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Life Insurance. Which company would you suggest?

I'm looking at gerber. They offer $100,000 for $19.80 for me b/c I'm under 32 and I'm healthy. It's a 20 year term.

Which company have you gone with and why? What's your policy like (amount - what you pay)?

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Anonymous

Asked by Anonymous at 1:02 PM on Apr. 6, 2009 in Health

Answers (3)
  • I did a lot of research and ultimately selected a blend of term/whole insurance for $1M through Northwestern Mutual. I also get my long term disability insurance through them. I based the coverage on my salary (attorney), mortgage, and expectation my child(ren) will go to college. My husband has a similar policy.

    Term is great if you need coverage but are not interested in accruing value. It is less expensive, and provides essentially the same coverage. Usually the policy terminates at the age of 65, or becomes too expensive to be worth it.
    Whole is like a "forced savings" plan-- you own the policy. With ours, we accrue value, and earn dividends to the point that the policy, after 10 years, will pay for itself. Also, at the age of 65, I can draw a yearly salary from the policy. If I wait until I'm 75, I can draw a higher amount.

    For 3 policies (2 life, 1 LTD), I pay $375 per month.
    Busimommi

    Answer by Busimommi at 1:19 PM on Apr. 6, 2009

  • We use Southern Farm Bureau, my husband and I have (convertible) term and whole life policies totaling $300,000 plus $25,000 for our son. It costs us $124 a month--but we don't "actually" come up with the money, we use his monthly VA benefit to cover the payment. You should contact an insurance agent to discuss your goals and financial situation...do you just need burial money or have a family to take care of or just want to leave something for your adult children? If your term policy isn't convertible, you lose any money you put in after the term is up (in some cases) Whole life has cash value & is considered an asset. It just depends on what you need.
    RugersMommy06

    Answer by RugersMommy06 at 1:19 PM on Apr. 6, 2009

  • Both of you Ladies gave excellent info for me to really think about. Thanks so much.

    With this gerber 20yr term/100,000 I'm looking at, they state that it's convertible into whole. Right now I just want something decent that will take care of my funeral expenses and bills in case I drop dead. Also to leave my 2 bebe's with something that coul hold them for a few years. They're very young.
    Anonymous

    Answer by Anonymous at 3:34 PM on Apr. 6, 2009

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