What insurance companies are you guys using for life insurance?

Life insurance is the biggest rip off ever invented. My best friend paid into it from the time he turned 18 until he died in Feb at 70. He never got nothing. Should be called death insurance. Best thing to do is setup a bank account and deposit the premium into it every month. Once you get a nice chunk go get a CD . You'll be surprised how fast it adds up.

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Mine is through Cincinnati life and I hope I gent to help make them richer and never get a dime back from them!! :-). The main thing is to get term life insurance, not whole life insurance. Whole life insurance is essentially a stupid investment scam. Term life insurance is pretty simple. You pick how much you want it to be, the term that you’re willing to pay for, and they give you a price. if you or whoever dies before that term is up, they pay you the amount you agreed to from the onset! Pretty easy to get quotes for it online. Happy trapping! ScottW

I got a plan through Allstate in my early twenties. I was honestly thinking of cashing it out and just putting it in savings. If you can even do that?

I paid $11/month into a $250,000 life insurance policy on my wife for 17 years, when she passed away from cancer. I'll let you do the math. I love my family, it's the only reason to own life insurance. I will continue to pay for a term policy on myself until retirement, at which point, God willing, I will have enough money saved to provide a decent retirement for my "new" wife and a little something for my kid. You don't buy life insurance for yourself, you buy for the people you care about.

Oh, and to the OP, just look for a reputable company and good pricing. Northwestern Mutual, New York Life and Thrivent Financial are all great companies. There are others, but these are companies I have personal experience with. And I agree, term insurance is the answer, in most cases.

I agree. Term life is the only way to go in most instances.

It is the best way for someone to instantly create an estate with some value and pay for it actuarially. This could be especially important for young people just starting out with a new family but few assets.

If you have kids and a wife get a term policy for at least a half million look for level term 20 year policy. I can attest to growing up very poor after my father died and left us nothing.

depends upon situation.I have a large whole life policy thru Northwestern Mutual.
Thru the situation I was in I didn't have to pay the premiums, a business paid them.
The policy was over funded as much as possible so that the premiums would not be required at a certain point and yet the ins. was still in effect.
This policy is now worth 25% more than the face value in death benefits or I can cash it in for about 3/4 of the face value.
And its tax free when cashed in.

Life ins is a wise investment in a traditional household, the bread winner should have enough to cover last expenses and then some in case he dies so his widow and children are not in a bad situation if he dies.

Term life is the only way to go, and there are companies out there that will search the different insurance companies to find you the best rates. Zanders is one of them, there may be others. Its kind of like checking Ammoseek.com for the best price on certain caliber bullets.

I agree with having whole life especially if you are borrowing money so if something happens your family is covered, if nothing else people should have at least 20000 whole life to get you buried, and the companies mentioned before I’ve dealt with myself also and think they’re pretty good.

Term is the way to go.

Both whole and term have their places. Depending on age and more importantly age of children. Most term policy are for twenty years. But if you are at a certain age and still need coverage you are screwed. Whole life builds value and after so long can be converted to lifetime coverage for a certain amount. Term when it’s done it’s done. No converting no value. Whole has a maximum the premium can go regardless of age or health. Take a term at 29 then try to get life insurance at 49 see what you are paying!!!!
I have a 100,000 and 150,000 I locked in at 36 years of age. 57 bucks a month! Wife don’t need it but my granddaughters will get a good payday at some point in their lives

Do the math. I’ve invested so far 16,416 dollars on a 250,000 thousand return. Better than the stock market!!!

Life insurance is very useful. There are about 2000 companies competing for your business. Death benefits are tax free, and highly leveraged. I retired from Prudential and I can assure you no widow ever refused a check, and not one widow ever said she wished her husband had done something different. Many family businesses have been saved by life insurance. It is especially helpful for farming families when heirs have to compensate a family member who is not interested in farming, and cash is needed. Avoids having to mortgage farms or businesses at a difficult time.

Life insurance is a contract. The insurance company must comply with many contractual obligations. The insured only has one obligation.

Very early in my career, I sold a group life and health policy to a small business and one of their employees was killed in a wreck before I even delivered the policy.

There are many great uses for life insurance, especially in business planning and partnerships.

People who bad mouth life insurance usually don’t have any themselves.

Term is great when you are young but it is never paid up and often becomes unaffordable when you need it most.

There are many reasons why whole life works too.

When people asked me which is better, I asked them when they planned to die.

Why do you need it most later in life...? By that time, you should have your nest egg and be self-insured and not relying on insurance to take care of expenses. Id argue you need it most early in life when you have your spouse and kids depending on your salary. In my opinion, thats why term life is needed to replace salaries in hour first 20-30 years...self insure after that...no need for whole life. Just my 2 cents...

A lot of the ag business owners I worked with bought life insurance to help the younger generation to be able to buy the business. Rates are high as many state later in life but so is borrowing a lot of money to pay off siblings etc. etc. Also with life insurance the expensive assets in the business can stay with the elder couple until death and then the insurance proceeds can be used to pay off siblings etc. As stated above the revenue from life insurance is tax free and are funds that can be protected from elder care facilities. almost everyone has different situations and there are different products to meet those needs.Not having any is an option also. Works very well when LLCs are setup when parents are on the younger side and the younger generation becomes partners.

Bryce

LI is paid out to beneficiary tax free. I have seen a couple times in my life where one has died young, and LI pay out saved the family farm. It is for those left behind. As far as companies I really don't know details, but I know Thrivent offers it and is a trusted company.

Good Luck.