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Greg Said:

Any reason a 77 year old woman should buy life insurance?

We Answered:

The short answer is no -- you are correct about the purpose for life insurance.

I won't give you the long answer because it is most likely irrelevant, but there are a handful of situations -- mostly in estate planning -- when life insurance may make sense.

Mabel Said:

Where can I buy life insurance for my dog?

We Answered:

I would hope you take such good care of your dog that it will live a full and long life. You should look into pet insurance for your dog, we have Trupanion pet insurance and it greatly reduces the amount that you would have to pay for veterinary bills if your dog had some unexpected accident or illness.

As far as life insurance for dogs... I find that request a little unusual. We have life insurance for people based on how much money they make or are worth so that their family will be able to afford food/shelter in case there is a death. Does your dog financially support you?

Rodney Said:

How can I protect my home, lifestyle and children's future if my husband would not buy a life insurance?

We Answered:

Well, you need to present the facts. I would draw a picture of a simple house.

On level 1: Write "Debt Elimination" You have various debt to pay off totaling "X" amount of dollars. A better way to pay it off is debt consolidation if you have lots of debt (mortgage, credit balance of at least $5000, and loans). You want to avoid places that charge a fee to do a loan worksheet for you and then find out that the loan is bad. Debt consolidation works for some families. I did mine through Primerica Financial Services, where the lender is Citicorp Trust Bank and they took 11 years off my debt and saved me over $150,000 in total interest.

Level 2: "Emergency Fund" In case you become disabled or can't work for awhile, you should setup a money market account that can last you for at least 6 months.

Level 3: "College" Kids need to go to college. So, I would setup a 529 plan. Check with your state's 529 plan and then compare it with other states.

The attic: "Retirement" Hey, do you want to work forever or live free? Setup a Roth IRA account if you qualify.

Then carefully look at your house. Is it missing something? You need a foundation! WIthout a foundation, your house will collapse. Your foundation is life insurance.

You see, you and your husband are working right? If one of you die, there will be a substantial loss of income. Your house is crumbling! First thing you will access is your emergency fund. Then your kid's college funds. And then your retirement. Sooner or later you or your husband is going to be broke and need to make dramatic changes in your lives.

With life insurance, it can take that weight off your back

If he still don't want life insurance, I suggest getting a Will as soon as possible..

Ted Said:

What is the best web site off of which to buy life insurance?

We Answered:

Most agents do not charge clients anything, so I don't see what you are 'paying' for.

Purchasing insurance online is a poor decision unless you are an expert in knowing which companies are good, and what to look for in those companies. You will not get advice that is tailored to your situation. A website will give you information about an exception to the rules that you might fall into.

Regarding the prices online, almost every single quote online is based on there Preferred ratings, which for the most part and based on sub-human health standards (IE: people that have barely had a cold or flu in their lives). Every insurance company has different underwriting standards...some are stricter than others. You may think you are healthy, but in the eyes of an insurance company you may not be. A broker can access this so you aren't wasting your time on applications getting declined or rated.

IE: If you are a smoker, a website will strictly tell you which companies have hte cheapest rates. The website won't say anything about a company that has a stop smoking incentive where they will refund a portion of your premiums if you stop smoking. In this case it is better to pay an extra 50 cents to get the opportunity to get it back in the end and the non-smoker premiums are cheaper then the other companies non-smoker premiums. Same case goes for build restrictions (if you do not fit into the companies hieght/weight charts). A broker can access these types of situations you may qualify for.

Stephanie Said:

I have heard that there are companies that BUY life insurance policies no longer wanted for cash?

We Answered:

It's called a life settlement.

If the insured no longer needs the insurance, a settlement may be possible if the insured is older(typically 65 and up), has health problems that shorten life expectancy, and has a policy that is term with conversion available still, or a permanent insurance policy.

Settlement companies look at your current health, life expectancy and cost to carry the policy until your expected death. Based on the numbers, they will determine if your policy has any value, and if so will make an offer to you to buy the policy.

Ronald Said:

Whats a good place to buy life insurance?

We Answered:

Never use a website. Call some local agents on the phone and get some quotes. Or, make some appointments to see them in person and take all the quotes home with you to compare them.

Quotes are free. And, you can get some good advice about insurance when you are there.