Rec for Life Insurance?

[scottmandue]

Shopping for life insurance... overwhelmed by the number of options.
Can someone save me the hours of research and recommend a good provider?

Thanks in advance.

[pwd72s]

If you wish to protect an income to provide for loved ones in the event of your untimely passing, search for Term life insurance.

Forget whole life policies, they only benefit the insurance company.

That's it in a nutshell.

[scottmandue]

Originally Posted by pwd72s

If you wish to protect an income to provide for loved ones in the event of your untimely passing, search for Term life insurance.

Forget whole life policies, they only benefit the insurance company.

That's it in a nutshell.

Thanks! That is a good start, our home/cars are on USAA.

[pwd72s]

Originally Posted by scottmandue

Thanks! That is a good start, our home/cars are on USAA.

The major companies all offer term life. Premiums based on your age, health risks like smoking, etc. Pretty basic, pretty simple..just decide on how much you'd like your heirs to have. Premiums can increase as you age. But by then, you hopefully will have invested wisely enough to be self insured. Meaning, that's where I am at age 74. No life insurance, but Cindy & I have assets enough that I have no worries about her financial state should I die. It took some decades to do so, but if an idiot like myself can pull it off, anyone can.

I'm sure USAA would give you a quote. Many of my veteran friends seem happy with the company.

[Steve Viegas]

My wife and I had USAA, and unfortunately, I had to use it.

Dealing with them was as positive an experience as it could have been. In a time of despair, they were all I could have asked for in regards of a partner.

Just my two cents.

[id10t]

My wife's dad was uninsurable for life (heart issues, car accident issues, etc) but he managed to get $25k from various credit cards and small $5k policies. He would laugh about it, he was paying like $2/mo for each one, he knew he had a sure bet

Check wtih your work place as well - I get covered for 2 years of my salary for $10/mo and I could buy more if I wanted. If you still have a mortgage, check with the provider - you can get a policy pretty cheap that will pay mortgage if you die or become disabled.

[wdfifteen]

Originally Posted by scottmandue

Shopping for life insurance... overwhelmed by the number of options.
.

I am surprised that a person who is sophisticated enough to know they need life insurance hasn't had dozens of offers. Just take the best offer that serves your needs.

[LWJ]

Ok. I do this for a living.

1- if you have health issues - group life from your work is the best deal as it isn't underwritten for the initial limits.
2- check online. May be cheapest. That is where I bought.
3-term term term. Unless you have some funky complicated situation but if you did, you wouldn't be asking us.
4 - find a local, smart life broker that has access to many companies.
5- compare rates with 2 and 4.
6- know that final rates are based on your blood test / med check. So that #5 maybe somewhat worthless if you get uprated for a medical thing.

[tdw28210]

Get a level term policy and invest the difference that you AREN'T spending on a whole life policy.

[1990C4S]

Originally Posted by pwd72s

If you wish to protect an income to provide for loved ones in the event of your untimely passing, search for Term life insurance.

Forget whole life policies, they only benefit the insurance company.

That's it in a nutshell.

That's an oversimplification. Under certain tax conditions whole life can be very beneficial. Premiums are paid from a holdco in before tax dollars, but the income can be tax free.

But I agree, for most working people term is better.

[jwasbury]

Originally Posted by 1990C4S

Under certain tax conditions whole life can be very beneficial.

^yes

once you've maxed out your annual 401(k) contribution, whole life can be another way to create tax advantaged retirement income. Its not just about the death benefit.

If you want to protect assets and provide for your family in the event of your untimely demise, of course term is generally best for this.

[scottmandue]

Originally Posted by LWJ

Ok. I do this for a living.

1- if you have health issues - group life from your work is the best deal as it isn't underwritten for the initial limits.
2- check online. May be cheapest. That is where I bought.
3-term term term. Unless you have some funky complicated situation but if you did, you wouldn't be asking us.
4 - find a local, smart life broker that has access to many companies.
5- compare rates with 2 and 4.
6- know that final rates are based on your blood test / med check. So that #5 maybe somewhat worthless if you get uprated for a medical thing.

Thanks for the input guys!

FWIW I lived alone until I was 52 so figured I would just croak in front of the TV and my cats would eat me so I tossed out any insurance offers that came in the mail... but now I'm 60 and married and my priorities have shifted a bit.