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Gina Said:

any advice about cheap life insurance people, to pay for funeral when i die?

We Answered:

Look, when you're talking about a very low value policy to pay death/funeral benefits, that's the MOST expensive kind of insurance to buy. The amount of coverage you get, for what it costs, is NOT a good deal for people who are good at math.

Let's assume you're 30 and perfectly healthy and not overweight. You can buy a $10,000 guarangeed issue whole life policy for about $10 a month. Or, you could buy a 20 year term policy, for $100,000 for slightly less than that. In either case, if your ONLY concern is paying for your funeral, you're probably best off just putting $15 a month into a special savings account. Then, 30 years from now, even if you don't die, you'll still have that money.

Florence Said:

Life insurance advice? ?

We Answered:

I would agree with src...buy as much as you can. Many people will tell you that without debt, such as homeownership, a small policy is sufficient. I don't find this to be the case. Many people develop illness in their 20's and 30's that prevent them from being able to purchase life insurance.

Figure out how much you can afford, then buy the most possible. This way it's locked in and if one of you survives cancer or something, you still have a decent sized policy. If you can't afford a whole lot right now, that's ok. You will hopefully be able to buy more later, but get as much as you can.

I'm 25 and married. I have $1.5 million on myself because that's what I can afford. I don't own a home, but between student loans and revolving credit I have only about $20k in debt so I don't really need that much right now. I wanted to make sure that I had enough locked in that I'd feel comfortable with it after buying a home and having a couple of kids.

Edit:

To Chris C, how is the fact that I said buy as much as you can afford me trying to make a buck off of this person? I didn't even mention the fact that I'm an insurance agent. I didn't mention what company(ies) I represent or any means of contacting me. If you go to my profile, you'll see that you wouldn't be able to email me if you wanted to. Look at my answering history...I've never left a link or any method to contact me. If you think anybody is trying to make a buck, talk about all of the people who link their own websites ALL the time.

Normally, I really like your answers, but in this case I found it somewhat insulting. I want nothing on Y!A but to try to help people.

Victoria Said:

my husband and i are over 55 and needing advice about "whole life insurance" who would be the person to ask?

We Answered:

If you still want or need the coverage, you should probably keep the policy. Cost will be much higher after 20 years. If you are wanting to use the cash value and don't want the coverage any longer, then cash it in. Keep in mind that any money above what you have paid in the policy is taxable.
You would probably be better off by seeing a fee-based financial consultant. Too many commission-based agents would be tempted to talk you into cashing in the policy and buying a new one. I can assure you that if I looked at your policy, I could prove to you that you need to drop that policy and buy a new one. I don't do that, but believe me that it can be done by any intelligent, unscrupulous salesperson.

Marcus Said:

Advice for buying life insurance and critical illness insurance?

We Answered:

Ok,
Looking at the grim prospect of you being the last one alive in your family, if you have no children or husband now, you dont need much insurance. Probably just basic burrial expenses & to cover any majors, like the house you mentioned, but you said that is already covered. Lots of people say you wouldnt need any. I say you need a little.

1st & foremost, DO NOT GET LIFE INSURANCE AS A RETIREMENT PLANING DEVICE. Life insurance is to cover your lost income to your family & dependents & to provide assets to them at the time of your death. It is NOT & should NOT ever be considered as a method of retirement funding. Open a savings, brokerage, CD, IRA, 401k, Roth, annuity, money market, mutual fund, or something else to use for that purpose.

When you say you have "house insurance" I assume that you mean mortgage protection insurance. If that is the case, what you really have is term insurance that you are paying too much for b/c you did not take a para med exam. Mortgage protection is actually term life that removes the requirement of the exam by charging extra to those who get it in order to allow more lienient underwriting. Unless what you really have is credit life protection insurance. That is insurance that the mortgage company has you take out (not required to) that makes them the beneficiary & they pay off the mortgage with the money. Double check which one it is.

If critical illness insurance is something you are interested in, then find a different company that goes beyond age 45. Many companies go to age 60 or 65.

Jamie Said:

Please let me know the process of hiring at New York Life? Advice on a career in Insurance Sales?

We Answered:

A Friend of mine and former co-worker just left for NY Life. He's been there about a month and likes it. They have a good reputation within major broker/dealers which makes it easier to sell life insurance within those firms. He got a pretty good offer to go there, but most of it was only for the first year. Meaning, they offered him over 120K guaranteed for his first year, but could only guarantee 100K for the next 3. Other than that, he's happy.