Author Topic: Who do you use for life insurance?  (Read 4131 times)

P938LVR

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Who do you use for life insurance?
« on: July 20, 2014, 11:18:55 AM »
I would like to get life insurance for my husband but I have no idea where to start as it is the first time I have had to do so. Can anyone help me out as to a frugal way to get life insurance as I don't want to get more than is necessary to keep my monthly costs down. Any tips? Any companies that you recommend?

GGNoob

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Re: Who do you use for life insurance?
« Reply #1 on: July 20, 2014, 11:48:33 AM »
My wife and I went through Zander Insurance (zanderins.com I think) and got a great rate. Also used them for our long-term disability insurance.


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viper155

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Re: Who do you use for life insurance?
« Reply #2 on: July 20, 2014, 11:50:57 AM »
Contact a reputable broker. They get their quotes from a large pool of competitive companies. Just google it and you can gets many quotes in no time at all. If I may put in my personal opinion, stay away from all life policies except term. Whole life and all that crap is just that, crap

GGNoob

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Who do you use for life insurance?
« Reply #3 on: July 20, 2014, 11:52:12 AM »
Oh and my wife and I don't have kids so we only got enough insurance to cover our debt (mainly mortgage) so that if something happens to one of is, the other can be debt free moving forward. Also did 20 year term. Term is cheaper and we will have more than enough money in savings that we can probably cancel our insurance before we hit 20 years.


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Cheddar Stacker

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Re: Who do you use for life insurance?
« Reply #4 on: July 20, 2014, 12:00:37 PM »
Contact a reputable broker. They get their quotes from a large pool of competitive companies. Just google it and you can gets many quotes in no time at all. If I may put in my personal opinion, stay away from all life policies except term. Whole life and all that crap is just that, crap

+1. Use a broker, not someone who represents 1 company.

Get 10 or 20 year term policies, nothing else.

Get enough to pay off debts and cover additional expenses like kids, you don't need $1M+ policy unless you lead an extravagent life.

PM me if you'd like a recommendation on a good broker that I use.

usmarine1975

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Re: Who do you use for life insurance?
« Reply #5 on: July 20, 2014, 02:46:29 PM »
I have a term policy, group ul policy and a whole life on myself. My wife has a term and a whole life. Also have a whole life policy on our child.

I know many say what they will about whole life and Uls. Generally I agree with ULs but I needed more coverage and the UL was the best option for me because it was a group policy. My take on whole life is that we don't know what life is going to throw at us. If used properly whole life can be a great product it is not an investment and should never be considered such. It does however provide some benefits. Go ahead haters hate me for saying it.

Term is cheap and not permanent.  2% of term policyholders simply pay the insurance company money and never utilize it.  I use term to cover the bulk of my need but have a permanent policy in place. I would do some research and get quotes. If your auto insurance company offers it check with them some offer discounts for multiple policies. If the premium is in line the discount might push them to the lead. You also want an insurance company that will in fact be there.

5oclockshadow

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Re: Who do you use for life insurance?
« Reply #6 on: July 20, 2014, 04:53:42 PM »
term4sale.com

This site will compare all major term life insurance companies' rates.  You can sort by company rating (basically, how likely they are to still be around in 20 years, in the event you were to need to make a claim) and by policy size and duration.  It is especially helpful if you go through the advanced search and enter your health information.  I have an extensive family cancer history, and only a few companies' underwriting algorithms do not take into account the types of cancer that my ancestors have, so my rates through those companies are dramatically lower than they would otherwise be.  Had I just tried to buy insurance from a single "reputable company", it would have cost me more than twice as much for the same policy.  When you have found the best/cheapest policy, it will link you to insurance brokers in your area who can sell you the policy.

Best of luck!

usmarine1975

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Re: Who do you use for life insurance?
« Reply #7 on: July 20, 2014, 05:06:05 PM »
Great recommendation to shop prices. Should also note for most companies it is just a quote until you go through a medical but depends on level of coverage.

brewer12345

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Re: Who do you use for life insurance?
« Reply #8 on: July 20, 2014, 07:22:45 PM »
Stick with a term policy.  20 years is usually sufficient.

Beyond price, pay attention to who you are buying from.  For preference, buy from a mutual rated Aa3/AA-  or better.

chasesfish

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Re: Who do you use for life insurance?
« Reply #9 on: July 20, 2014, 07:28:57 PM »
Fidelity will also broker Life Insurance


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