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Thread: Term Life Insurance

  1. #1
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    Default Term Life Insurance

    Dh is 33, I am 30 and we have a 18 month old son. I am a SAHM and dh is a police officer so I know we should have term life insurance. I have never shopped around for it, so I was hoping for some suggestions. I am unsure which one we should stay away from (term, maybe?). I thought I heard one is bad on Suze Orman....
    Any advice is appreciated!! TIA!



  2. #2
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    What you choose to stay away from or listen to is up to you. I believe Suze advocates term and doesn't like permanent or whole life insurance. What you should know about the difference between the two is that term life is temporary but cheaper. So it will cover the insured if he dies within the time period you bought the insurance for. Term life should always be supplemented by savings and other investment accounts for retirement and emergency funds. Permanent life is for families that know they need permanent life insurance cover. It's more expensive because it lasts you your entire lifetime, and may be very expensive for middle-income families. You can shop on large aggregator websites that offer free life insurance quotes online, click here. Besides quote generators, you'll also find plenty of life insurance advice, life insurance needs calculators and articles to help you sort out any questions you may have.

    Pat Cassidy
    Disclaimer: I work for AccuQuote and this is my personal opinion.

  3. #3

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    Suze Orman and Dave Ramsey (both financial planning experts) recommend term life insurance over permanent life insurance in most instances. Having young children you may want to consider 20 or 30 year level term life insurance protection for both you and your husband. You can contact a local license independent life insurance agent to assist you with comparing plans and pricing. Or, you may want to request term life rate comparisons online to find out which carriers offer some of the most competitive rates. Online life insurance quotes provide you with the carrier names, financial ratings, premiums quoted, and premium payment options.
    Visit Term Life Online to learn about life insurance and how to buy no exam life insurance online.

  4. #4
    Senior Member Level 1 DavidBlock's Avatar
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    What Suze Orman and Dave Ramsey and many others tell us is to "buy term and invest the difference". The reality is that takes effort, focus, and trust in another individual to invest your money. As such, permanent insurance is forever and does not terminate in 10, 20, or 30-years. What do you say to a client (assuming you call them that) who turns uninsurable and needs coverage beyond the term period ... sorry, you are stuck? What happens to the child that is uninsurable due to medical issues and cannot get coverage later in life ... sorry, you are stuck?

    If you want to find a professional that can help, go to www.naifa.org and find a local agent. They come to you, help you understand the types of policies, and protect your family from financial collapse. Don't forget about disability insurance too; it is the most overlooked type of protection.

    These and many other reasons point to the fallacy of those you mention. Reality and practicality are very different from theory. In theory, everyone will always be healthy and we will have money to take care of everything. The reality is...
    Last edited by DavidBlock; 09-21-2012 at 10:57 AM.
    David M. Block, CLTC
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  5. #5
    Senior Member Level 1 marindependent's Avatar
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    In a general sense Term Life Insurance is typically get you the most for your money. It will also not confuse you the consumer with some sort of Investment account.
    Scott W Johnson
    Whole Vs Term Life Insurance
    415-294-5454 CA LIC 0K10734

  6. #6
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    Term life is also the type of insurance that is least likely to pay a claim. The reason why is it is only temporary. It is for a term like 1-5-10-20 years. Term life is like renting and Whole life is like owning.
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