteed some payment upon the death of the insured. However, why would the insurance company profit from such a setup if they are bound to pay back an amount that is at least equal to the total amount paid?
I have tried to do some research on my own, but I still can’t seem to fully understand this matter. Any help will be greatly appreciated!
Demarcus Hacken
My husband and I had a huge fight about life insurance last night. So much so that I am seriously questioning his morals, compassion, and his feelings of caring for me.
Yesterday we received a letter in the mail from our bank, stating that we could get $300K in term life insurance for $80/month. Right now we are both unemployed due to our companies downsizing, and we both had life insurance policies through our employers that ended when we were laid off. When I saw the ad from the bank, I mentioned it to him and told him I thought it might be a good idea for us to have life insurance without relying on our employers for it. He disagreed and said it would be a waste of $80/month right now that we need for other things and that he has no reason to have to make sure at our age (37) that his wife is “set for life” in the event of his death. I was blown away by this, not only because I was raised that spouses are supposed to watch out for each other and make sure each is provided for as needed, but also because if he were to die, I have a disease that has already caused me to have to go on disability once in my twenties, and it could happen again, and also because I only earn half what he does. I couldn’t believe he would think that he should take precautions to take care of me. Here is what ensued:
This is not about the money, or me getting some sort of high dollar amount when he dies. It’s about having a sense of morals and responsibility for your beloved spouse and taking care of that person. I tried explaining this to him repeatedly, and he just kept telling me that life insurance is a waste of money at our age and that it is selfish of me to expect him to “set me up for life” once he is dead and gone. I mentioned that there is the possibility that I could easily become unable to work and provide for myself due to my Diabetes and the complications that can come with it, and that even if I am able to work, I make about half what he does and would not be able to continue to pay the bills, etc. He’s always made almost exactly double what I earn. I am astonished at his lack of sensitivity in telling me that I am a “gold digger” and “selfish” because I expect him to feel a sense of responsibility, caring, and compassion towards me enough to WANT to protect me financially in the event of his death. He just doesn’t get it. He keeps telling me that I am trying to take advantage of him and that it’s ridiculous to expect him to want to protect me by having life insurance when we are only in our late 30′s. He says that if he died tomorrow, I would still be able to work and provide for myself, so why should he do it for me by giving me “some huge pay-out to make your life easier”? He says that the money I could get from selling our house (right now we are in the process of looking and have about $100K in savings to put towards a house–this would go to me if we didn’t have a house yet) would cover any debts and funeral expenses. But then where would I live? What if the real estate market is flat at the time he dies and I can’t get enough for the house to cover everything? He says this is not his problem at that point. He also says once he is working again, the life insurance he’ll likely have through his employer should do the job.
This is really not about me having millions of dollars if he were to die. What aggravates me, saddens me, and has me wanting to run to the divorce court is his overall lack of compassion and lack of caring for me that he would basically have a resentful and bitter attitude towards making sure I am cared for in the event of his death. Calling me a “gold digger” because I think life insurance is a good idea? What kind of husband doesn’t want to make sure his wife will be okay under any and all circumstances?! I am his wife, therefore shouldn’t he want to make sure I am taken care of in every way he can? I want to make sure of that for him.
I seriously can’t believe I married such a selfish, cold person! Am I over reacting? Please be direct, I appreciate it!
Emily Esteybar
Could anyone, e.g my ex-wife, open an insurance policy for me and make herself the beneficiary without me knowing. If that can be done how can I confirm that there is such a policy?
Nicki Angeles