04-28-2010, 05:13 PM | #1 |
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Advice on life Insurance
Hate to burst the bubble, but my mom has asked me to shop around and purchase life insurance for she and my father. It's reality and my parents are getting older. I don't know the first thing about life insurance. She told me to get a term life insurance for 20 years. I'm asking for everyone's input and advice on the matter. Thanks in advance.
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04-28-2010, 06:26 PM | #2 |
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I'm a life insurance agent with an A++ rated company.
Your best bet is going to be talking directly with an agent to give details of the situation and tell what you're trying to accomplish. They can take that and provide you a couple options to best fit your need. Without getting into it too deepy, Life insurance is split into two types, permanent and temporary. It's like buying or renting (similar to a house). "Term" is temporary, and means you purchase it for a select number of years before it runs out. Like a lease when you rent, once it's done, it's done. If you still need it after, you will have to reapply and pay a much higher rate (assuming you are still healthy and eligible). The bonus to temporary coverage is that it's cheap. Permanent is usually 3-4x as expensive, but it lasts your entire life and usually stays the same price. The younger you buy, the better. I'd love to help you on other questions. I'd even help you write it if I were licensed in your state.
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04-28-2010, 06:35 PM | #3 | |
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04-28-2010, 07:35 PM | #4 |
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State Farm and New York Life are strong companies who're easy to work with.
AMBest rates many Life insurers, here's a link to their page: http://www3.ambest.com/ratings/default.asp
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04-28-2010, 07:52 PM | #5 | |
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04-28-2010, 08:21 PM | #6 |
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I sell group Life and Disability insurance, but only work with Term Life. I agree with everything Spec 1 said. Term is going to be way cheaper, and probably a better option depending on their age. A new permanent policy could cost some serious money for someone in their later years.
Keep in mind that their age and any health issues will play heavily into the price for their coverage. Find a good agent that you can trust, and they should be able to figure out some good options for you. Northwestern Mutual could be another good option. Also, MetLife. |
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04-28-2010, 08:44 PM | #7 | |
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04-28-2010, 11:16 PM | #8 | ||
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OP, how old are your parents? May term life policy's stop when you hit 65 or 67 years old.
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04-29-2010, 10:42 AM | #10 |
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I would probably not get the term unless you are actually just strapped for cash or they have X amount of debt but will be able to pay it off within the term period.
I have just enough life insurance at this point to pay off all of my debt so it does not fall onto my family. Then again I am only 26 and life insurance is CHEAP for me since I work for a large life insurance company Are your parents wanting it to cover costs or to leave some money behind for something else? There are many different kinds you can get. i.e. a policy on both of your parents that will pay only after both of them die, or only pay after the first one dies and stops when the second one dies (to cover income usually), etc. You can get a policy to fit just about any scenario you can think of.
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04-29-2010, 10:47 AM | #11 | |
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You may want to also look at customer satisfaction ratings somewhere (I am not sure where though, sorry)
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04-29-2010, 12:38 PM | #12 | |
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04-29-2010, 01:14 PM | #13 |
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At their ages, it's going to cost $$$ to insure them.
More important would be to set up a trust for all their property to make the trasition when they pass painless. That'll be WAY more important than some life insurance.
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04-29-2010, 01:21 PM | #14 | |||
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Have been working with State Farm the last 5-6 years. I'm fully licensed in Life, Disability, Property, Casualty, & Banking, and they are one of the few companies that have quality rating across the board. Quote:
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