do you have life insurance/ and if so what kind do you have?

Answer 1

20 year Term insurance with $150,000 coverage. I currently pay $284/year for it. After 20 years, it renews every 5 years until age 74. At age 74, it renews every year until age 98. Premiums will go up each time I renew.
Comes with Disability Waiver of Premium benefit in case I become disabled for 6 full months. After 6 full months and I'm still disabled, I don't have to pay my premiums anymore and I would still be covered!
Also comes with Terminal illness accelerated benefit. That means if a physicial determine that I am expected to die in next 12 months, I can use up oto 40% of the face value of my life policy.
When term expires in 20 years and I choose to renew it, I don't have to provide proof of insurability!
I can also add a spouse to the policy to get the lower rate. I'm not married right now.

I also check what would it cost if I bought a Whole Life Policy with $150,000 coverage. It turned out it would cost me $974/year all the way until age 98!! I compare the cost with the term (including all the renew years), term insurance is more cost effective in the long run. I don't care what anyone says about term insurance, I've done the math.

Answer 2

Depends on the situation:

First, do you even need life insurance? Do you have dependents? If they lost your income, would it affect them. Up to recently, I was single with no dependents. I have enough in savings to take care of final expenses. I did not need life insurance.

Most people need enough life insurance to replace their income so that their spouse or loveones aren't left out in the cold. Say you make 50,000k each year. I would get 500K life insurance. That way your spouse or loveones can invest the money in mutual funds with a 10+ year history of 10% gains. Voila, your income was just replaced.

Now, the type:

20 year level term should fit: Those rates should be very low.
Stay away from whole life, variable life and all the other crap life insurance. It will cost you out the rear. Also, insurance is for replacing your income. It is not a good investment technique. Insurance agents will push everything but level term because their commissions for everything but level term is greater.

Answer 3

If you're looking for life insurance and are not sure what to buy you should really consider what you are looking for life insurance to do. Are you using for estate planning, to protect your business or simply protect your family.

Term insurance is, by definition, temporary insurance. Each year, a premium is paid to cover the risk of death during that year. Term insurance has no cash value. The only way to collect anything is to die during the term. If death occurs, the beneficiary generally collects the face amount (death benefit) of the policy, free of income tax.

Whole Life Insurance is a form of permanent insurance, and is designed to remain in effect throughout one's lifetime. It is well suited to needs that do not diminish over time, such as paying estate settlement costs and taxes. Generally, the premiums for this type of policy remain the same throughout the life of the insured. During the early years of the policy, premiums are much higher than those of term insurance policies. As a result, and by design, these policies develop cash values which can be accessed by the owner of the policy through surrenders or policy loans.

Universal Life Insurance differs from Whole Life in that these policies distinguish and itemize the protection element, the expense element, and the cash value element. By separating the three elements, the insurance company can build more flexibility into the policy. This flexibility allows (within certain guidelines) the policy owner to modify the face amount or the premium in response to changing needs and circumstances.

If you're not sure what's best for you, consider talking to your agent. He or she would be able to determine what's right for your situation.

Answer 4

Your situation and your finances play an important role in this question. The types of insurance I would recommend would be term life insurance, disability insurance, and health insurance. The term life insurance policy should only be bought if you have members of your family that are dependent on your income. If you are single, there is no need for life insurance now because you are the only one dependent upon your income.

Answer 5

Yes. Supplemental and accidental death and dismemberment.