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Posted: 6/18/2002 8:46:51 PM EDT
Do you folks have any particularly good places to start? I have some from my employer, but I really want (a lot) more to help my kids out if something happens to me. FWIW: age 30, not at all overweight, non smoker, rarely drink. Any suggestions? Thanks in advance! Eric
Link Posted: 6/18/2002 9:02:17 PM EDT
Link Posted: 6/18/2002 9:21:05 PM EDT
Thanks Beekeeper! I am pretty ignorant to the whole aspect & variations of Life Insurance, and your post was a big help! Are there any notable companies that I should look in to? (no clue on my end) Thanks again! Eric
Link Posted: 6/18/2002 9:44:42 PM EDT
I second the motion for term insurance. Usually 8 - 10 times your income (depends on other assets, etc.). That way, the surviving spouse can invest the money in a good mutual fund (average return 12%) and live off the interest without touching the principal. I'd suggest a good independant agent, one who represents many companies. If you go to an Allstate agent, guess what product you will buy?! An insurance salesman will try to talk you into whole life, variable life, or some such permutation. DON'T BUY IT!! The insurance costs are many times the costs of term and the "investment" options are usually not very good. The death benefit is reduced by the cash value of the policy and they charge you interest if you borrow your own money. Zander insurance "www.zanderins.com" deals with about 300 different companies and will get you the best rate possible. I'd go for a 20 or 30 year LEVEL term. Bill
Link Posted: 6/19/2002 11:22:44 AM EDT
Originally Posted By EricE: Thanks Beekeeper! I am pretty ignorant to the whole aspect & variations of Life Insurance, and your post was a big help! Are there any notable companies that I should look in to? (no clue on my end) Thanks again! Eric
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Call an independant insurance agent in your area. Since he/she's "independant", they can shop many different company's policies past you to see what fits you best. By all means, stick to term policies.
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