I already have two policies that are already paid for. But I am looking for an additional insurance policy. The agent called me and said portable insurance from my company is not that great because the premium goes up every few years but the Universal term life the premium remains the same. I can only assume this does not have a cash value. Help, Help, Help he is coming over tomorrow.
2007-05-30 09:18:12 · 5 answers · asked by Sixthofseven 1 in Business & Finance ➔ Insurance
ok, ask him this question What happens to the money that I have in cash surrender value if I die? I assume you have relatives spouse, children etc. do you know that THE MONEY THAT YOU THINK YOU HAVE (CASH VALUE) WILL BE KEPT BY THE INSURANCE COMPANY? That is a fact. now then the premium on a universal stays the same but as you get older, the cost of insurance goes up. if you pay a certain premuim, the policy costs more every year, but you are paying the same premium. so what is happening is this, the cash value is used to help pay the shortfall of the premium.and soon, the policy has no cash init, and it then runs out or lapses. and then you are older, and have no insurance. So, if you need insurance buy term, and take the premium money that crook wants you to spend and invest that money (even if it is in a CD) at least the money is YOURS. THIS IS THE TRUTH. Dont believe those who say term is worse. it is still way better because you're not buying over-paid insurance. The universal companies and whole life are about 75% over charging you. they buy a term policy on you, but for way more and steal your time use of money
2007-05-30 15:12:57 · answer #1 · answered by Nebraska debtbuster 1 · 0⤊ 0⤋
At age 65, you recognize that term insurance is costly. The premium for universal is higher, but will remain the same if you find one with a guaranteed level premium.
You need to ask for a proposal, and see how long the coverage is guaranteed to remain in force at the premium deposit you are shown.
If you want to see how fast time flies, apply for a 10 year term policy. When you see what happens to the premium after the 10 year oremium, take a seat in a comfortable chair.
2007-05-30 10:32:25 · answer #2 · answered by luckyzimmy 2 · 0⤊ 0⤋
If the universal term (an oxymoron, btw, unless "universal" is a proper name) premium remains the same for the rest of your life, then the payout amount varies.
Pure term is the cheapest insurance, BY FAR. But at your age, ALL of it is going to be expensive.
What's the GOAL of the insurance?? If it's to avoid paying estate taxes, whole life might be the best. If it's to pay out to someone else, well, what are the odds you're going to live past 85?? And will they still need a payout in 20 years?
See, there's lots more questions to answer before you can select a product. But you can begin with picking the GOALS, and determining how long you need those goals in place.
2007-05-30 09:26:47 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Term life at your age is the best if you could get a good monthly rate. Universal life is not good for someone your age because you will not live long enough to generate enough income. Universal does have a cash value but it is extremely less than Term because part of your premium goes towards investments.
2007-05-30 09:28:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
term
me: 73
2007-05-30 09:28:03 · answer #5 · answered by yahweh550 4 · 0⤊ 0⤋