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Message Board > Miscellaneous > Insurance ( Moderated by Deepika, EleanorSews, CynthiaSue)

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Insurance
quiltingwolf
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quiltingwolf  Friend of PR
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MD
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Date: 5/28/13 1:12 PM

My husband and I have never gotten life insurance. But now we are getting older so we need to do it. I always get these offers form AAA and AARP for term life, which is all I want, enough to bury a little left over etc. I'm ready to push the button for the latest AAA offer. But for some reason feels too good. It's not $$$ and appears to be on the up and up. Has anyone had experience with this kind of policy. They require no health check-up which is why this is appealing. Thanks.

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SouthernStitch
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SouthernStitch  Friend of PR
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In reply to quiltingwolf <<


Date: 5/28/13 1:40 PM

From what I've seen yes, they can be worth it with a good company such as AARP or such. We got a great rate for my healthy husband, when he was 55 or so, but since he turned 60 it really went up. Most likely by the time he is 65 he'll be looking to cancel it, which would leave me in the lurch! But, mine is through an independant agency, not like the ones you are referring to.

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When life gives you green velvet curtains, make a green velvet dress.

marymary86
marymary86
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Date: 5/28/13 1:52 PM

Typically life insurance is to replace lost income for people dependent on your income.

If your only concern is burial costs, you might be able to save that amount more quickly.* The types of policies you are considering typically cost a great deal per month in terms of the actual payout.

You'll get better responses if you can list why you need life insurance now and also what the monthly premium is, how long the term lasts and how much coverage you'll get for that premium.

* Say you are paying $150/month for $10,000. How long would it take you to just save up $10,000? Does playing with numbers like that help you see your situation in a different way? I'm not saying buying the coverage is wrong; it just may not be the best thing for you at this stage of your life (if you don't have dependent children, etc.)

I strongly recommend checking Dave Ramsey's book Total Money Makeover. We have made so much progress using his 7 baby steps. We also went to Financial Peace University. It cost us $80 for 13 weeks of classes that we attended as a couple. It was the best $80 we ever spent in our lives (the cost may have gone up a little since then). Each class night was a date night for us as we went out for coffee or dinner afterwards and talked about what we learned. It didn't sell financial products but stepped us through how to get our financial house in order - life insurance was covered along with getting out of debt, saving for retirement, learning to budget, etc.

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Mary


quiltingwolf
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quiltingwolf  Friend of PR
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In reply to marymary86 <<


Date: 5/28/13 2:13 PM

Believe me I wouldn't paying anywhere near $150 a month, this isn't for income replacement but burial costs. I'm certainly not going to explain my situation on a public message board. I was just asking if anyone had experience with this type of insurance, not insurance information or advice in general.

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talesofawannabe
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talesofawannabe
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Date: 5/28/13 2:37 PM

In my personal opinion saving the money needed for burial instead of a life insurance policy is a bad idea. If you or your husband were to need to live in a nursing home later in life but could not afford it the nursing home can practically take everything you have. This money would be gone in a heartbeat and then you would not have any burial money anymore. You would probably be required to use all assets before receiving any help if you needed it.

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poorpigling

poorpigling
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TX USA
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In reply to quiltingwolf <<


Date: 5/28/13 2:42 PM


There are two types of term most common . Decreasing term. and level term. That simply refers to the pay out .. as you age.. the amount of life insurance you will have paid to you either decreases.. or stays the same. Say for example.. you took out a l00,000 dollar policy.. Five years later you pass away. now it will either pay l00,000 if its level term.. or less depending on the policy...if its a decreasing term policy.

The amount you pay as a premium with almost all these policies.. irregardless of whether they are decreasing term or level term will increase.. Generally not annually. .but at certain ages down the road.. maybe every five years .. So say now that l00,000 would cost you 50 collars a month.. five years from now it could cost 75 dollars a month..

So you see, you need to look at the whole picture here... When and by how much it will decrease in value.. and when and by how much it will increase in premium costs.

You might just be able to buy a burial policy.. In fact some prepay these expenses .. have in other words.. already bought their plot and bought a policy for the funeral.. prepaid those costs. I don't personally think that is the best idea.. but if that is what is worrying you most .. for you .. it may be a good solution.

I know.. YOU did not ask advise.. but sorry.. I love you and I want to make sure you knew the differences in policies.. I have no real experience with AARP.. With Mr. P being a retired military we carry level term.. with military association type companies.

Cheryl1956
Cheryl1956  Friend of PR
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TX USA
Member since 3/25/03
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In reply to quiltingwolf <<


Date: 5/28/13 4:40 PM

You might want to check and see if the benefits are reduced for the first couple of years. I got a policy for my brother (who had no life insurance) for the same reason. The one I got was cheap! But when I got it and read the fine print, the benefit for the first two years is limited to what has been paid in premium. After 2 years it's the full amount.

Debbie Lancaster
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Debbie Lancaster  Friend of PR
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CA USA
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Date: 5/28/13 8:49 PM

If your only concern is burial costs, you might want to check the Funeral Consumers Alliance web site for more information about that specifically. Funeral Consumers Alliance

There's an article on their web site specifically about pre-paid funerals and insurance specifically for funeral expenses: The Pitfalls of PreNeed
-- Edited on 5/28/13 8:58 PM --

------
Debbie

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