Life insurance

[lflatford]

Tennessee "GO VOLS!"
Northwestern Mutual for all of us
Our kids have an APB Premium policy that we pay $14 a month each.
They have it now for 25k and it will increase every three years from the time they are 21 years old to when they turn 40. 25k with each 3 year increment.

**We got policies for both when they were babies before we knew Avery had CF. <img src="i/expressions/face-icon-small-confused.gif" border="0">

 

[lflatford]

Tennessee "GO VOLS!"
Northwestern Mutual for all of us
Our kids have an APB Premium policy that we pay $14 a month each.
They have it now for 25k and it will increase every three years from the time they are 21 years old to when they turn 40. 25k with each 3 year increment.

**We got policies for both when they were babies before we knew Avery had CF. <img src="i/expressions/face-icon-small-confused.gif" border="0">

 

[wanderlust]

Just FYI, *only* buy a term life policy... whole life is a waste of money.

I only have coverage on me right now - $750,000 15-year term policy for less than $200/year. I'm 28 and in good health though, so that's likely a factor in price.

Of course, we were in the process of getting life insurance for my husband when we found out about his CF. I really don't know how they'll take it - technically, he has two CF mutations, but really, he's not showing any symptoms that aren't fertility-related. I'll be looking into this more in the coming weeks and I'll let you know.

Incidentally, I've got a will and trust set up under my name, but my husband has nothing... we'll be doing that soon, too.

 

[wanderlust]

Just FYI, *only* buy a term life policy... whole life is a waste of money.

I only have coverage on me right now - $750,000 15-year term policy for less than $200/year. I'm 28 and in good health though, so that's likely a factor in price.

Of course, we were in the process of getting life insurance for my husband when we found out about his CF. I really don't know how they'll take it - technically, he has two CF mutations, but really, he's not showing any symptoms that aren't fertility-related. I'll be looking into this more in the coming weeks and I'll let you know.

Incidentally, I've got a will and trust set up under my name, but my husband has nothing... we'll be doing that soon, too.

 

[wanderlust]

Just FYI, *only* buy a term life policy... whole life is a waste of money.

I only have coverage on me right now - $750,000 15-year term policy for less than $200/year. I'm 28 and in good health though, so that's likely a factor in price.

Of course, we were in the process of getting life insurance for my husband when we found out about his CF. I really don't know how they'll take it - technically, he has two CF mutations, but really, he's not showing any symptoms that aren't fertility-related. I'll be looking into this more in the coming weeks and I'll let you know.

Incidentally, I've got a will and trust set up under my name, but my husband has nothing... we'll be doing that soon, too.

 

[julie]

Wanderlust,

I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.

THanks,

Julie

 

[julie]

Wanderlust,

I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.

THanks,

Julie

 

[julie]

Wanderlust,

I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.

THanks,

Julie

 

[Lungboy911]

1. California
2. Sunlife
3. $25,000 + $10,000 from work (Don't remember Company name right now)
4. $30 a month for the $25K, 10K from work is free.

Great way to go about this topic, thank you Julie. I love the number format you created to ask this question so we know the state, company and amount. Very helpfull...

By the way I got my 25K from a previous employer and was able to keep it. But I have always found this part of CF tremendously frustrating since I bought my house, and started a family 12 years ago.

God Bless you and stay positive,

 

[Lungboy911]

1. California
2. Sunlife
3. $25,000 + $10,000 from work (Don't remember Company name right now)
4. $30 a month for the $25K, 10K from work is free.

Great way to go about this topic, thank you Julie. I love the number format you created to ask this question so we know the state, company and amount. Very helpfull...

By the way I got my 25K from a previous employer and was able to keep it. But I have always found this part of CF tremendously frustrating since I bought my house, and started a family 12 years ago.

God Bless you and stay positive,

 

[Lungboy911]

1. California
2. Sunlife
3. $25,000 + $10,000 from work (Don't remember Company name right now)
4. $30 a month for the $25K, 10K from work is free.

Great way to go about this topic, thank you Julie. I love the number format you created to ask this question so we know the state, company and amount. Very helpfull...

By the way I got my 25K from a previous employer and was able to keep it. But I have always found this part of CF tremendously frustrating since I bought my house, and started a family 12 years ago.

God Bless you and stay positive,

 

[Allisa35]

<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>julie</b></i>


I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.



Julie</end quote></div>


Julie, I'm not positive, but I think that with term life insurance, it is usually cheaper and only lasts for a certain amount of time (my husband has term life for a 20 year period). With whole life, it is usually a bit more expensive (of course, it depends on which policy you choose) and it lasts until your time of death. If I'm wrong, feel free to correct me.

 

[Allisa35]

<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>julie</b></i>


I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.



Julie</end quote></div>


Julie, I'm not positive, but I think that with term life insurance, it is usually cheaper and only lasts for a certain amount of time (my husband has term life for a 20 year period). With whole life, it is usually a bit more expensive (of course, it depends on which policy you choose) and it lasts until your time of death. If I'm wrong, feel free to correct me.

 

[Allisa35]

<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>julie</b></i>


I don't know much about the difference in term and whole life... do you, and if so, can you explain it a bit? I don't understand it.



Julie</end quote></div>


Julie, I'm not positive, but I think that with term life insurance, it is usually cheaper and only lasts for a certain amount of time (my husband has term life for a 20 year period). With whole life, it is usually a bit more expensive (of course, it depends on which policy you choose) and it lasts until your time of death. If I'm wrong, feel free to correct me.

 

[mom2lillian]

1. Michigan
2. a-metlife b-american insurance adjustors c-work d-credit union
3. a-60,000 b-25,000 c-6xpay d-5,000
4 a-$72/yr b-$65/yr c-169/yr d-free

ALso sidenote that I can also get 3xpay through work without an exam or whatever but higher requires you too HOWEVER I called numerous times and verified this with my HR that you are guaranteed the 3xpay at a minimum so I had nothing to loose by trying to get higher. They sent me the paperwork and had I had a dr fill it out I would have failed terribly but it said in there that there was an option to call in to a rep and answer 8 questions instaed so I figured I woudl try not expecting to pass but they asked about heart trouble cancer HIV etc they DID not ask about lungs or hospitilizations so I passed just last month!!! I also have my husband on my wokr policy for 100,000 on him but I found out if he took the 8 questions and failed I woudl get no coverage for him so I took questions first so we woudl know what they were <img src=""> to decide if he should take it or get lower coverage.

The 60,000 I have was through my employer and when we were bought by another company did not use metlife they offered us policies at discounted prices like what we were paying anyway. The 25,000 I got through my alumni association for college when I graduated I got 10,000 for a year free no questions then I could up it to 25,000 without questions.

 

[mom2lillian]

1. Michigan
2. a-metlife b-american insurance adjustors c-work d-credit union
3. a-60,000 b-25,000 c-6xpay d-5,000
4 a-$72/yr b-$65/yr c-169/yr d-free

ALso sidenote that I can also get 3xpay through work without an exam or whatever but higher requires you too HOWEVER I called numerous times and verified this with my HR that you are guaranteed the 3xpay at a minimum so I had nothing to loose by trying to get higher. They sent me the paperwork and had I had a dr fill it out I would have failed terribly but it said in there that there was an option to call in to a rep and answer 8 questions instaed so I figured I woudl try not expecting to pass but they asked about heart trouble cancer HIV etc they DID not ask about lungs or hospitilizations so I passed just last month!!! I also have my husband on my wokr policy for 100,000 on him but I found out if he took the 8 questions and failed I woudl get no coverage for him so I took questions first so we woudl know what they were <img src=""> to decide if he should take it or get lower coverage.

The 60,000 I have was through my employer and when we were bought by another company did not use metlife they offered us policies at discounted prices like what we were paying anyway. The 25,000 I got through my alumni association for college when I graduated I got 10,000 for a year free no questions then I could up it to 25,000 without questions.

 

[mom2lillian]

1. Michigan
2. a-metlife b-american insurance adjustors c-work d-credit union
3. a-60,000 b-25,000 c-6xpay d-5,000
4 a-$72/yr b-$65/yr c-169/yr d-free

ALso sidenote that I can also get 3xpay through work without an exam or whatever but higher requires you too HOWEVER I called numerous times and verified this with my HR that you are guaranteed the 3xpay at a minimum so I had nothing to loose by trying to get higher. They sent me the paperwork and had I had a dr fill it out I would have failed terribly but it said in there that there was an option to call in to a rep and answer 8 questions instaed so I figured I woudl try not expecting to pass but they asked about heart trouble cancer HIV etc they DID not ask about lungs or hospitilizations so I passed just last month!!! I also have my husband on my wokr policy for 100,000 on him but I found out if he took the 8 questions and failed I woudl get no coverage for him so I took questions first so we woudl know what they were <img src=""> to decide if he should take it or get lower coverage.

The 60,000 I have was through my employer and when we were bought by another company did not use metlife they offered us policies at discounted prices like what we were paying anyway. The 25,000 I got through my alumni association for college when I graduated I got 10,000 for a year free no questions then I could up it to 25,000 without questions.

 

[wanderlust]

Here's a good, basic article about the differences: <a target=_blank class=ftalternatingbarlinklarge href="http://articles.moneycentral.msn.com/Insurance/InsureYourLife/TheRagingDebateOverTermvsWholeLife.aspx
">http://articles.moneycentral.m...rTermvsWholeLife.aspx
</a>
(What I called "whole life insurance" upthread is referred to as "permanent life insurance" in the article).

Basically, with term life, you pay $x per year for a 10-, 15-, or 20- year term. If you keep it that long, you're locked into that rate. It pays only on your death; this is the least expensive option because it has no cash value. So, right now I pay less than $200 year for term life. If I should die, $750,000 would go into a trust and I have an executor appointed. Now, chances are good that I'll live a long life (remember: insurance companies are banking on odds like this!) So 20 years down the line, I may have paid $4,000 out of pocket and not be able to "cash it out" or get any money out of it. It's a lot like car insurance that way.

With whole life, you pay more annually (I don't know how much more because I didn't even consider it). It appeals to some people because it accrues a "cash value." So 20 years from now, I could cash it out, take some money and walk away. But honestly, you are so much better off to invest that money in a Roth IRA (typical return is 8-10% a year) or even a money market (around 5%). You'll get a better return on your money.

My mom's a former financial advisor, and I've learned a lot from her. But if you're getting all this taken care of, it's really important to have your wills, durable powers of attorney, etc. taken care of too. Heavy decisions, but I've known a couple people who died suddenly in car accidents - and left behind young children. If that should happen to me, I know that my son would be able to go to college and make a down payment on his first house, my husband could pay off the mortgages and put a lot aside for retirement, and all that. I figure $15/month is worth it to me. <img src="i/expressions/face-icon-small-wink.gif" border="0">

BTW, we got ours through West Coast Life. I shopped around and they had the best deal. On a side note, I recently switched away from State Farm. We were paying insurance on two cars and two condos; at another company, I got better coverage and saved $850/year. It's amazing how much insurance companies take in!

 

[wanderlust]

Here's a good, basic article about the differences: <a target=_blank class=ftalternatingbarlinklarge href="http://articles.moneycentral.msn.com/Insurance/InsureYourLife/TheRagingDebateOverTermvsWholeLife.aspx
">http://articles.moneycentral.m...rTermvsWholeLife.aspx
</a>
(What I called "whole life insurance" upthread is referred to as "permanent life insurance" in the article).

Basically, with term life, you pay $x per year for a 10-, 15-, or 20- year term. If you keep it that long, you're locked into that rate. It pays only on your death; this is the least expensive option because it has no cash value. So, right now I pay less than $200 year for term life. If I should die, $750,000 would go into a trust and I have an executor appointed. Now, chances are good that I'll live a long life (remember: insurance companies are banking on odds like this!) So 20 years down the line, I may have paid $4,000 out of pocket and not be able to "cash it out" or get any money out of it. It's a lot like car insurance that way.

With whole life, you pay more annually (I don't know how much more because I didn't even consider it). It appeals to some people because it accrues a "cash value." So 20 years from now, I could cash it out, take some money and walk away. But honestly, you are so much better off to invest that money in a Roth IRA (typical return is 8-10% a year) or even a money market (around 5%). You'll get a better return on your money.

My mom's a former financial advisor, and I've learned a lot from her. But if you're getting all this taken care of, it's really important to have your wills, durable powers of attorney, etc. taken care of too. Heavy decisions, but I've known a couple people who died suddenly in car accidents - and left behind young children. If that should happen to me, I know that my son would be able to go to college and make a down payment on his first house, my husband could pay off the mortgages and put a lot aside for retirement, and all that. I figure $15/month is worth it to me. <img src="i/expressions/face-icon-small-wink.gif" border="0">

BTW, we got ours through West Coast Life. I shopped around and they had the best deal. On a side note, I recently switched away from State Farm. We were paying insurance on two cars and two condos; at another company, I got better coverage and saved $850/year. It's amazing how much insurance companies take in!

 

[wanderlust]

Here's a good, basic article about the differences: <a target=_blank class=ftalternatingbarlinklarge href="http://articles.moneycentral.msn.com/Insurance/InsureYourLife/TheRagingDebateOverTermvsWholeLife.aspx
">http://articles.moneycentral.m...rTermvsWholeLife.aspx
</a>
(What I called "whole life insurance" upthread is referred to as "permanent life insurance" in the article).

Basically, with term life, you pay $x per year for a 10-, 15-, or 20- year term. If you keep it that long, you're locked into that rate. It pays only on your death; this is the least expensive option because it has no cash value. So, right now I pay less than $200 year for term life. If I should die, $750,000 would go into a trust and I have an executor appointed. Now, chances are good that I'll live a long life (remember: insurance companies are banking on odds like this!) So 20 years down the line, I may have paid $4,000 out of pocket and not be able to "cash it out" or get any money out of it. It's a lot like car insurance that way.

With whole life, you pay more annually (I don't know how much more because I didn't even consider it). It appeals to some people because it accrues a "cash value." So 20 years from now, I could cash it out, take some money and walk away. But honestly, you are so much better off to invest that money in a Roth IRA (typical return is 8-10% a year) or even a money market (around 5%). You'll get a better return on your money.

My mom's a former financial advisor, and I've learned a lot from her. But if you're getting all this taken care of, it's really important to have your wills, durable powers of attorney, etc. taken care of too. Heavy decisions, but I've known a couple people who died suddenly in car accidents - and left behind young children. If that should happen to me, I know that my son would be able to go to college and make a down payment on his first house, my husband could pay off the mortgages and put a lot aside for retirement, and all that. I figure $15/month is worth it to me. <img src="i/expressions/face-icon-small-wink.gif" border="0">

BTW, we got ours through West Coast Life. I shopped around and they had the best deal. On a side note, I recently switched away from State Farm. We were paying insurance on two cars and two condos; at another company, I got better coverage and saved $850/year. It's amazing how much insurance companies take in!