Please help me? i need your advise?

Question

ok im going to buy life insurance and its my first time. is there anything important i need to look for.or any good advise. i have 3 kids

Answer 1

The first thing the insurance agent will want to know is if you smoke. If you say no....then he will wanna know if you are good looking.....if you are then he may want to set up the next appointment when your husband is out of town. Then when you wake that next morning he will have you sign the paperwork. And BAM...you have life insurance.

Answer 2

Insurance really is very complicated and it is tough to give advice to you without knowing more about your INDIVIDUAL circumstances - age, health, savings, debts, income etc. I'm sure you don't want to post that info here. Talk to several agents until you find one that you trust. Be wary of any agents that has the solution to your problem without asking about the above information.

The AMOUNT of insurance that you buy is just as important as the type of insurance that you buy. With 3 kids, my guess is you need a lot (like $500,000 or more). Term insurance works when you can also save enough to cover all of your expenses later in life including your funeral. 97% of term policies do not pay a death benefit. When the term expires, the insured is still alive.

You also don't say if there is a husband in the picture. Naming a beneficiary is also important. If there is no husband/father in the picture, you will need to talk to a lawyer about setting up a trust and naming guardians.

Start eating healthy food NOW. No fried or fast food. More vegetables. This could help you get a lower premium on the insurance.

You should also discuss disability insurance with the agent. This provides you with income in case you can't work due to accident or illness.

Yote is clueless.

Good Luck.

Answer 3

Hello --

InsuranceguyTx and I tend to think the same way.

Term, Whole Life, UL, VUL are all good and are made for specific needs. Your needs will obviously depend on your personal situation.

I work with insurance and investments, and it amazes me that some people are very onesided about the types of insurance.... you can see this all the time on yahoo answers when people ask about life insurance.



One point that insuranceguyTx says I will argue. He says 97% of term insurance lead to claims. I actually thought it was 98%.

As far as the amount of insurance, this is also a very customized number. Do you work? do you have debts? what are the costs of final expenses? Would you like to fully fund your children's college education? There are many factors to consider.

You need to seek a professional financial advisor that can give you unbiased information. Always be wary of those that say ONLY get term or ONLY get whole life. The reality is that most young middle income families need a combination of permanent and term.

Ask you friends and family who their agent/advisor is. Interview them. Make sure the person you work with is someone you can trust and can be with you in the long run.

Answer 4

The key thing to watch out for with term insurance is that THE INSURANCE COMPANY gets to decide if you can get a new policy when the present one expires UNLESS you get a term plan with guaranteed conversion rights. Such rights put YOU in control and therefore cost more because the insurer fears they could be forced to keep insuring a person whose life expectancy is limited (as might be the case if you had a serious disease at the time).

If you buy a 30-year term policy, you are likely to be covered well past the time when your kids are on their own. If you die then, they will be sad but not financially dependent. The exception would be that one of your kids MIGHT be dependent on you at that time if they are sick or injured. In that case, you might wish that you had paid the higher cost of convertible term. But, life is full of uncertainties and no one can afford to cover them all.

If you go with 30-year term, I suggest you consider getting a number of policies of modest size such as $100,000 each. By doing this, you can just cancel one of the policies each time your obligations drop by that much. This can save you money. Or, you can keep them all and provide an inheritance for your kids if you die early.

The reason term life is so inexpensive is that you will probably outlive a 30-year term policy. If that happens, the insurance company gets to keep all your premium payments and they have not had to provide a death benefit. It might appear that the insurance company has won. But, the truth is that YOU HAVE WON. The insurance company has provided protection for your kids for all those years and you get to enjoy your family. Getting to play with your grandchildren is better than providing an inheritance.

Best wishes.

Answer 5

Go in with information like the amount of debt you have, the amount you want to leave for the care of your children and any amount you want to leave your children. Also, have a predetermined amount that you want to spend per month.

Make sure you get an explanation of the difference in Term, Universal and Whole life. Yote is wrong - Universal or Whole may be a good choice for you.

Look at the financial strength of the insurance company.

Answer 6

talk with a life insurance agent... If your main goal is to make sure your kids are ok in case something happens to you, and maybe have money saved up in the future to help finance college, you may want to look at whole life (depending on your current age). The most important this is to speak with a life insurance agent in your area.

Answer 7

Life Insurance is important, but I would encourage you to look into the "living benefits" first..The chances of you passing on unless a traumatic experience, are slim due to medical tech. today. Look into income insurance, critical illness, etc...these are policies that you can use while you are alive because as we say, survival is very expensive.

Answer 8

Try contacting Primerica Financial Services. Their services are free and they will give you a complimentary Financial Needs Analysis, this will show you how much insurance and type that you need to cover your specific needs.

You need to get Term insurance..."Buy Term and Invest the Difference". Research it go to your local library. Don't let an agent sell you insurance that makes their wallet fatter....get what is right for your family.

Answer 9

Get TERM insurance. Stay away from whole life, universal life, or anything that has a gimmick savings plan attached.

Answer 10

You can ask them as they give some good plans for whole life, term, health, auto, cancer, diability etc. Also they have good plans for kids, U can get some good free quotes from them,
"http://www.dpbolvw.net/email-1961891-10425133"