Thinking about getting Life Insurance

[Scarpozzi]

Agreed.....do term life insurance. It is most valuable to your loved ones when you're in your 20s-40s. This is when your debt/asset ratio is out of whack if you're a typical american. School debt/Mortgage(rent)/Cars/Family expenses....until you cross the first 2-3 of those off your list, your treading water.

 

[SphinxnihpS]

Can't agree with that. Costs of whole life are too high and taxable investments without high commissions are still preferable over whole life. It's a product that has a use for a very small number of people, almost certainly not including the OP.



My old agent tried to stick me with a UL policy when I requested term. I simply said I cannot understand the 40 pages of fine print and I will pass. Level term, I understand. I pay $x for 30 years, and if I die you give the beneficiary $Y. After 30 years, it's over.

Any other policy type, they claim to be simple but when you see the actual policy you can tell there's a lot more in the details than what they are telling you. And the policy document defines how it works, not what the agent claims.

I will never buy an insurance policy of any type that I cannot understand completely. Maybe that means I am missing out on some super-sophisticated complex structure that might be perfect for me, but I doubt it. I know my old agent wanted desperately to get me into the UL policy but if they can't define the policy in a handful of pages, clear enough for me to comprehend, then it's probably not in my best interest to trust an agent's 5 minute summary of what it took a herd of lawyers 40 pages to write down.

You're the main offender in here. You're full of shit if you think you have a clue about what you're talking about. You couldn't even stomach reading the contract language in a ULife policy.

For what it's worth, ULife is term insurance if that's all you want to pay. You can even get a secondary guarantee to life expectancy for cheaper than some 30y term, if you catch the right company pushing the right market.

Serious, just stfu before someone takes your advice.

 

[SphinxnihpS]

Agreed.....do term life insurance. It is most valuable to your loved ones when you're in your 20s-40s. This is when your debt/asset ratio is out of whack if you're a typical american. School debt/Mortgage(rent)/Cars/Family expenses....until you cross the first 2-3 of those off your list, your treading water.

What happens if you develop a condition making you uninsurable next year, and 30 years from now you still need coverage but can't get it at any price?

There's dozens of examples mooting this "common-sense wisdom".

 

[kranky]

You're the main offender in here. You're full of shit if you think you have a clue about what you're talking about. You couldn't even stomach reading the contract language in a ULife policy.

For what it's worth, ULife is term insurance if that's all you want to pay. You can even get a secondary guarantee to life expectancy for cheaper than some 30y term, if you catch the right company pushing the right market.

Serious, just stfu before someone takes your advice.

I guess we see things differently then. I stand by my comment for 99% of life insurance buyers, and I apologize in advance to the 1% who may be fortunate enough to find a more exotic policy than straight term which is actually a better deal for someone who only wants to pay for pure insurance at the cheapest price available.