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24HourForums.com > Supported Forums > 24's Money Business > Insurance 101

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JustifiedByFaith
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 Posted: 05:56 am

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DesertRat wrote: JustifiedByFaith wrote: DesertRat wrote: JustifiedByFaith wrote: Back when A.L. Williams started I sold term insurance. I still own a term insurance policy. My friend who is an agent for New York life keeps trying to upsell me too one of the new Universal Life or other savings/insurance combo products and I still say no. If I want a savings plan I will invest elsewhere. When I die, I want my family to have a lump sum of money and not some confusing pay back / low coverage/ or borrow back policy.

Understandable, but what if you outlive the term policy? Purchasing another policy after the current term expires is more expensive, assuming your medical status has not changed and you can still qualify for life insurance or the amount you need.

Aso, on death there is no confusion regarding the payout of a death benefit. Your beneficiary(s) get the full death benefit paid out tax free in a lump sum.


True, once a term expires the monthy premium is higher for the next term policy. But I would rather pay a higher premium to offer my loved ones considerable more money upon my death than a small premium and coverage that would barely cover my death and a few of my smaller bills...

See my point DesertRat?

I see your point and term insurance definitely offers a lower monthly premium for a higher death benefit but there does come a point where a term policy is no longer affordable, but the worse case scenario is your term expires and you no longer medically qualify for another term policy to replace it.
 

True, I purchased a 20 year term with a fairly large death benefit from a reputable company. I hope I will have the majority of my larger obligations paid for by the time it expires age 60-65.

Thank You for your input and professionalism.




"We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light." - Plato

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mh0825
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 Posted: 07:15 am

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I have an answer to the boat question a few posts back, someone asked this on my claims site the other day and we had an answer. Now I have to go find it.

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