Life Insurance

[AZ Typed]

I have to agree with Chad_K. That money is better served for emgergency money, debt paydown, 401(k), IRA, college - THEN the kids.

Guys - it aint the golden age anymore - we have to play the financial part of this game correctly!

AZT

 

[AZ Typed]

www.life-line.org

NON-PROFIT site for life insurance education

AZT

 

[xpdriver]

28 year old / male / single/ non-smoker / good health / pilot seeks advice on life insurance. I just got off the phone with Prudential agent in Phoenix and I felt the agent was incopentent and was just trying to make a quick insurance sale. Any advice on picking a policy, what I should be aware of before I signing up, ext.... Thank You.

piclife.com

i got 1 million 20 year term for 180 a quarter. That about the best i could find. I am not a 121 pilot( frac) they still consider us charter pilots.

 

[h25b]

AOPA uses MN Life Insurance. It may be worth calling AOPA.

What's the problem with whole life ???

 

[NHflyer]

Wrong.

The reason you buy life insurance on a child is to guarantee insurability if that child were ever to get ill.

The above makes no sense at all. If the child gets ill why in the world would they need the insurance? Take the money and invest it, you'll be far far ahead.

 

[400A]

Unless someone else depends on you for financial support, as a single guy, you really don't need life insurance. In other words, who (besides you) loses out financially in the event of your demise?

It's the same reason financial advisors recommend against life insurance for children (unless they are wealthy or famous as children). There is simply no loss of income.

UMMMMM... Funeral expenses, Final medical bills????????????

 

[Chad_K]

400A, you could be wasting money, too.

If I’m single and die without life insurance, the hospital where I spent my last days can bill me all they want, I’m not paying (and neither are any of my relatives unless they were dumb enough to co-sign a line of credit or loan). If the estate I leave behind is so miniscule that they can’t get the funds together to throw a funeral, maybe relatives and friends will do so. If not, I’m sure they’ll do something with me.


Check this out:


http://moneycentral.msn.com/quickref/quickref.asp?Cat=10&SelCat=2&RefType=0&QAMode=2&Topic=6&Sub=0


As a single person, do I really need life insurance to pay funeral expenses and take care of my debts?
If you’re single, you may find that life insurance solves a number of issues. However, the sales pitch that you need insurance to pay for your funeral costs and retire your debts if you die prematurely is not among them. Your parents, siblings, or friends will probably pitch in to pay for your funeral if necessary. And unless you co-signed a loan with parents, partners, or friends, no one else is responsible for your debts. Your assets will be sold to pay your creditors. If your debts outweigh your assets, your creditors will take the loss.

 

[Swass]

Look here .........

If a child gets some sort of cancer (God forbid) or other long term illness and lives through the ordeal with circumstances that would not allow him/her to otherwise obtain insurance in their later years they have the original policy purchased when they were healthy (whatever amount it was) that they can fall back on. Once you buy life insurance you own it. If the original policy was term most (not all) life insurance (term) policies can be converted to whole life or universal life (check your policy)without a new set of underwriting and thusly they would stay with the insured as long as the premiums were paid. This is what is known as gauranteed insurability. That is why people buy life for children.

 

[TOGA]

If you have equity in a home, buy an Equity Indexed Universal Life. Life insurance, tax shelter & retirement fund all in one. PM me if you'd like more info . . . I'm not going to hound you, I promise.

 

[Swass]

If you're not in the business (insurance) then you know very little about what it can do for you.

I am in the business, although life is not my specialty (except group life), and you would be surprised about what laymen (writers for financial rags which don't specialize in insurance products) will bring to the table. Once again, Grg Sabala is the person to contact as he knows more about individual life than anyone i can think of, even the ones who wrote the links you provided.