Mazda3 Forums banner

1 - 10 of 10 Posts

·
Registered
Joined
·
61 Posts
Discussion Starter #1
Hi everyone, I have been thinking about opening up a life insurance plan and I wanted to hear any opinions you may have on how to proceed. I am 23 years old and I am married, my wife is 24. Now my questions are mostly on who are reputable companies to shop with, and any advice you can give based on your experiences or lessons you may have learned. Thanks!
 

·
Registered
Joined
·
17,662 Posts
Buy term life insurance only. Cash value or whole life policies are a ripoff, but they make insurance salesmen a lot of money so they'll be pushed quite a bit.

There are many online quote services to use, or you can just find a local agent and meet face to face.
 

·
Registered
Joined
·
61 Posts
Discussion Starter #6
Thanks for the replies, I have been reading into it a bit and I do agree that term life seems to fit my needs perfectly. We do not have life insurance, I am a full-time student at the moment and my wife is working per-diem as a Registered Nurse. Her hospital only offers her health and vision coverage since she is technically classified as a part-time employee even though she works full-time hours. This is why I am trying to look into an individual term-life insurance plan.
 

·
Registered
Joined
·
9,451 Posts
Frankly why are you looking at life insurance right now then?

If you aren't financially contributing and you don't have kids, why? I hate to be crass, but if you died right this second, would your wife be any worse off financially?

In my case when I was married the answer would have been yes, she'd have a big ole mortgage without my income to support it. Now the answer is even easier with us having 2 children. Before the house and the kids I wouldn't have had life insurance if it wasn't employer offered and dirt cheap.

It sounds like your money is better spent not paying for life insurance, at least for the moment. In a couple of years maybe when the two of you have more financial obligations and/or children.

In my case my insurance is 3x annual salary and I am bumping it up to 4x with the birth of my son recently. It's be nice if I could get employer coverage on her, but the most my employer offers is $5,000 per spouse/dependent. Like 5 grand is going to do me much good if my wife died.
-Matt

PS I would be in a cleft stick if it weren't for my parents and in-laws if my wife died. She is stay at home now and I doubt I'd be able to afford child care for 2 kids and the mortgage and other bills, at least not for more than a year or two at most. Of course hopefully in the next few months I'll finally get that damn promotion and the money issue would be less of consequence.

PPS Well, really hopefully my wife is going to be around and healthy for a number of decades (many multiples) to come so the whole thing is moot.
 

·
Registered
Joined
·
9,451 Posts
Oh and when you are looking at life insurance I'd look at your family's current financial obligations and figure out what you'd need to support them for some reasonable period of time. In my case I look at it and figure if I were to kick the bucket my life insurance would basically pay off the house and leave at least enough surplus to last my family (with no mortgage) a good 3-4 years before my wife would have to start working again. At least with my insurance getting adjusted.
-Matt
 

·
Registered
Joined
·
656 Posts
Just beware of requesting a quote online. I did a few weeks ago just expecting quotes emailed back to me. What I got was a barrage of phone calls, emails, and hard sales that rivaled the insurance guy on “Groundhog Day”. I mean, all I wanted was to see if what I had was still a decent deal, and I got this assault from these agents wanting an immediate commitment with threats of quotes expiring. WTF “Expiring” ??? Like the risks of insuring me are changing daily! I never even got any actual prices or estimates! I will eventually change my insurance because I know my employer offered one isn’t the best anymore, but I’ve kept notes on the most annoying/aggressive agents and will definitely NOT be going through them.
 

·
Registered
Joined
·
61 Posts
Discussion Starter #10
Thanks for the replies, I understand your points well which is why I think we really do need it. We still have to pay the car off, student loans for me and my wife, and she is also supporting her mom and her dad in the Philippines. If something were to happen to her I wouldn't be able to keep from going under with all of the financial responsibility, at least not instantly. I guess at this point I'm more at risk if something were to happen to her, I would need to drop out of school and go back to work. If something were to happen to me then at least I know she'll have the money to get the things that we wanted i.e. house...

Anyway, anyone have anything to say about either Fidelity or Allstate life insurance?
 
1 - 10 of 10 Posts
Top