My husband and I are shopping for life insurance (we currently have none). Does anyone know of good sites to compare rates quickly and easily? The thought of shopping around from agent to agent is overwhelming!
Editor's Note: Budget Life is a good site for comparing insurance rates.
We recently were looking for more life insurance and did some checking with the local insurance agencies. We do deal with Edward Jones (investment company). They had by far the best deal in life insurance.
A Helpful Reader
Edward Jones will just try to sell you a Whole Life product. NEVER mix savings with your life insurance policy!! Unless you want to make your agent rich while you get poorer. Buy a term policy (you do not need life insurance for your whole life, you plan on retiring don't you?) which is crazy cheaper.
Always remember that life insurance is to protect the family from the loss of a bread winner, but when you retire, you are no longer working, so you are self insured!
Whole life policies are very interesting. If you save $20,000 in that policy and then die, the insurance company keeps your savings! Or, if you borrow some of your savings as a loan (whose money is it?), you must pay interest on that, and if you die they deduct the loan from your death benefit! Buy term!
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I am not too savvy regarding life insurance. I need to get a policy for my husband who is on disability. This is our only income and I need this policy to be able to have burial expenses and to pay other expenses that might occur. He is not ill or anything like that as he is only 65 and in great health.
By Mary
You said that he's on disability, but in great health, which is contradictory. Anyway, it has been my experience that an insurance will not cover the disability -at all, if they even allow you to buy the policy. For example, if he has a vision problem (they woud cover him for anything but the vision problem) that eventually led to death, it would not pay out; if he died from a kidney problem, then they'd pay.
Life insurance doesn't follow the new rules for health insurance and pre-existing conditions. Also, buying any policy at his age would be expensive, probably a good chunk of his income. We're in much the same situation. Good luck.
I need low cost life insurance for preexisting illness.
Barbara from Oklahoma
