GMN
Well-known member
Which one is better? And any good companies out there to get either from?
Thanks
Thanks
TexasBred":3vgpy0tf said:Term....."cash value" is just a gimmick to sell insurance...when you die it disappears.
+100TexasBred":yjzbhp4t said:Term....."cash value" is just a gimmick to sell insurance...when you die it disappears.
That is totally corrrect.Rafter S":1bex64h5 said:I agree that Term is best. Whole life is supposed to be like a combination of life insurance and a savings account. It doesn't do a very good job of either.
What I meant M5...I made it confusing by the way I started the post...many agent push the whole life by showing you the cash value charts....that's fine if you plan to cash it in before dieing but when you die all cash value simply disappears.M5farm":3mlri30g said:TexasBred":3mlri30g said:Term....."cash value" is just a gimmick to sell insurance...when you die it disappears.
TB- I thought term was for a specified time and whole life built cash value. I've had both early in life but when I realized the value of each term is the best deal.
Zander Insurance has a quote tool that goes thru several companies, real easy to play with amounts you want to see what it costs.GMN":1gr2k3z8 said:who do you have your term life policies thru?
Hook":1d6hl7q6 said:I've had a policy with MetLife for the last 20 years. It's a 20 year term and I've had the limits increase and rewrote as time dictates. When i quit smoking I had it rewrote and right now I'm good for another 18 years at a guaranteed rate. I'll rewrite it again when I'm 50 and lock in another 20 year rate
lavacarancher":2m0uavhc said:GM, do you really need life insurance? Don't mean to ask what might sound like a stupid question but life insurance is really meant for your survivors - to take care of final expenses. If you have provided for them and your finals then your wasting your money buying life insurance. JMHO.
I may be wrong but whole life is you buy a fixed amount policy and pay the premium for the rest of your life (whole life) and when you die your estate gets the face value amount of the policy. In my case I bought a $10000 whole life policy when I was 18 YO. My premium is about $300/year. When I die my wife will receive $10000 minus what ever amount that might have been borrowed against it. Term is usually a lot cheaper but as already stated your age and health make a big difference.
John SD":2c2pl30b said:lavacarancher":2c2pl30b said:GM, do you really need life insurance? Don't mean to ask what might sound like a stupid question but life insurance is really meant for your survivors - to take care of final expenses. If you have provided for them and your finals then your wasting your money buying life insurance. JMHO.
I may be wrong but whole life is you buy a fixed amount policy and pay the premium for the rest of your life (whole life) and when you die your estate gets the face value amount of the policy. In my case I bought a $10000 whole life policy when I was 18 YO. My premium is about $300/year. When I die my wife will receive $10000 minus what ever amount that might have been borrowed against it. Term is usually a lot cheaper but as already stated your age and health make a big difference.
Depends on what you mean by "final expenses". If you are talking about funeral expenses, I don't see the point of insurance for that. Why not just pre-plan/pre-pay and write the check now?
I did that a couple years ago. Pre-paying my funeral was my Christmas gift to myself The price is NOT guaranteed due to the low interest rates today, but there wouldn't be a whole lot of cost over and above what I paid. I picked out a vault, casket, and service package that cost a shade over $8K. The funeral home puts the money in the local bank.
Dave Ramsey recommends 10-12X your annual income in term insurance for young families. Dave's advice doesn't always translate well to farmers and ranchers, but IMO you should have enough life insurance or other cash assets so that if you kicked the bucket tomorrow, your spouse wouldn't be forced to sell out.
John SD":chsb066o said:lavacarancher":chsb066o said:GM, do you really need life insurance? Don't mean to ask what might sound like a stupid question but life insurance is really meant for your survivors - to take care of final expenses. If you have provided for them and your finals then your wasting your money buying life insurance. JMHO.
I may be wrong but whole life is you buy a fixed amount policy and pay the premium for the rest of your life (whole life) and when you die your estate gets the face value amount of the policy. In my case I bought a $10000 whole life policy when I was 18 YO. My premium is about $300/year. When I die my wife will receive $10000 minus what ever amount that might have been borrowed against it. Term is usually a lot cheaper but as already stated your age and health make a big difference.
Depends on what you mean by "final expenses". If you are talking about funeral expenses, I don't see the point of insurance for that. Why not just pre-plan/pre-pay and write the check now?
I did that a couple years ago. Pre-paying my funeral was my Christmas gift to myself The price is NOT guaranteed due to the low interest rates today, but there wouldn't be a whole lot of cost over and above what I paid. I picked out a vault, casket, and service package that cost a shade over $8K. The funeral home puts the money in the local bank.
Dave Ramsey recommends 10-12X your annual income in term insurance for young families. Dave's advice doesn't always translate well to farmers and ranchers, but IMO you should have enough life insurance or other cash assets so that if you kicked the bucket tomorrow, your spouse wouldn't be forced to sell out.
lavacarancher":2ai982hz said:GM, do you really need life insurance? Don't mean to ask what might sound like a stupid question but life insurance is really meant for your survivors - to take care of final expenses. If you have provided for them and your finals then your wasting your money buying life insurance.