Life Insurance experts..need help

**The Bad Guy** · 03-07-2010, 09:00 PM

I have a life insurance policy on myself which is valued at I think 50k right now, but escalates every year.

I'd like to get a plan for my wife, but do not want to go through the company I have mine with.

Is there any companies I should be looking at with specific plans in mind? I'm honestly not sure of all the specifics right now, but I'd like to get a plan locked in for her soon.

**Buehler445** · 03-07-2010, 09:09 PM

Try to find a broker that doesn't work for one company. Make him do the price shopping.

**MahiMike** · 03-07-2010, 09:11 PM

Send in an application w/1 company and you'll be bombarded w/offers. Take the best one.

**Buehler445** · 03-07-2010, 09:11 PM

I can give you the guy that did ours if you'd like, but he's in KC. Aren't you in South Carolina or something?

**The Bad Guy** · 03-07-2010, 09:22 PM

I'm actually in Pennsylvania. I'll find an online quote and I'm sure I'll get flooded.

**Buehler445** · 03-07-2010, 09:30 PM

Quote:

Originally Posted by The Bad Guy

I'm actually in Pennsylvania. I'll find an online quote and I'm sure I'll get flooded.

Well, just be careful if they want to run a credit report on you. Every credit inquiry you get damages your credit score. If you do a bunch of them, it could potentially have a negative effect.

**The Bad Guy** · 03-07-2010, 09:32 PM

I won't put in my SS when I do them.

I just have to decide if we want to a whole life or term plan. I think I have a whole life, but I keep reading the negatives.

**Buehler445** · 03-07-2010, 09:37 PM

Quote:

Originally Posted by The Bad Guy

I won't put in my SS when I do them.

I just have to decide if we want to a whole life or term plan. I think I have a whole life, but I keep reading the negatives.

Basically the negatives are inflation.

What I have is a 30 year term plan that I can roll into a whole life plan at any time without a change in premium and no required health exam. That hedges my bet as much as I can at this time. In 30 years, $150K prolly won't be worth much, but hopefully, I won't have any debt to service and my kids will be independent. Currently we have enough coverage to service the mortgage and my student loans and give the survivor enough to get the other buried and have a little left over.

**btlook1** · 03-08-2010, 01:54 AM

I use my local Modern Woodman for the wife and myself. It runs about 10 bucks a week for 100 K on each of us. We are going to renew this year as I turn 40...I don't feel like it's to expensive but now I'm curious to what others are payin for similar?????

Sofa King · 03-08-2010, 08:59 AM

What type of plan you are looking for, your current age, health, and what you can afford would tell me what i need to know...

Are you looking to build equity in the insurance that your could use at a later date if you need? or are you just looking for death benefit?

If it's available in your area, i would look into a Term life insurance with a Return of Premium benefit... when your term ends, you will (depending on the company) be given a guaranteed chance to renew or convert, most times, convert is the smart choice. at that point, with the ROP benefit, you would be given back all the premiums that you has spent over the course of your policy. so you now have a lump sum to either, reinvest in another policy, or use elsewhere..

The benefit of Term insurance is that it's cheap while you're young, and as you get older, other debt you had accrued will be coming off the books, and you should be able to spend more money towards a quality permanent plan..

Don't know if that helps you, but if you have any more questions let me know.

03-07-2010, 09:00 PM	Topic Starter
The Bad Guy Scott Pioli Join Date: Jan 2001 Location: The Copacobana Casino cash: $9283645	Insurance experts..need help I have a life insurance policy on myself which is valued at I think 50k right now, but escalates every year. I'd like to get a plan for my wife, but do not want to go through the company I have mine with. Is there any companies I should be looking at with specific plans in mind? I'm honestly not sure of all the specifics right now, but I'd like to get a plan locked in for her soon.
Posts: 23,216

03-07-2010, 09:09 PM	#2
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1605266	Try to find a broker that doesn't work for one company. Make him do the price shopping.
Posts: 60,024

03-07-2010, 09:11 PM	#3
MahiMike He's Mahomie! Join Date: Aug 2001 Location: Jax, FL Casino cash: $10023443	Send in an application w/1 company and you'll be bombarded w/offers. Take the best one. __________________ 99.9%
Posts: 17,387

03-07-2010, 09:11 PM	#4
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1605266	I can give you the guy that did ours if you'd like, but he's in KC. Aren't you in South Carolina or something?
Posts: 60,024

03-07-2010, 09:22 PM	#5
The Bad Guy Scott Pioli Join Date: Jan 2001 Location: The Copacobana Casino cash: $9283645	I'm actually in Pennsylvania. I'll find an online quote and I'm sure I'll get flooded. __________________
Posts: 23,216

03-07-2010, 09:32 PM	#7
The Bad Guy Scott Pioli Join Date: Jan 2001 Location: The Copacobana Casino cash: $9283645	I won't put in my SS when I do them. I just have to decide if we want to a whole life or term plan. I think I have a whole life, but I keep reading the negatives. __________________
Posts: 23,216

03-08-2010, 01:54 AM	#9
btlook1 umm...what do I say here? Join Date: Mar 2002 Location: S.E. Kansas Casino cash: $9265227	I use my local Modern Woodman for the wife and myself. It runs about 10 bucks a week for 100 K on each of us. We are going to renew this year as I turn 40...I don't feel like it's to expensive but now I'm curious to what others are payin for similar????? __________________ BTW, your draft input is reminiscent of a porn stars cock sucking gone wild video. Sure it's great when they open their mouths but the funk that drips out afterward nobody wants a part of[/quote]
Posts: 1,300

03-08-2010, 08:59 AM	#10
Sofa King Bump it Join Date: Nov 2008 Location: South Dakota Casino cash: $-390000 VARSITY	What type of plan you are looking for, your current age, health, and what you can afford would tell me what i need to know... Are you looking to build equity in the insurance that your could use at a later date if you need? or are you just looking for death benefit? If it's available in your area, i would look into a Term life insurance with a Return of Premium benefit... when your term ends, you will (depending on the company) be given a guaranteed chance to renew or convert, most times, convert is the smart choice. at that point, with the ROP benefit, you would be given back all the premiums that you has spent over the course of your policy. so you now have a lump sum to either, reinvest in another policy, or use elsewhere.. The benefit of Term insurance is that it's cheap while you're young, and as you get older, other debt you had accrued will be coming off the books, and you should be able to spend more money towards a quality permanent plan.. Don't know if that helps you, but if you have any more questions let me know.
Posts: 23,465

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