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 Life Insurance Questions |
Carolyn Smith |
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shaunbwilson |
It might be helpful if you could share what kind of insurance. (Health? Auto? Home? Church? Business? Something else?) Lines of insurance are often specialized.
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4/11/20 9:34 pm
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Carolyn Smith |
| shaunbwilson wrote: | | It might be helpful if you could share what kind of insurance. (Health? Auto? Home? Church? Business? Something else?) Lines of insurance are often specialized. |
Life insurance. I lost my job recently & need to make a decision very soon about continuing what I have or getting something else.
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Hon. Dr. in Acts-celeratology
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4/11/20 11:09 pm
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Link |
I am not sure if I am familiar with it or not. If no one answered it, you could post the terminology on the page and maybe someone would know what the terminology means.
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4/13/20 12:12 am
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Carolyn Smith |
| Link wrote: | | I am not sure if I am familiar with it or not. If no one answered it, you could post the terminology on the page and maybe someone would know what the terminology means. |
I am pretty sure the insurance I had was whole life. If I continue it, it will become universal life, which from what I've read, has some of the qualities of whole life but is different. Trying to decide if I should keep this as universal, cash it out, or what.
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Hon. Dr. in Acts-celeratology
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4/13/20 9:41 am
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Michelle |
| Carolyn Smith wrote: | | Trying to decide if I should keep this as universal, cash it out, or what. |
This is a tough one! You'll need to weigh the benefits between the cash value of the old policy vs. the underwriting requirements, policy terms, and annual premium for the new policy. To add even more pressure, they probably only gave you a few days to make the decision!
Insurance agents that work in personal lines (like homeowners and auto insurance) will either also be licensed in life insurance or will have a trusted relationship with someone who is. Agents genuinely want to help people navigate situations like this! They'll also be able to tell you if the offered universal policy is "worth it", or if there are other policies that better fit your personal situation.
I recommend contacting the agent who works on your home/auto policies. If they can't personally help with the life insurance question, they'll know the right person for you to talk to! |
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Posts: 30
4/13/20 1:19 pm
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Carolyn Smith |
| Michelle wrote: | | Carolyn Smith wrote: | | Trying to decide if I should keep this as universal, cash it out, or what. |
This is a tough one! You'll need to weigh the benefits between the cash value of the old policy vs. the underwriting requirements, policy terms, and annual premium for the new policy. To add even more pressure, they probably only gave you a few days to make the decision!
Insurance agents that work in personal lines (like homeowners and auto insurance) will either also be licensed in life insurance or will have a trusted relationship with someone who is. Agents genuinely want to help people navigate situations like this! They'll also be able to tell you if the offered universal policy is "worth it", or if there are other policies that better fit your personal situation.
I recommend contacting the agent who works on your home/auto policies. If they can't personally help with the life insurance question, they'll know the right person for you to talk to! |
Good idea! Thank you!
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Hon. Dr. in Acts-celeratology
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4/13/20 1:21 pm
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| Carolyn...it depends. |
Aaron Scott |
If you want cheaper premiums, term is the way to go. Further, it pays to shop around every so often for new term insurance. You almost always will find a better price due to the company wanting you to get onboard...than the current company will give you.
If you want insurance that gives cash back, etc., then you would probably be better served to get term life...and INVEST OR SAVE the difference. |
Hon. Dr. in Acts-celeratology
Posts: 6042
4/13/20 1:43 pm
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Eddie Robbins |
| What ever you do, don’t drop or cancel what you have right now. Aaron is also correct about a term policy being better for you. It will be cheaper and eventually, you can drop your insurance because you can become self insured by investing the difference. You have to be careful, though. A life insurance agent makes WAY more if they sell you a cash value product. That alone should tell you something. |
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4/13/20 2:53 pm
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rickfowler |
I would concur with the term insurance advice. I would also just add get them to lock in the rate. I recently got one for 10 years and I'm 62. Thinking it will be the last life insurance policy I ever need. Following Eddie's advice of dropping down the road.
Blessings on the new adventure in whatever venture you pursue. |
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4/14/20 5:48 pm
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