The Chronicle of the Horse
MagazineNewsHorse SportsHorse CareCOTH StoreVoicesThe Chronicle UntackedDirectoriesMarketplaceDates & Results
 
Results 1 to 19 of 19
  1. #1
    Join Date
    Jul. 29, 2006
    Location
    Colorado- Yee Haw!
    Posts
    3,331

    Default Freebird's post has me thinking- what should I know about life insurance?

    Tell me about life insurance, please!



  2. #2
    Join Date
    May. 28, 2006
    Location
    Florida
    Posts
    3,581

    Default

    Ditto....we are young and healthy but neither of us works in a field that provides a regular salary or benefits. Would love to hear answers on this...



  3. #3
    Join Date
    Aug. 1, 2002
    Location
    Georgia
    Posts
    6,192

    Default

    I found this site that seemed to be pretty good: http://www.insure.com/articles/lifei...questions.html

    My husband's policy came with his job. It took about 4 months to get the final check, which is CRAZY long, but part of the issue was that he never updated his beneficiary to me, from when he started working at the company.

    I would shop around to see which ones are easiest to work with, and have the best rates. My husbands was a free one, that part of his benefit package at his job. It paid for his funeral, headstone, and the rest went in a Money Market account. With out it, I have NO idea what I would've done.



  4. #4
    Join Date
    Jan. 11, 2007
    Location
    Massachusetts
    Posts
    127

    Default Term4Sale.com

    Go to term4sale.com. Put in your info on the first page to get quotes from different companies. You can get a list of quotes and to the right click of the quotes click on more info to get a list of brokers. You then work with a broker/agent to get the coverage you selected. You will need to fill out an application with more health details and they will have you schedule a blood test also. We also did telephone interviews with the insurance company that we picked.
    We were very happy with our independent agent and the whole process wasn't that bad. I'm glad we did it, because my husband found out some health issues from the blood test that he wouldn't have otherwise found out. (He always insisted he was healthy and didn't need a yearly physical in the 20 years we were together.) This pushed him to see a doctor regularly and hit the gym.
    Our agent also let us know that once we get his issues under control we could apply to a different ins co in the future to get a lower rate, and then drop the policy we have now, if we wanted to save some money.
    Hope this helps.


    1 members found this post helpful.

  5. #5
    Join Date
    May. 17, 2010
    Location
    Where humidity isn't just a word, it's a way of life.
    Posts
    913

    Default

    You also want term, not whole life policies.


    2 members found this post helpful.

  6. #6
    Join Date
    Apr. 19, 2011
    Location
    Madison, GA
    Posts
    3,227

    Default

    Are you looking for the reasons why you should have life insurance or just the differences between them? I was a Financial Advisor Apprentice with Edward Jones and actually got licensed as a FA before I quit and now I work as a benefits analyst so I may be able to help...
    Southern Cross Guest Ranch
    An All Inclusive Guest Ranch Vacation - Georgia



  7. #7
    Join Date
    Jul. 29, 2006
    Location
    Colorado- Yee Haw!
    Posts
    3,331

    Default

    Personally, DH and I have work policies. I'm trying to figure out if it's worth getting a policy not tied to my employment while I'm still young and healthy and what kind is best and where to look for one.



  8. #8
    Join Date
    Apr. 19, 2011
    Location
    Madison, GA
    Posts
    3,227

    Default

    There are all sorts of scenarios to consider when you're young. For instance, some people get term life insurance when they're young to help pay bills if one person dies. For instance, let's say your husband and you buy a house with a 30 year mortgage. You both work and if either of you die while you're still paying off your mortgage, the other will not be able to afford the house. Therefore, around the time you buy your house, you may want to look into a term life policy for the duration of your mortgage. Your rates should be very low because you're young and its a term policy.

    Basically, you want to think about your bills and their time frame when evaluating whether or not you need insurance and what kind of policy would be best...
    Southern Cross Guest Ranch
    An All Inclusive Guest Ranch Vacation - Georgia



  9. #9
    Join Date
    Mar. 4, 2010
    Posts
    1,942

    Default

    Read:

    http://www.amazon.com/Making-Most-Yo...e+bryant+quinn

    Jane Bryant Quinn has the most practical, easy to understand advice about all financial matters, including life insurance, that you will find anywhere. Borrow the book at the library and it won't even cost you anything to read it!

    If you have a more complicated situation, locate an independent financial adviser or an attorney that specializes in estates. Either one will go through your $$ affairs in great detail and give you good advice.

    Be prepared!!!!



  10. #10
    Join Date
    Apr. 19, 2011
    Location
    Madison, GA
    Posts
    3,227

    Default

    It is never too early to work with a financial advisor. If your situation is complicated and/or you have more than $1 million in assets you may want to consult an attorney that specializes in estates. It is my understanding that under the current law (that will probably change) the estate tax exclusion amount in 2013 will go down to $1 million. This means you will be taxed on the assets left by the estate over this amount.

    So let's say you are left with no cash and a lot of land with a value of $3 million. Well, you'll be taxed on $2 million, but you were left no cash. This is where a whole life policy would be necessary. The policy would basically just be in place to pay the taxes you will owe on your inheritance...
    Southern Cross Guest Ranch
    An All Inclusive Guest Ranch Vacation - Georgia


    1 members found this post helpful.

  11. #11
    Join Date
    Aug. 12, 2010
    Location
    Westford, Massachusetts
    Posts
    4,697

    Default

    I have a policy through work, as does DH. I also bought a term policy on my own, independent of my employment, about 7 years ago. DH had life only through work and lost his job about two weeks before he was diagnosed with a squamous cell cancer on his lip. He suddenly found himself with no life insurance, uninsurable outside of a group plan, with a wife and small child depending on him AND 6 more years of pretty high child support to pay to his ex-wife. Child support obligations out live you.

    It was pretty scary for a while. I work full-time and could hold myself and our son together (just barely) on my salary, but I could never pay his outstanding child support obligation and would probably have had to sell the house to do so.

    Fortunately, he found a job that DID offer life insurance after a while, He still doesn't have an independent policy...it's been long enough since the SCC with no recurrence that it's not really an underwriting issue any more, but he's 52 now, a term policy won't be cheap.

    I learned my lesson (fortunately not the hard way) and bought myself an independent term policy while I was still young enough that the premiums wouldn't be a bank breaker.



  12. #12
    Join Date
    Jan. 9, 2006
    Location
    GA
    Posts
    2,572

    Default

    I am not at the office, but tomorrow, I will try to post a "calculator" that will help you figure out how much you need. It really is a personal decision, and is dependent on YOUR needs at the time and what you can afford. I know with our company, you can tell us how much you want to pay, whether you are looking for term or permanent insurance, your age and tobacco use, and a plan can be found for you.

    Life insurance is something that everyone needs-period. Death is coming for all of us at some point, and someone left behind is going to have to pay for your final expenses.
    http://community.webshots.com/album/548368465RfewoU[/url]

    She may not have changed the stars from their courses, but she loved a good man, and she rode good horses….author unknown



  13. #13
    Join Date
    Jan. 9, 2006
    Location
    GA
    Posts
    2,572

    Default

    Quote Originally Posted by MoonoverMississippi View Post
    You also want term, not whole life policies.
    That really depends on what your purpose for the life insurance is. Typically, a mix of the 2 is best, getting the whole life when you are young and the price is cheapest because it does not increase in premium, and the term in larger amounts to cover specific needs. Usually, you need a larger amount of coverage in the "prime" of your life than you do later due to more obligations. With term policies, you can buy a larger amount for less money, but know that after a certain time frame it will go up. For instance-if you have a 100k 30 yr mortgage, and you want to make sure that you have that covered in case of death.You could buy a 100k 30 yr term to take care of that.
    http://community.webshots.com/album/548368465RfewoU[/url]

    She may not have changed the stars from their courses, but she loved a good man, and she rode good horses….author unknown


    1 members found this post helpful.

  14. #14
    Join Date
    Jan. 9, 2006
    Location
    GA
    Posts
    2,572

    Default

    Quote Originally Posted by 4Martini View Post
    Personally, DH and I have work policies. I'm trying to figure out if it's worth getting a policy not tied to my employment while I'm still young and healthy and what kind is best and where to look for one.
    ALWAYS always have something besides what you have at work. While most policies are portable, the rate you pay at work is usually based on term group rates-i,.e. cheap, and can go up 4-5 times what they were if you leave the company.

    Many home insurance carriers will give you an additional discount on your home policy if you have a life policy with them too. Also, many of them are dealing with financial products too, so they are well versed in it. Trust me, if you call your home/car agent and buy a life policy from them, they tend to love you and will go much much much further out on limbs for you if you need them.
    http://community.webshots.com/album/548368465RfewoU[/url]

    She may not have changed the stars from their courses, but she loved a good man, and she rode good horses….author unknown



  15. #15
    Join Date
    Apr. 11, 2001
    Location
    Tennessee
    Posts
    6,719

    Default

    I know is that my husband's earning potential is still more profitable over time than his life insurance payout. This is what I remind myself when I want to ring his neck.

    Also, whole life is generally a poor financial investment as far a financial investments are concerned. Term is generally the way to go.



  16. #16
    Join Date
    Jan. 11, 2007
    Location
    Massachusetts
    Posts
    127

    Default

    Quote Originally Posted by Gnalli View Post
    That really depends on what your purpose for the life insurance is. Typically, a mix of the 2 is best, getting the whole life when you are young and the price is cheapest because it does not increase in premium, and the term in larger amounts to cover specific needs. Usually, you need a larger amount of coverage in the "prime" of your life than you do later due to more obligations. With term policies, you can buy a larger amount for less money, but know that after a certain time frame it will go up. For instance-if you have a 100k 30 yr mortgage, and you want to make sure that you have that covered in case of death.You could buy a 100k 30 yr term to take care of that.
    I work for an insurance co, though not on the life side. (We are taught that whole is best, but I think it's best for the co not the consumer.) But whole life is pushed because the commisions and payback for the co is better. The only reason I can think of off the top of my head to buy a whole life policy is if you have a disabled child that will need the support upon your demise.
    Otherwise term life is the cheapest and best option for almost everyone. It's best to talk to an independant agent than to go directly to an insurance co. If they pressure you to buy whole life I would look for a different agent.


    1 members found this post helpful.

  17. #17
    Join Date
    Nov. 13, 2007
    Location
    Burbank, California
    Posts
    721

    Default

    Check with your agent for your car insurance, they can sometimes get you a good deal. Get term while you are young and healthy, and get one that has the option to roll into whole life. I was just diagnosed with Colitis and getting more life insurance might be an issue, but I'm only 3 years into a 10 year term, and we can roll what I have into a whole life that will accrue very little equity, and keep the rate low-ish and treat it basically like a 40 year term policy. I'm really kicking myself for not upping the benefit before this stupid thing happened to me.
    "Look, I'm trying not to test the durability of the arena with my face!" (Because only GM can do that.)


    1 members found this post helpful.

  18. #18
    Join Date
    Jan. 9, 2006
    Location
    GA
    Posts
    2,572

    Default

    Quote Originally Posted by morganmare View Post
    I work for an insurance co, though not on the life side. (We are taught that whole is best, but I think it's best for the co not the consumer.) But whole life is pushed because the commisions and payback for the co is better. The only reason I can think of off the top of my head to buy a whole life policy is if you have a disabled child that will need the support upon your demise.
    Otherwise term life is the cheapest and best option for almost everyone. It's best to talk to an independant agent than to go directly to an insurance co. If they pressure you to buy whole life I would look for a different agent.
    Again, it depends. Normally, term is best, I agree. You can't buy term though under a certain age, and at that point whole life is just about the only game in town. I have been in insurance since 1989, with a hiatus for 7 yrs, and have seen good and bad in the policies. If a family with small children came in, I might suggest a whole life policy on the small children simply to lock in the cheap rate incase of future insurability. If you can buy 50k in permanent for $10 a month it makes more sense than putting a 10k childrens term rider on a parents policy where the kids will drop off at 25, and have no mechanism built in for insurability issues. For an adult over 21-term in 90% of the cases. No, I am not commission so that does not play into it for me.
    http://community.webshots.com/album/548368465RfewoU[/url]

    She may not have changed the stars from their courses, but she loved a good man, and she rode good horses….author unknown



  19. #19
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,854

    Default

    We bought with a one year term, even though I thought I was buying longer, in our mid thirties and by now the premiums are fairly high. I have work but DH was self employed and if I died he needed my work insurance to pay off the note on the house if he so desired, and then to provide for them we had the extra insurance, then he would have been able to draw SSI for DD and I think himself. He just had the extra insurance which would have paid off the note, and maybe SSI, his Social Security annual statement says that there would be a small benefit.
    We really need to go through it again and probably give it up once DD is out of college as the house is paid for.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



Similar Threads

  1. Life insurance?
    By cothhalter in forum Off Topic
    Replies: 2
    Last Post: Nov. 24, 2011, 11:53 AM
  2. Life Insurance?
    By jennywho in forum Off Topic
    Replies: 1
    Last Post: Aug. 14, 2011, 08:33 PM
  3. Term Vs. Whole Life Insurance?
    By GoForAGallop in forum Off Topic
    Replies: 8
    Last Post: Nov. 1, 2010, 04:46 PM
  4. Life Insurance Recs?
    By GoForAGallop in forum Off Course
    Replies: 0
    Last Post: Oct. 11, 2010, 09:52 AM
  5. Thinking about a career in equine insurance...
    By seeuatx in forum Off Course
    Replies: 3
    Last Post: Aug. 27, 2009, 06:22 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •