Hi everyone. I live in the chicago are and am looking for a decent life insurance policy. I am unmarried as of now and am 30 yrs old. Would love any suggestions on life insurance. Additionally i am a bit of a dumb blond at this so i would also like more information about life insurance in general...you know pros and cons etc.
Advice Needed on Life Insurance
- Thread starter randy1
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Life insurance is good.
Yes, sorry that was rather generic, but to give any more specific advice you would need to give more details.
You mention that you are unmarried, why do you want the life insurance? Do you have eventual plans to get married, adopt, have a child? How much debt do you currently have, what is your income?
Additionally, are you a saver, or do you just go from paycheck to paycheck? How much room is in your budget for life insurance premium?
That is a lot of questions, but those really need to be answered before anyone can advise you to your situation.
Yes, sorry that was rather generic, but to give any more specific advice you would need to give more details.
You mention that you are unmarried, why do you want the life insurance? Do you have eventual plans to get married, adopt, have a child? How much debt do you currently have, what is your income?
Additionally, are you a saver, or do you just go from paycheck to paycheck? How much room is in your budget for life insurance premium?
That is a lot of questions, but those really need to be answered before anyone can advise you to your situation.
Well that's probably everybody's predicament. The point i caught on is that u are unmarried. So i am assuming that you are thinking of getting married in the very near future. Also since you mentioned that you are kindof a newbie, I’ll give u bit of an intro onto what is life insurance.
Life Insurance is a contract between two parties, life insured (policy owner) and the insurer (the insurance company) for a given time period, wherein the insurer agrees to pay a certain amount of sum (known as Sum Assured) to the beneficiary incase of death of the insured. In return an insured has to pay a designated amount (known as Premium) to the insurer either in lump sum or at regular intervals. Beneficiary for the insurance policy is chosen by the insured, there must be an insurable interest between the beneficiary and the insured. The policy owner can change the beneficiary at any point of time.
Now there are various types of insurances can be done depending on individual needs.
1.Term life insurance - Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
2.Whole Life Insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
3.Universal life insurance - Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.
4.Variable life insurance - Variable Universal Life combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You can allocate your premium amongst a variety of professionally managed investment divisions plus a fixed account. Assets allocated to the investment divisions are subject to market risk and may lose value.
Source: Life insurance - Wikipedia, the free encyclopedia and Chicago-Area - Life Insurance - Annuities - Retirement Planning - Financial Services - Money in Motion : Our Products
Hope I have cleared the air a little bit. As VolAgent pointed out you need to a little more specific before you can get more fruitful advice regarding your query. Take care mate and welcome to the forums
Life Insurance is a contract between two parties, life insured (policy owner) and the insurer (the insurance company) for a given time period, wherein the insurer agrees to pay a certain amount of sum (known as Sum Assured) to the beneficiary incase of death of the insured. In return an insured has to pay a designated amount (known as Premium) to the insurer either in lump sum or at regular intervals. Beneficiary for the insurance policy is chosen by the insured, there must be an insurable interest between the beneficiary and the insured. The policy owner can change the beneficiary at any point of time.
Now there are various types of insurances can be done depending on individual needs.
1.Term life insurance - Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
2.Whole Life Insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
3.Universal life insurance - Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.
4.Variable life insurance - Variable Universal Life combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You can allocate your premium amongst a variety of professionally managed investment divisions plus a fixed account. Assets allocated to the investment divisions are subject to market risk and may lose value.
Source: Life insurance - Wikipedia, the free encyclopedia and Chicago-Area - Life Insurance - Annuities - Retirement Planning - Financial Services - Money in Motion : Our Products
Hope I have cleared the air a little bit. As VolAgent pointed out you need to a little more specific before you can get more fruitful advice regarding your query. Take care mate and welcome to the forums
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Randy...You'll get great advice here. Also...if you can find an experienced life insurance broker in your area (20 years+ with designations), he/she will provide some help.
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