I've been reading about different types of life insurance, and talk about a confusing bunch of information.  Basically, I would like a life insurance policy that if I die, my family is taken care of, but it also builds up equity that I can cash out or use when I retire.  Any suggestions as to what type that is?
120733
First you need to seperate your goals one goal is to have money for your loved ones in case you die.  2nd goal is to have money for when you retire. \n1st goal - The best way to do that is use term life insurance.  Instead of paying for ripoff whole life/ universal. 2nd goal - Stick the extra money that you would have to pay for whole life insurance into a Roth IRA which is invested in growth mutual funds.  A good/safe company to start with low fees is Vanguard.
568903
Your focus should be on what if with all this traveling, being overweight, getting older etc, you die.  Is your family taken care of the way that you would want them taken care of?  If you have a new baby, the death benefit is more important than the premium.  Otherwise, it does not make sense to get the insurance at all.  If you think that your risk factors will improve, then you should get a 5 year term now and when the factors change, then get a longer term.  Work with a broker that represents all of the major companies.
260395
look for a CFP- Certified Financial Planner- in your telephone book- they should be able to help you out since they handle a variety of products and companies- if that fails- look for a CA- Chartered Accountant or CPA- Certified Public Acountant- CA's are the same as CPA's in the States- they should be able to refer you to a good insurance advisor- I am a retired CFP, CPA, & independent insurance broker from ft. worth, tx, USA- good luck to you !!
199393
Your best bet is to consult with an insurance professional.  All the major life insurance companies are reputable.  I would avoid anything on line.  An insurance professional will work out something for you within your budget and explain how to list your children as beneficiaries.  They do not have to be adults to be listed on your policy.
278585
what is financial services?? today, does that mean advice only for a fee?? if so, i feel that is rather limited in its reality.. i started out as a CPA-then felt i liked people more than paperwork-although accounting has both..i went into life insurance sales- straight commission , essentially..i felt life ins. is a great tool for protection, savings, disability, and tax advantages--it is most usefull in financial & estate planning, yet most people are never asked to buy any by anyone !!all most people have is group life at work !!this is a great way to start building a clientele-not easy, yet a real challenge & women are very security concious and can be good savers!! women like to deal with other women, so if you have good people skills, you would be a very good candidate for this !! insurance allows you to make your own hours after you are established, and work from home with flexibility-i went to all my childrens events at their schools-priceless , you bet !! after learning all my basic skills from my first company- i became an independent insurance broker-representing many different cos at the same time- studied and became an LUTCF-life underwriter training council fellow-3 yrs of study & exams-learned a lot!! much later became a CFP only to prove that i knew what i was doing, if the initials were important to folks-the world did not beat apath to my door after i became a CFP and you still need MUCH practical experience to go with those letters before you really know what you are doing !! if you could start part-time with a life ins co-that would be ideal to get a taste to see if you like it- otherwise it would be a big jump to change full-time yet it might be a solution to ALL your mentioned goals !! i am a retired Independent Insurance Broker for life, health,disability, and annuities and a retired CPA, CFP, & LUTCF...GOOD LUCK TO YOU- HOLLER BACK AT ME IF I CAN BE OF FURTHER HELP TO YOU-i spent over 23 yrs in insurance sales and loved doing it- helping others & really making a difference in peoples lives !!!!
359506
Mortgage life and disability insurance should answer your needs. I'm actually surprised that your mortgage lender wouldn't have offered it to you when you got your mortgage! They make good money on this kind of insurance, and generally there is some kind of incentive for the loans officer to encourage you to purchase it.\n\nAn option to consider is that you may be able to get life insurance on your mortgage cheaper by buying a term life insurance policy separate from your mortgage. Every time your mortgage comes up for renegotiation, you can reduce the amount of insurance that you are buying, and save yourself some money. This is different than mortgage insurance for which the premiums stay the same and are based on the original amount of the mortgage. The disadvantage is that the money is paid to your estate and doesn't automatically go against your mortgage. However, you would have assets in your estate this way to pay your mortgage and could leave instructions for that to happen with your executor or legal counsel. \n\nLife insurance obviously won't cover your mortgage in case of sickness or disability though. For this, you could consider a disability policy. This will allow you to be covered for more than just your mortgage -- it protects your income directly. In most cases, you can get a disability policy that will pay you 60% of your salary now. If you pay for it yourself, that 60% will be tax free (because you've paid for the policy with after tax dollars). In many cases, if this benefit is tax free, it will be sufficient for you to cover your regular expenses.
671655
Dear Friend,\n\nDo not let them do this.  A person listed as "payable on death" has ZERO interest in your account while you are still alive.  They just get any assets left WHEN you die, they are not on the hook for any liabilities -- certainly not while you're alive.  Let them know you'll get a lawyer if they don't change their tune -- and that it'll cost them a LOT more than $800.  Bank stealing money from innocent children?  Most judges and any jury in the world would eat that up.\n\nYour Friend,\nFrancesois
331088
Term will work well if she dies during the TERM of the insurance.  The insurance company will check her condition (medical/physical) to make their best guess as to how long she will live - a process know as underwriting.  She may have a medical condition that prevents most insurance.  The insurance companies underwrite term more closely.  They want to make 'place their bet' that the insured will live past the term so they don't have to pay a claim.\n\nThe question(s) becomes how MUCH coverage does she need? (How much will she need to take care of final expenses (funeral etc) and final debts.)  How much does she want to leave to her heir?\n\nGo talk to an independent agent.
562129
For LIFE Insurance, all you need to understand is TERM. That's what your Auto, Health, and Liability are.\nFor AUTO, and HEALTH, see your local Primerica Financial people.
485145
I'm sorry but I'm pretty sure you won't find a policy that covers those things.  You have an investment related problem, not an insurance one.  Talk to someone who can get you an investment that you can pull out of in the case of an emergency and will be sufficient enough to provide temporary income replacement for a specified time period.  It is also a general rule to always have on hand at least 6 months of income replacement in a savings account somewhere for emergencies only.
93997
Contact your local law authorities,...as I'm SURE they'd appreciate your interest in doing the right thing.  Having health insurance and a life insurance policy might not be a bad idea either.
611579
You can not buy life insurance on anyone. You can't even buy it for a friend. You can buy it for family members, as long as that person agree to let you buy life insurance for him/her. There must be an insurable interest between both parties.
673205
the right time to buy life insurance is now! the longer you wait, the more expensive it becomes. Plus as they get older, their health can deteriorate and life insurance will become very expensive.\n\nSo buy it now and see if they qualify. I'm not from India, so I don't know any life insurance companies out there. But the life insurance product you want for your parents right now is a 25 year Term because it's less expensive than the other types of life insurance.
55337
Wow, some really dangerous opinions in here!\n\nLife insurance proceeds are there to provide protection for your dependents in three basic areas:\n\n1) Funds made available to pay final costs (burial, medical bills, etc.) and debts (mortgage, credit cards. etc)\n\n2) Funds to make up the difference between the household income before your death and what it would be following your death.\n\n3) Funds to invest to meet the savings goals you would have been saving for had you not died. (Think children's education)\n\nNot everyone has needs in all three areas and like Lady Death alludes to in her answer, you can accumulate assets to offset these needs. This is referred to as Self-Insuring. In an ideal world, we would all quickly accumulate wealth sufficient to fully protect our families while not accumulating enough wealth to fall afoul of estate taxes. In reality this is not always the case, hence the continued need for life insurance.\n\nWhen you first apply for a policy, you go through an intense process called underwriting. This is when the insurance companies underwriters tak a very indepth look at you health (through blood and urine tests, questioning you, questioning your doctors and requesting information on you from the Medical Information Bureau [Think of the MIB as a Credit Bureau that tracks your health]) and your financial situation to determine IF you are insurable and how much your premiums are going to be.\n\nWhen people say you should only buy term insurance, be skeptical. It is a very unobjective thing to say when they know NOTHING of your situation. Term insurance is an easier sale and some salespeople follow the path of least resistance rather than providing the best objective advice to their clients. Buy Term and Invest the Difference- this assumes that you have the discipline to invest the difference rather than spend it, that you accumulate enough assets to self insure before the term period runs out, and that you don't accumulate too much with respect to estate taxes. Otherwose, you find yourself in the unenviable situation of having to go through underwriting again to put another term policy in force, with premiums based on your then current age, of course. This is particularly bad if your health has deteriorated in some way, jeapoardizing your ability to get coverage. Some may say you could convert the policy to permanent insurance at that point but that negates the tenents of the startegy and why put a permanent policy in place then, having given up all those years when you could have been funding it?!?\n\nMy best advice is to consult a financial planner (AVOID anyone who tells you what type of insurance to get without asking any questions of you and run away from anyone who uses a "multiple of salary" approach to determining your need) and have a survivorship analysis completed. Your planner will educate you on the different types of insurance and develop an insurance portfolio to meet your individual situation. It may be that term insurance is the right thing for you right now; maybe not. For anyone to say it is without the facts is not very intelligent nor prudent.\nGood Luck.
554930
First off, ask yourself what needs do you have?  Lets take each case, first your father is over 65, and he may or may not qualify to Parts a & b & d of medicare, check into this first.  Then depending where your father lives, (presuming he has Medicare) he can purchase a Medicare Supplement plan, or the more popular HMO Medicare plans.  I would suggest you contact medicare to find out if your father qualifies for medicare, and also ask what is available in your state for his options.  I could go on for hours about the differences on HMO and Supplemental plans- if you have more questions contact me.  Next, mom is 64, so when she turns 65 she will also be eligible for Medicare "again check with medicare" so her needs will be different than yours- it will depend on her health needs, what dr. she sees as far as the policy type I would recommend.  Last you and your wife, both of you are in the Child bearing years- so if you are thinking of having children in the future please make sure the policy you pick will cover maternity, many new plans do not cover maternity.  When looking for a Health Insurance plan, lots to consider:\na. Is your a Dr. a provider "PPO or HMO" this will dictate the type of plan to pick from.\nb. Do you want to prepay for services and pay a Copay for Services? (HMO, which are normally higher premiums, because a portion of your premiums is paid directly to the Dr. you pick)\nc. Would you willing to pay more out of pocket with copays, and co-insurance (normally a percentage of the negotiated rate varies between 10-40%) in order to select a wider number of physicians (PPO), most PPO have thousands of Drs to pick from.\nd. Premiums, Premiums, Premiums, set your monthly or yearly budget for healthcare costs.\ne. Gaining popularity in the health scene is "Health Strategies", normally this means HRA or HSA plans, or what I call a Self Funded type of plan, coupled with a High Deductible.  With this type of strategy the consumer "YOU" act like a health insurance company- you see health insurance companies re-insure, this means they take out policies with Lloyds of london and others to limit liability.  With this type of plan, you take on a high deductible and pay out toward this deductible during the year, put money aside "ex. HSA non taxable in most states" to save for your deductilble, health insurance co's call this "reserves" most have billions in reserves, so it is not hard to figure that the odds are on your side that you will "accumulate money".. remember the health insurance corps are not into it to loose money.  Smart consumers throughout America are switching to Consumer driven type plans, as HSA eligible plans.  I would suggest going to my website www.HSAInside.com or calling me direct for any questions.\n\nRudy Rivas, President\nwww.HSAInside.com
140168
Insurance death benefits are not subject to stipulations of a will unless they are paid to an estate.  If you are the beneficiary, you will get the proceeds no matter what the will says.
265099
Do not use insurance as an investment.  If you invest in a universal life, or other cash building policy has limitations as to the amount of return VS death benefit.  This is a point where the IRS calls it a MEC, or Modified Endowment Contract.  You will get taxed heavily if this value is superceeded; they consider the policy an investment rather than insurance.  The only way to get around this is to increase death benefit (which raises your monthly/semi-annual/annual premium), decreasing your return.  And term life insurance only pays if you die.  If you are 29, look towards an IRA that provides various investment options and invest fairly aggressively.  If you have access to a company 401K, utilize that, as many employers match a certain percentage, and most of it is pre-tax contribution.  If you are OK with lower yields and like the availability of cash, look into a money market account from a large institution, such as vanguard or fidelity.