November 2011 Moms

s/o Life Insurance

I believe I have life insurance through work, but I'm not certain.  I really need to check that out.  

Anyway, if you have purchased a life insurance policy, what company have you gone through and would you recommend them? 

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Re: s/o Life Insurance

  • I have it through work and a private one as well.  I have Monumental Life and I do not recomend them.  We went with them because DH had a policy his grandma started for him.  When she passed, we had a terrible time with all of our policies.  We want to pull them but we haven't found another company we want to switch to.
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  • Mine is though Primerica and thats the company I used to work with. I would recommend them because since I worked with them I know how they operate and I like the company's culture. The people are very well educated and genuine. The only reason I left the company is because I had to relocate due to my DH job. 
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  • Honestly, rather than seeking a company to buy through, seek out a decent broker in your area.  You need someone who can evaluate your needs appropriately.  I mean, for some people, cheap term life might be the best option combined with an investment strategy, for others, a Universal life policy might be wise.  There are a lot of factors to consider.  Perhaps some of the bumpies on your local board can offer referrals.

    Insurance agents make BIG commissions.  So finding one you trust is really really important.

    My first HR job a loooong time ago was with Prudential. I learned quite a bit about insurance but not enough to give someone proper advice.  You really need a good knowledgeable professional to help you make the right choices.

    And no offense to the previous poster, but my only familiarity with Primerica is on the mortgage side, and based on that, I would stay far far far away. 

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  • I highly recommend Northwestern Mutual.

    I work for NM, but I also own their products. You must buy their products through one of their reps, not through a brokerage service.

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  • My DH works for Boeing, and they offer very good policies for all 3 of us.

    We have basic life on us, supplemental life as well as AD&D.

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  • One thing about life insurance through work -- more often than not, those policies are not available to convert if you leave the employer.  So if you lose your job, retire, or change companies, you will lose that life insurance coverage.  And if you don't have adequate coverage, would have to buy policies on your own.  So - if you are relying on coverage through work to be enough, consider that....

    We are in the process of converting our policies for my company into policies that employees can take with them.  So for our retiring employees who have relied on that coverage, they can take that coverage with them.  Because let's face it, at an advanced age with health issues, they would have a hard time getting comparable coverage.  I'm pretty proud of my company for this.

     

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  • Everyone should have a policy outside of work.  You don't get to keep your employer-sponsored policy when you leave your job, so you need to make sure you get insurance separate from work while you are still young and insurable.

    I used selectquote.com to get a variety of quotes from different companies, and I ended up buying a term policy from ING (ReliaStar).  For most people, term is the right decision, unless you have a lot of income and you are looking for another tax-deferred investment vehicle.  Otherwise, be wary of agents trying to sell you UL or VUL.

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  • image Froggy76:

    Everyone should have a policy outside of work.  You don't get to keep your employer-sponsored policy when you leave your job, so you need to make sure you get insurance separate from work while you are still young and insurable.

    I used selectquote.com to get a variety of quotes from different companies, and I ended up buying a term policy from ING (ReliaStar).  For most people, term is the right decision, unless you have a lot of income and you are looking for another tax-deferred investment vehicle.  Otherwise, be wary of agents trying to sell you UL or VUL.

    I agree with Froggy.  It made sense for us to use our insurance as an investment vehicle, but it's so not the right option for most people.  Agents get BIG commissions from Universal Life policies, so they are recommended in many instances where they really shouldn't be.  Back in the 90s MetLife marketed their policies to nurses as investment plans and all hell broke loose when someone blew the whistle on what they were doing.

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  • image Froggy76:

    Everyone should have a policy outside of work.  You don't get to keep your employer-sponsored policy when you leave your job, so you need to make sure you get insurance separate from work while you are still young and insurable.

    DITTO.  Work Life policies barely cover anything vs. what you'll need one day (unless you become/are an executive at a large company).  We started through State Farm with ours, but they use brokers.  Just interview around for the best person and policy you can get.  And lock it in ASAP before anything goes on your medical records that can harm your rates.  MH and I both locked in when we were younger and got a super "healthy" discount after going through our exams and bloodwork.

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  • image Froggy76:


    For most people, term is the right decision, unless you have a lot of income and you are looking for another tax-deferred investment vehicle.  Otherwise, be wary of agents trying to sell you UL or VUL.

    Also when looking for term and you have a hard time deciding how long you should get it think of your life plans. For example DH and I are planning on  having me stay home with the kids until they are in school and then go back to work at least part time. This means if we have 3 kids within 5 years there is at least 10 years I need already. Then someone still needs to cook and clean for the family until the youngest is at least 18 so thats another 10-15 years. In total we ended up getting 20 years for me and 35 for DH since he is the primary income earner in our household. After 35 years we should be retired and I wont need his life insurance money if something would happen to him as all the kids will be grown, house should be paid off and our retirement accounts will kick in.  

    Some people get life insurance for their whole life but for our family we dont want to be worth more dead than alive, they might want to slip us something in old age! ha ha jk jk

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  • DH and I have term insurance through State Farm.  It is in 3 year term increments (every 3 years the price increases). Mine is a little more expensive than DH's policy.  I have a rider on mine that would allow my future children to get a life insurance policy if they are born with a disability/medical condition.  DD has a small policy too.  It is one that can be cashed out when she is 18 or she can opt to continue.  Some people think this is odd, but after my 10 month old neice died I will have a policy on all my children.  It saved my brother and SIL from losing everything.
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  • You should really get an individual life insurance plan (like through your auto or home insurance provider). Try to get a Universal plan, not a term plan because term runs out after a certain amount of years. Pay a couple bucks more (at the most usually) and get Universal or Whole life so that it is around forever, plus a lot of times you can increase the amount without having to worry about any new health conditions that may have arisen.

     It is NEVER TOO SOON to get life insurance.

    I am a licensed life insurance agent, plus have lots of presonal experience.

    Better safe than sorry, you should also get life insurance for your baby once born. Get universal, it will be like 8 or 10 a month, then increase the amount you pay to like 20 a month then there will be money available later for that child to use for any reason they want. A school trip, wedding, college, etc... anything you or they want to use it for is just put away without you even thinking about it.


  • I would recommend you shop around through online life insurance quote providers. They?ll send you instant life insurance quotes which you can compare. It really doesn?t matter which company you choose as long as the company has got a good financial rating. You?ll know a company has excellent financial strength if you choose a company that has an A or A+ rating. I got mine through AccuQuote.com.

    Denise
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