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Troy Said:

Picking out life insurance for myself and family -- help?

We Answered:

Nope. The insurance company that's best for your mom, is probably not going to be the one best for you.

Website links you'll get, pretty much all harvest your personal information to sell it as leads to hundreds of agents.

The reason why you'll get referred to a broker, is because there's no one company that's cheapest for EVERYONE.

So, since you want to research online, do some thinking - heavy thinking - about what the GOAL is, for each of the policies. And read yahoo personal finance about life insurance, and the Dave Ramsey "truth about life insurance" page. If you have a concrete goal set (like paying for sis's funeral), BEFORE you talk to the broker, then you won't be easily sold on something you don't need.

Christian Said:

i have a cavalier king charles spaniel puppy, does anyone know any good insurance companys?

We Answered:

I would suggest you google pet insurance (asking for UK sites only) and then get a quote from all of them that offer the type of insurance you are after. When you have the quotes you should read all of the small print and then google the name of any likely companies along with the word payout to make sure there is not a history of them being bad at paying out (do the same with the name of the underwriter). I did this when I was getting insurance for my dog, but as he is an adult crossbreed my research would not help you. This way is not fun, but you need to bear in mind that with the breed you are getting you WILL need the insurance sooner or later so you must make sure you get a good company.

Francisco Said:

Genworth Life Insurance Company or Wester Reserve Life? For term life insurance ? Thank you!?

We Answered:

They are both good companies. It seems like a matter of personal preference at this point. The other questions are good questions for your agent. Congratulations on making this decision.

Just to clarify. Genworth is not owned by GE. GE has not owned any of its shares since 2006. http://www.nytimes.com/2006/02/28/busine…

Western Reserve is owned by Aegon. http://www.aegonins.com/membercompanies.…

Neil Said:

Dilemma: Whole Life or Term Life Insurance?

We Answered:

I can hear your frustration. You need to sit down with an adviser.

You say that you want burial costs covered. Being 48 years-old with minor health problems could mean that she will live a long time - it could be as much as 30 years.

Whole Life is known as a rip-off is a very general statement to make. You need to find out why so many people purchase this product if it is a rip-off. Could it be because the Term Life rates go up so much as a person gets older? What if you do buy the Term and then mom's health gets worse - will she be able to qualify for insurance at that point?

There are many life insurance companies and they all have slightly different products. You need to ask around and find someone that you can trust who has quite a few different markets to compare. Then sit down and talk about where you want things to be. Maybe you should be looking at some long term care for mom - will her health deteriorate quickly? How will you pay for her care?

Take your time. Do your research. Find what you need for your situation. You should feel good about the decision that you make.

Good luck!

Brandon Said:

what is the difference between term/whole life insurance vs accidental death insurance?

We Answered:

Correct. Term/whole life insurance covers you if you die, no matter what the cause. Accident only covers you if you die by accident - not murder, not old age, not cancer, not heart attack, not stroke. Not covered.

Universal life is tricky. Unless the interest is added to the face value for payout, it's not taxable when you claim it. And when you surrender the policy, it's only taxable if there's a GAIN - ie, you get back more than you pay out. Which is pretty rare.

Bottom line - insurance is good if you die. Investments are good if you live. And insurance isn't a good investment. It's a good PLANNING tool, but not a good wealth building tool.

Don't buy accidental death. Don't buy whole or universal. Buy term, invest the difference, and you'll be MUCH better off in the long run.

RUN THE NUMBERS. Do the math. The numbers speak for themselves.

Chester Said:

Question about life insurance?

We Answered:

There's a lot of different topics working here. With regards to those from whom you take financial advice, remember two things: Anyone who makes a blanket statement that whole or permanent life insurance is automatically a bad idea hasn't a clue about life insurance; and most agents selling auto insurance don't either. Anyone who refers to cash value as a savings or investment plan or component (although there are appropriate applications for this) doesn't understand the purpose of cash value.

Life insurance should not be treated as an insurance product. It is an intricate financial tool to be employed as part of a complete financial plan. The "buy term and invest the difference" philosophy is often hard to argue with, except that it is based on several assumptions that simply don't ring true for most people. There are also scenarios where permanent life insurance is the ONLY responsible option.

As far as the military and flight school, this isn't a big issue either. War zone exclusions and policy rating based on aviation are very common, but will likely have litte effect on your insurability. While I'm not necessarily advocating lying to your carrier, a policy more than two years old must pay a death benefit regardless of the circumstances surrounding one's death unless it is due to an activity specifically stated as an exclusion in the policy (contestibility rule).

I am an 11-year financial planner, head of the nation's largest nonprofit financial advisory network, and a former military aviator; so I have a pretty good starting point in comprehending your situation. You should find the link below helpful in finding your answers.