Buying Term Life Insurance (Again), Update #4
Stumble It!
Digg It!
Tip It!
del.ico.us
FacebookMy wife and I received our insurance ING Reliastar term life insurance policies at the end of last week and everything looked good. Thus, we wrote our checks and sent them in. As soon as we get confirmation of receipt, I’ll go ahead and contact Lincoln National Life for a prorated refund of our premiums. All in all, it took seven weeks from our initial term life application with Intelliquote to get the policies in our hands.
Published on November 1st, 2006 - 4 Comments
Filed under: Insurance
email this article
- bookmark it
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Buying Life Insurance (Again), Update #1» Buying Term Life Insurance, Part V (Epilogue)
» Buying Life Insurance (Again), Update #3
» Buying Term Life Insurance, Part II
» Buying Term Life Insurance, Part IV
» Buying Life Insurace (Again), Update #2
» Buying Term Life Insurance
» Buying Term Life Insurance, Part III
Was this article useful? Please sign up to receive our content via e-mail:
4 Responses to “Buying Term Life Insurance (Again), Update #4”
Leave a Reply
Financial Shopping Center
Mortgage rates are at an all-time low
Earn interest on your savings
Find lower insurance rates
Featured Credit Cards
-
Chase FreedomSM Visa - $100 Bonus Cash Back
Earn $100 Bonus Cash Back after you make $799 in purchases in your first three months. No Annual Fee. 5% cash back offers in popular categories. See terms.
-
Discover® More® Card - $75 Cashback Bonus®
$75 Cash Back when you make $500 in purchases in the first 3 months. No annual fee. 5% to 20% Cashback Bonus at over 150 top retailers Discover's online shopping mall. See terms.
Great deals...
Readers’ choice...
Recent articles...
- What Tinky Winky Taught Me About Money
- Historical Mortgage Rates
- Tax Deductible Moving Expenses
- Chase Sapphire Preferred 25k Point Signup Bonus
- Starting a Kitchen Garden
- Why You Should Keep Your Financial Advisor
- The High Cost of Being Single
- Planning for Your Demise
- Social Security Taxes in 2010
- The Future of Social Security
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- Pay Off Mortgage Early? Or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Would the "Fair Tax" Gut the Economy?
- Termite Control: Sentricon vs. Termidor
- $7500 First Time Homebuyer Tax Credit
- Current High-Yield Online Savings Account Rates
- Tax Stimulus Rebate Payments to Start Early
November 1st, 2006 at 11:12 am
How much insurance did you buy and for how long? Did you purchase your first insurance before your kids were born? I asked this on a message board, how much to buy if you don’t have kids, but are thinking of some and want to purchase some now because your in great shape, health, age. And whether to stretch and get a lot, or just a bit and add when you have kids.
November 1st, 2006 at 11:08 pm
How much??
Well, that depends on what you want covered, kids or no kids??
pay off the mortgage?
give your spouse some options?
replace how many years of income from you?
get out of debt?
term doesnt allow you buy more without giving new blood and urine.
Permanent is more expepensive, but will allow you purchase more at a later date and use the blood and urine from today in 10 years, even if you would be sick or full of cancer.
Its called purchase options.
Since term doesnt offer this option, maybe you get the amount today as if you had kids and then you can get rid of some periodically if you want.
just a thought
November 1st, 2006 at 11:57 pm
You should get life insurance if someone such as a spouse or children depends on your income. If you’re not married or have no kids, then you don’t really need it. You could still pick up some if you’d like to have it. But, I wouldn’t recommend any cash value insurance as it’s much more expensive and, honestly, makes no sense for people that make an average income.
If you have a pre-existing condition, you might have to settle with a whole/universal/variable policy. But that’s a huge maybe.
I believe the recommend amount is 8 to 10 times your income. With that type of coverage, you’ll definitely want to go with term life, maybe 20-year level. Hopefully, in 20 years you won’t need life insurance anymore if you saved money and had a good chunk in your retirement.