Buy Life Insurance

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Having life insurance through work always makes sense, as it is usually very inexpensive and most of the time, guaranteed issue. However, just like anything you get from work, you can't take it with you once / if you leave your employer. Meaning, some "group life insurance" plans will allow you to "convert" the policy; yet will have to pay "individual rates" at a much higher rate that you could buy on your own. Why? Well, that "convertability" is offered to all; regardless of age and health and medical condition, it is offered. Hence, the insurance company will charge a higher rate, taking into account "healthy" and "unheathly" people. In addition group insurance does go up in time, depending on what "age bracket" you fall in. Those are usually in 5 year increments. At younger ages - under 40 - no big deal. Buying some life insurance on your own is a wise plan; regardless of how much is afforded to you through work. For the simple reason that people do change jobs of their lifetime, yet whatever "individual" life insurance you own stay with you for as long as YOU want - you don't loose it. Of course, what kind of life insurance, the amount, the costs, etc., is something you'd want to decide on. But the premise of buying at least some "outside" insurance is always a good idea also. Hope that helps, and make sense. By: Mike L 2008-03-06 14:47:01

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It's called a life settlement. If the insured no longer needs the insurance, a settlement may be possible if the insured is older(typically 65 and up), has health problems that shorten life expectancy, and has a policy that is term with conversion available still, or a permanent insurance policy. Settlement companies look at your current health, life expectancy and cost to carry the policy until your expected death. Based on the numbers, they will determine if your policy has any value, and if so will make an offer to you to buy the policy. By: LifeInsuranceAgent 2007-09-15 14:32:21

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Well, you need to present the facts. I would draw a picture of a simple house. On level 1: Write "Debt Elimination" You have various debt to pay off totaling "X" amount of dollars. A better way to pay it off is debt consolidation if you have lots of debt (mortgage, credit balance of at least $5000, and loans). You want to avoid places that charge a fee to do a loan worksheet for you and then find out that the loan is bad. Debt consolidation works for some families. I did mine through Primerica Financial Services, where the lender is Citicorp Trust Bank and they took 11 years off my debt and saved me over $150,000 in total interest. Level 2: "Emergency Fund" In case you become disabled or can't work for awhile, you should setup a money market account that can last you for at least 6 months. Level 3: "College" Kids need to go to college. So, I would setup a 529 plan. Check with your state's 529 plan and then compare it with other states. The attic: "Retirement" Hey, do you want to work forever or live free? Setup a Roth IRA account if you qualify. Then carefully look at your house. Is it missing something? You need a foundation! WIthout a foundation, your house will collapse. Your foundation is life insurance. You see, you and your husband are working right? If one of you die, there will be a substantial loss of income. Your house is crumbling! First thing you will access is your emergency fund. Then your kid's college funds. And then your retirement. Sooner or later you or your husband is going to be broke and need to make dramatic changes in your lives. With life insurance, it can take that weight off your back If he still don't want life insurance, I suggest getting a Will as soon as possible.. By: Doing the Right Thing 2007-01-05 09:20:52

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The short answer is no -- you are correct about the purpose for life insurance. I won't give you the long answer because it is most likely irrelevant, but there are a handful of situations -- mostly in estate planning -- when life insurance may make sense. By: MVD34 2009-02-12 16:48:45

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Never use a website. Call some local agents on the phone and get some quotes. Or, make some appointments to see them in person and take all the quotes home with you to compare them. Quotes are free. And, you can get some good advice about insurance when you are there. By: car253 2010-01-02 06:47:28

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I would hope you take such good care of your dog that it will live a full and long life. You should look into pet insurance for your dog, we have Trupanion pet insurance and it greatly reduces the amount that you would have to pay for veterinary bills if your dog had some unexpected accident or illness. As far as life insurance for dogs... I find that request a little unusual. We have life insurance for people based on how much money they make or are worth so that their family will be able to afford food/shelter in case there is a death. Does your dog financially support you? By: ..Stacy.. 2009-03-24 04:44:30