| Guildelines for selecting life insurance policy ? |
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Smith.Johnson
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| Guildelines for selecting life insurance policy ? |
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hi all,
Can anyone tell me which points are important when selecting life insurance policy?
thanks in advance.
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Mon Aug 22, 2011 10:32 am |
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soybean
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Well, some additional info from you would be helpful since life insurance needs depend somewhat on your life circumstances. How old are you? Are you married? If so, does your spouse work, or is able to work? Do you have children? If so, how old are they?
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Mon Aug 22, 2011 3:11 pm |
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artwest
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Buy Term Life Insurance, any other life insurance is pretty much a scam.
It should be 8-10 times of your income. For a house wife it should be $250,000-$400,000. It should be a MINIMUM of 15 years.
For example, a married couple where the husband makes $50,000 per year and the wife stays at home, the husband should have a $500,000 policy and the wife would probably be fine with a $250,000 policy. Personally I think a 20 or 30 year term would be best.
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Mon Aug 22, 2011 7:19 pm |
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michaelK
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It depends on many factors, how many people in ur family like mother, father, spouse, children, etc.? how old u are? , What is financial condition of family, etc.
Go to well knowledged insurance agent, who suggest u which is a suitable life insurance policy for you. But think on all point, companies terms and conditions, premium amount, maturity amount, etc.
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Wed Aug 24, 2011 12:47 pm |
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soybean
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quote:
Originally posted by michaelK
Go to well knowledged insurance agent, who ...
... who sells insurance and gets paid based on their sales. Eh, keep in mind you'd be talking to a biased person. If you went to a car salesman to get an opinion about whether you should trade or stick with your current vehicle awhile longer, what do you think their answer would be?
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Wed Aug 24, 2011 6:32 pm |
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debedwards
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Most carriers consider the risk factors, family history and present health condition in determining your premiums. They also ask other personal details like if you're married, if you have kids and if you're the only one who works in the family.
elder care specialist | long term care insurance costs | life line screenings
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Fri Sep 02, 2011 1:43 pm |
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Christophe
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Before buying insurance, you must decide what is right for you and your family. Think about savings and cost before you decide on term or permanent insurance. Permanent insurance allows you to save through the build-up of cash value. Sometimes a cash value policy must be held for several years because most have no cash value at the end of the first few years. If you drop a cash value policy too early, you will lose money.
Think about your tax situation. If you are in a high tax bracket, permanent insurance may be good because the savings built up in the policy are tax-deferred. Within permanent insurance the face value of your life insurance policy will be available to your family immediately after your death. With ordinary investments your family may have to wait for the benefits or be forced to sell investments at a loss.
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Tue Sep 06, 2011 6:39 am |
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Estella09
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Yeah invest some amount in insurance is really essential. It is a good life cover as well as health cover. It is not only save your tax amount but you are also securing your future. But it is essential to know the full details about it and it is also better to choose policy according to requirement.
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Wed Sep 07, 2011 11:54 am |
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Gary Barzel
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Don't forget to choose an insurance company with financial stability. Buying insurance is a long-term proposition and consumers need to be sure the company they choose will be around when they need it, and also be able to pay their claims.
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Wed Sep 07, 2011 2:03 pm |
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retire-early
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quote:
Originally posted by artwest
Buy Term Life Insurance, any other life insurance is pretty much a scam.
It should be 8-10 times of your income. For a house wife it should be $250,000-$400,000. It should be a MINIMUM of 15 years.
For example, a married couple where the husband makes $50,000 per year and the wife stays at home, the husband should have a $500,000 policy and the wife would probably be fine with a $250,000 policy. Personally I think a 20 or 30 year term would be best.
I agree. You buy life insurance as a "life insurance" and not as an investment.
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Tue Sep 13, 2011 11:57 am |
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