does any body know of a really affordable life insurance policy for a single parent with children?

Question

I have a friend who recently had a love one pass and the person made no provisions for their final expenses, therefore leaving a mess behind with family members struggling to fit the final expenses. This scared me to death. I'm working not making a whole lot of money but certainly enough to take out a small policy just for now and maybe convert to a larger policy in the future. Any suggestion on what insurance company to go with? not looking for 100.000's policy at this point in life just enough to cover final expense should something unexpected happen.

Answer 1

I sell Life Insurance. Some of these responses are saying to buy Term. I can sell Whole Life policies at the price of Term, so why buy Term? Once your Term policy is over, your insurance is gone, then you'll have to requalify to get more coverage, and your premium will go up BIG TIME! If you're interested, I can show you a Life Insurance policy that is also an investment! It will make you money and the earnings are tax free, because the Tax Revenue Code 7702 states that any investment in a life insurance policy cannot be taxed! Might as well be protected AND have it make money for you! If you're interested in knowing more, please feel free to e-mail me, and I can give you more information. My company has offices all across the country, so depending on where you live, I can have someone contact you.

Answer 2

You are operating under the mistaken assumption that if people buy a product it serves a purpose. Insurance companies argue that if your kid dies you may be too traumatized to work for a while. Some insurance policies for kids are structured so the kid can renew it at a set price regardless of health. If your child develops health problems down the road, he may be able to get reasonably priced insurance simply by renewing the policy you had in his name. The REAL reason people buy insurance policies on kids is because insurance companies are very good at selling stuff. They keep talking about insurance as "protecting the ones you love" and some people see insuring a kid as protecting them. Economically it rarely makes sense. The death of a child is usually (to put it bluntly) an economic windfall because kids are expensive. The amount of unnecessary premiums you spend on a young person with no dependents for decades before they need it usually amount to way more then what you save. Your child might be healthy as a horse (and able to get insurance easily)., might never have dependents (and never need insurance) or might live to be 102. Most people don't save enough for retirement or their kids education, so most people would be better off putting a few extra dollars into their 401k or their kid's 529 plan then buy insurancefor their kid.

Answer 3

The options are if you own a car, check with your insurance agent and see if your insurance company also sells term life insurance you may be able to get a deal. If you belong to a credit union, they may refer you to a insurance company. If you have a credit card, sometimes offers come with your statements.

Basically, your solution in the short term is term life insurance which can be paid on a monthly, quarterly or annual basis. The face of the policy could be as low as $10,000 or it maybe $50,000 which should take care of things for a while. And check to see what $100,000's premium is too.

Start with what is available to you locally which may be beneficial to you since you can start of relationship with the agent other than just car insurance. If you have a health insurance policy sometimes you have a $10,000 or $15,000 policy nested within the policy. Check it all out.

Good luck

Answer 4

Hi, your friendly insurance guy here again.

I am sorry to hear about what happened to your friend.

Two ideas come to mind.

First, SBLI has pretty good rates for term life insurance. If cost effective insurance is the goal, going with a solid company and a 20-year term policy is probably just the thing.

Second, to help your kids with college, MassMutual has a community outrach program called LifeBridge. If you qualify it gives you $50,000 of 10-year term life insurance for free. If you die within that 10-year period the $50,000 goes into an educational trust for your kids.

That won't help with your final expenses, but it will give some extra dollars to help with education costs, and it's free.

Write to me if you have questions about it.

Answer 5

I'm very sorry to hear about the loss of your friend.

It's times like these that do make us think about our own mortality. And, you are right to consider it and to be prepared for yourself, and the sake of your family.

If you want an affordable option to provide coverage for your final expenses, then Globe Life Insurance offers a way for you to get quality protection at affordable rates.

Globe Life offers you up to $30,000 of coverage. You answer a few questions online and they give you an instant quote. You can apply online and get approved in minutes. There's no medical exam. And, if you don't like your policy, you have a 30 day "free look" period - it's like a money-back guarantee.

Globe Life is rated "A+" Superior by A.M. Best for financial strength. Globe Life has more than 2.5 million satisfied policyholders.

Go to http://www.term-life-online.com/globe-life-insurance.html to learn more and request a free quote.

I hope that helps you find affordable life insurance protection that meets your needs and your budget. Best of luck to you.

Answer 6

Get a term life insurance policy. It will cost less than any final expense policy and will provide much more death benefit. If you are single and have kids, your greater concern needs to be kids rather than a funeral expense.

Answer 7

Try "Globe Life". We use them. It is affordable and we have policies to cover our burial expense and enough to get by a few weeks or months to get back on our feet.