i work, my husband is disable.I have 2 term life insurance, 1 whole life, and home insurance to pay off my mortgage in case I died. i also paid extra to get disability in addition to my work's disablility insurance. Total payment is about $450 a month. is this too much insurance to pay. i wanted my children and husband to be cared for when i pass. also, my husband has a 403 b from his previous work that i am not sure if i should roll it over to IRA so that it could earn more money. but if i just left if alone, i could get money out of it if i needed it without paying a penalty. Where the money sits now, it is not earning any interest at all or very little every month. can you give me advice?
2006-08-20 04:04:37 · 8 answers · asked by ttstaats 1 in Business & Finance ➔ Personal Finance
First, it's good you are considering the future financial security of your family. Well done!
However, I think you are paying too much.
Check out Suze Orman at the Yahoo Finance Center. She has several great articles on all types of insurance. Read them all. I highly recommend it.
I think you will find that her suggestions would be to rollover the 403b so you can start getting interest on that account.
Also, she recommends Term life insurance as the way to go for your family's protection. Then, take the rest you were paying and invest it in safe, secure financial instruments that meet you and your family's financial goals.
Suze also has an article on disability insurance that you'll find helpful. She is a respected financial expert and has her own show and author of several books on personal finance.
I think that's a good place to start. Do your homework, set our your financial goals and research your options. Then sit down with a financial planner so you are aware of your options before you're swayed solely based on the knowledge of your financial planner.
I hope that helps! Take care and best of luck planning for your family's financial future. It sounds like you take this very seriously!
2006-08-20 05:16:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
1
2016-10-07 20:50:56 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I agree with the previous answer - get a financial advisor. Most will tell you to get term life, not whole, and get rid of the home insurance that pays off the mortgage. It is better to get term life that can be applied to anything your husband or children might need rather than having it tied to the mortgage.
You should have disability insurance in your situation, and your life insurance needs to be 7-10 times your take home pay.
Check with a financial advisor on the 403b question - I am not sure of the tax ramifications of taking money out without rolling over to an IRA.
2006-08-20 04:21:06 · answer #3 · answered by fj2002 2 · 0⤊ 0⤋
Unless you have serious medical issues, $450 is way too much to be paying. And why do you have three different life insurance policies and mortgage insurance? All you need is one good life insurance policy - and go with term, not whole.
Talk to a financial advisor about your specific situation, but you could definately be saving alot of money. Rule of thumb with how much life insurance to have - 7 times your salary plus $100,000 per child. But you only need one policy.
2006-08-20 04:10:52 · answer #4 · answered by Naomi 3 · 0⤊ 0⤋
Lose the WHOLE LIFE policy ASAP.....Rip offs....waste of money....never receive as much as you pay in.....I would reconsider the home insurance as well.
If you can't meet expenses as is, and are tapping into the 403b, then you should dump the home insurance as well. If you are not tapping into the 403B, you should move it to something that earns interest....
2006-08-20 17:43:29 · answer #5 · answered by Paula M 5 · 0⤊ 0⤋
in case you have an entire existence coverage that pays activity it is the only way i can think of of to take any money amassed value from it. you will possibly desire to are starting to be a separate incapacity coverage yet we dont continuously think of forward. call your insurance agent and ask.
2016-10-02 07:56:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
hi,
insurance is not the matter of money. purely it depends upon the needs. i am from a well known insurance company from india. for free consultation you can mail me to sandyonet@gmail.com.
2006-08-21 02:47:43 · answer #7 · answered by santhosh 1 · 0⤊ 0⤋
not much advice for you sorry, but i will put you and yours in my prayers and thoughts.for every door that closes a window opens, be strong and may you have have guidance through the angels
2006-08-20 04:23:27 · answer #8 · answered by ? 7 · 0⤊ 0⤋