Life Insurance?

[BlueSnake01]

A bit late to this… I know I should’ve gotten one a long time ago but here we are.. At the moment, my job is paying for a small life insurance that’ll cover funeral expenses and give some money to my family members but not enough to cover my mortgage and expenses.

I’m 29 years old, so somewhat young (at least I think). Anyways, I did look into Zander’s Insurance Group a while back but never went thru the process. Yesterday, a couple working for Transamerica stopped by my house and well had me hooked, paying $60~ a month for 500k~ for 30 years and did like all the benefits it came with it. Quick google search and saw it was part of the Zander’s recommended life insurance’s. I did see some negative reviews as well but then again im sure every company as their bad share.

Sadly, I dont know too many people with life insurance. I want to see how other’s people experiences have been and if they would recommend Transamerica as well.

 

[Jefe]

Does a term policy do everything you need? People usually only do that to cover a time period or mortgage. If you make it past that 30 year term, your rate is going to skyrocket and you didn't build any cash value. Look into a whole life policy or a variable life policy that builds cash value and also lets you invest a portion of your premium.

Im not licensed in CA but PM me and I can get you in touch with a friend that is. He can give you several options to look at

 

[matab14]

I was 31 when I signed up through Zander and my premium only runs $44 for 500k - 30yr term. It was a touch higher because by their terms I'm considered Obese, so I think you can probably just get a better rate potentially there unless you've got some other serious health conditions.

 

[DHG1078]

A bit late to this… I know I should’ve gotten one a long time ago but here we are.. At the moment, my job is paying for a small life insurance that’ll cover funeral expenses and give some money to my family members but not enough to cover my mortgage and expenses.

I’m 29 years old, so somewhat young (at least I think). Anyways, I did look into Zander’s Insurance Group a while back but never went thru the process. Yesterday, a couple working for Transamerica stopped by my house and well had me hooked, paying $60~ a month for 500k~ for 30 years and did like all the benefits it came with it. Quick google search and saw it was part of the Zander’s recommended life insurance’s. I did see some negative reviews as well but then again im sure every company as their bad share.

Sadly, I dont know too many people with life insurance. I want to see how other’s people experiences have been and if they would recommend Transamerica as well.

I'm in the same boat. Not quite 30, but I only have a small policy my company provides free of charge, and my wife doesn't have a life insurance policy. I really need to look into one to protect us, and our daughter against a tragedy.

 

[KLLR SNK]

Look at the mortality tables for your age. You might want disability insurance instead of life insurance. At your age if you die there is a high probability that someone's negligence will be involved. If you feel you must make someone rich upon your death term insurance is the purest kind of insurance to buy for covering expenses. One thing to remember about insurance it is a transfer of risk so with a term policy you can decrease coverage as your debt balances decline. If I were you I would take what would be the insurance premium and faithfully invest it monthly into an S&P index mutual fund. You can either buy a property on the lake or you can buy the lake.

 

[BlueSnake01]

Does a term policy do everything you need? People usually only do that to cover a time period or mortgage. If you make it past that 30 year term, your rate is going to skyrocket and you didn't build any cash value. Look into a whole life policy or a variable life policy that builds cash value and also lets you invest a portion of your premium.

Im not licensed in CA but PM me and I can get you in touch with a friend that is. He can give you several options to look at

From what he told me and read from the pamphlet, it covers everything I want and more. Covers pretty much any big health issue that wont allow me to work. Covers suicide (which is a plus but not needed), covers accidential death including outside of the State and country. I travel almost every year outside of the country so to me that is a HUGE plus.

He also told me they give pretty much the whole amount in one check and not in payments.

Far as investing, I believe that is only the downside as I dont believe it offers that with this plan but for the cost and what it covers, its a great price IMO.

Looking for more plans will not hurt.

I was 31 when I signed up through Zander and my premium only runs $44 for 500k - 30yr term. It was a touch higher because by their terms I'm considered Obese, so I think you can probably just get a better rate potentially there unless you've got some other serious health conditions.

No health problems or anything like that either, im considered “obese” as well but look nothing like it. He was even surprised when I told him I weight 210 lol Anyways, that was pretty much what he estimated and said price could go up or down depending on the health results.

I'm in the same boat. Not quite 30, but I only have a small policy my company provides free of charge, and my wife doesn't have a life insurance policy. I really need to look into one to protect us, and our daughter against a tragedy.

Exactly! I have 2 kids, 9 and 3 YO. Last thing I need is to leave them with nothing at a young age.

 

[IronSnake]

27 here (well next Weds I will be).

Fortunate to be offered 250k in coverage thru work as a standard policy for all employees. I then optioned for another 250k so just in case I get murdered on the awful roads we have, the girlfriend/fiance will have a nice life afterwards.

I believe I pay in the neighborhood of 30 bucks a month. It's been a while since I read up on the policy so forgive me for being evasive on details.

 

[Jefe]

Something to think about on those employers plans, if you leave the company you dont get that coverage anymore. Get something permanent!

Also check with your Auto/Home insurance carrier as a life policy will lower the rates on your other policies

 

[verbal]

I went through Select Quote and got a policy with AIG. 20 year term life with $800k in coverage. I was 35 years old when I got it (3 years ago) and just got under the next age group. I pay $33 a month.

My wife was 29 at the time and got $1.25 million and she only pays $30 a month.

From what I have read, whole life is not worth the additional cost. Your monthly payment for a whole life policy will be significantly higher than a term life policy.

 

[sleek98]

That seems stupid high. I pay $150 a year for a 750k policy on myself and $145 a year for a 750k policy on my wife. Then depending on whats paid out for the year we get a check back. Last year total check written to them was $295 and I got a check back for $117 at the end of the year. Total cost was around 7.50 a month for each of us.

Do you belong to any organization through work or professionally? Even if you have to pay yearly dues you might offset the dues with a lower premium.

I am a believer in Term policies. Cover the term of your mortgage and save money for retirement. Problem I see all the time (actually had 3 this tax season alone) is people who use the term policies "tax free" loans and then run out of money and cannot pay the premiums which cause the loans to become taxable income and then they are even farther in the hole.

 

[nxhappy]

#1 stick with term ONLY, full life term is a rip off. #2 you only need it if you have children. That's basically all you need to know.

 

[ON D BIT]

Does a term policy do everything you need? People usually only do that to cover a time period or mortgage. If you make it past that 30 year term, your rate is going to skyrocket and you didn't build any cash value. Look into a whole life policy or a variable life policy that builds cash value and also lets you invest a portion of your premium.

Im not licensed in CA but PM me and I can get you in touch with a friend that is. He can give you several options to look at

Whole life is overpriced garbage. What your paying for is the commission of your agent small interest on the cash value and your benificiaries don't even get to keep the cash if you pass.

20-30 term life at 10 times current income. If the policy is used you place the payoff into safe effective investments and you have replaced your income. Example would be 500k at 10% is 50k a year income.
Take the money left from the whole life and invest one your own with greater earned interest and less fees. Money that can inherited by your family unlike cash value life.

 

[svtfocus2cobra]

Does anyone want to tell me if mine is good or bad? I opened it through State Farm (who I insure through) when I was still in the military so I had SGLI, and it seemed pretty cheap at the time with option to cash out. But if Im paying $50/mo now for only $25k worth if coverage that doesn't seem very cheap to me in comparison to what Im seeing. Im supposed to meet with my agent here soon to discuss.

Sent from my SM-G935P using the svtperformance.com mobile app

 

[DriftwoodSVT]

I've got a $500,000 life insurance policy on myself that I've had for probably 18 years now. And another $240,000 through my work.

 

[Tom's_03SVT]

Get a whole life policy. Less then 1% of term policies pay out. That's not Internet BS it's a fact.

 

[ON D BIT]

Get a whole life policy. Less then 1% of term policies pay out. That's not Internet BS it's a fact.

That's a good thing, it means you did not die.

Whole life is worthless.
"Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don’t go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example."
https://www.daveramsey.com/blog/the-truth-about-life-insurance

 

[BlueSnake01]

So would Transamerica be recommended?

- It is Part of Zander’s Insurance Company’s List

- Can Cover Big Health Expenses i.e Health Issues That Wont Allow Me To Work. Doing So, Will Deduct from Total Amount Though

- Will Be a Set Price Till i’m 59 Years Old

- Will Cover Accidental Deaths Including Out of Country & States. Will Also Cover Suicide Death’s

- Relative/Friend, etc Earning Money Can Be Paid In Monthly Sum’s or In One Check

 

[Pribilof]

I have my insurance license and am also licensed in California. Whole life is good if you are undisciplined in Saving and cannot save the difference and invest it yourself. Otherwise you are generally much better off with a Term Policy. Especially if what you want to do is cover mortgages loans Etc that you know have a fixed payoff term. What you are actually buying is an insurance policy so your heirs aren't stuck with any debt when you die. You also want to have replacement income available.

Personally, I purchased a 20 year level Term Policy for myself. It will cover any outstanding debts I have in addition to providing lifetime income for my wife and child. I pay $33.33 per month per $1MM of coverage. If I die after the 20 year term, my mortgage will be paid off anyway and kids will be out of college. I will also have saved enough separately to replace my remaining years of income and provide a stable happy retirement for my wife

 

[ON D BIT]

I have my insurance license and am also licensed in California. Whole life is good if you are undisciplined in Saving and cannot save the difference and invest it yourself. Otherwise you are generally much better off with a Term Policy. Especially if what you want to do is cover mortgages loans Etc that you know have a fixed payoff term. What you are actually buying is an insurance policy so your heirs aren't stuck with any debt when you die. You also want to have replacement income available.

Personally, I purchased a 20 year level Term Policy for myself. It will cover any outstanding debts I have in addition to providing lifetime income for my wife and child. I pay $33.33 per month per $1MM of coverage. If I die after the 20 year term, my mortgage will be paid off anyway and kids will be out of college. I will also have saved enough separately to replace my remaining years of income and provide a stable happy retirement for my wife

And that's how it's done! Clap!!

 

[Buckwheat 1]

I told by wife a have $500k on me. But I really prepaid for some aluminum siding.