by Guest » Thu Nov 03, 2011 12:17 pm
My family consists me 46, my wife 41 with three children 18, 15, and 9. I'm looking for an insurance policy for about 250k or 200k. We're looking for something as a package deal for all five of us on one policy, kind of a family floater.
my family members are all nonsmokers and to my knowledge in good health too.
What will be the suitable option, a term or permanent policy?
my family members are all nonsmokers and to my knowledge in good health too.
What will be the suitable option, a term or permanent policy?
Posted: Fri Nov 04, 2011 03:55 pm Post Subject:
You may try to get the help of an independent agent and find out the right life insurance policy for you. An agent would be the best person to guide you on this.
Posted: Sat Nov 05, 2011 06:34 am Post Subject:
What will be the suitable option, a term or permanent policy?
It is both impossible and inappropriate to attempt to answer that question here without knowing more about your situation, objectives, and needs. Either type of policy could be appropriate, or one of them could be entirely wrong.
This is something you will determine when working with a local agent who will interview you to determine what is most suitable for your situation. Additionally, your thoughts on needing $250,000 or $300,000 in coverage . . . those numbers could be low by a factor of three or four, or more.
If you are in California, send me a PM or an email and we can discuss this further.
Posted: Wed Nov 09, 2011 06:08 pm Post Subject: Personal Preference
So much of this decision is based on personal preference. Both term and permanent policies have their benefits. Good luck!
Posted: Thu Nov 10, 2011 07:48 am Post Subject:
I too feel the same.
A term life may be a suitable choice and so can be a whole life insurance. It all depends on the person's personal requirements. If you want to accumulate cash on your life insurance and don't want to insure yourself for only a specific time period, then term life is NOT for you.
On the other hand, if you want security against sudden death, only for a specific time and want your dependents to get death benefits only, then Term life is the only choice & definitely not permanent life insurance.
So, both Term & Whole life insurance can be most suitable or crap depending on specific requirements. Another fact to consider on is budget.
So, just know your specific needs first and consult an agent.
Posted: Fri Nov 11, 2011 07:24 am Post Subject:
I don't think there can be a family floater life insurance policy to cover all members of a family, as th OP asks.
Health insurance floaters is available but not life insurance?
Any EXPERT VIEWS on this?
Posted: Fri Nov 11, 2011 07:11 pm Post Subject:
Many companies, but not all, permit coverage of spouse and children as additional insureds by rider (OK, so the OP used the term "floater", but we understand what he means). This additional coverage is usually provided with term coverage to a stated age, and is typically convertible to an individual whole life/UL policy without proof of insurability in the event of a divorce or reaching the maximum age of coverage for a child.
Posted: Sun Nov 13, 2011 05:04 pm Post Subject: Thank you!
This forum is proving to be very helpful in my hunt for a good policy - thank you! And the research continues...
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