November 3, 2008
Does Life Insurance really pay? How do I find the right company to buy level term?
shine_on asked:
My husband doesn’t want to get life insurance, he thinks it is a waste and a scam. But if something should happen to him, me and the kids would be SOL. How do I get insurance for us? How do I know the insurance co. will actually pay if something does happen? Are there ways to write the policy so to protect us better?
My husband doesn’t want to get life insurance, he thinks it is a waste and a scam. But if something should happen to him, me and the kids would be SOL. How do I get insurance for us? How do I know the insurance co. will actually pay if something does happen? Are there ways to write the policy so to protect us better?
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Comments on Does Life Insurance really pay? How do I find the right company to buy level term? »
insure.com for term life.. it is inexpensive if you are young and don’t smoke.
you need to cover yourself and your husband
The terms of the policy are determined by the insurance company. You cannot change the terms or “write the policy” to improve the protection it provides. When comparing companies look for their ratings to compare financial strength and claims-paying ability. AM Best, Moody’s, Standard & Poors are popular ratings companies.
Remember that while Level Term insurance is very cheap, relatively speaking, the premiums will increase dramatically once the level term period (typically 10, 20 or 30 years) expires.
The only times I have heard of a policy not paying is when either the applicant lied on the application or the insured died in an exempt manner. These typically include death occuring during or caused by the commission of a felony or death resulting from participation in an act of war.
You have the best chance of changing your husband’s mind, but consulting a financial planner might help. A competent planner will help you both quantify the risk of one, or both of you passing away unexpectedly.
AVOID:
Anyone who tells you to only consider term insurance.
Anyone who tells you to never consider term insurance.
Anyone who determines your need by multiplying your salary by some arbitrary number.
Anyone who tells you what you need without asking alot of questions about your financial situation.
BE VERY SKEPTICAL of anyone who works directly for an insurance company (career agent). Often the company they are contracted with requires the agent meets certain production quotas of proprietary products. This may not be in your best interest.
I like the answer provided by “Financial Answer Guy”.
(1) You should have some form of protection if anything happens. It is just like you have to buy car insurance. Do you think your life worth less than your car?
(2) You should be aware that there are many forms of insurances and balance between them if possible.
(3) Please check the rating of the insurance company before buying. You don’t want an insurance company that disappears when you need the pay out, right?
this is a real ask?
if u get the right legal company and the right policy i think they will pay u.
otherwise u can take legal action against them.