Well most insurance companies are also financial institutions so they have thousands of products they use and also have very wealthy investors. Some put millions of dollars in different avenues at a time not to mention people paying for 20 years that never die or lapse and the money is just gone, it's pretty profitable.
Do you have life insurance?
- Thread starter Poh SIti Dawn
- Start date
I'm thinking about getting another one since I'll be getting a home in a few years. I don't want to leave a mortgage to anyone.
It'll probably be a 20 year term. I don't want no medical exam either since I'm pre-diabetic and my family has a history of diabetes. I know it'll be a high premium.
Any of you have a policy without getting a medical exam...that's not through your employer?
Ok breh I know this is an old post but you seem like you know what you are talking about when you discuss life insurance so i wanted to ask your advice on some things. First of all i hear alot of people saying its best to get term life insurance over whole life, is that true?
And basically i am in my mid 20s, I don't have any crazy income or anything. Just average. But I wanted to take out a $1,000,000 policy that names both my mother and my sister as beneficiaries. Correct me if I'm wrong but i feel as if Black people like you said aren't taught the benefits IN ADDITION to the fact most of us assume its gonna be some crazy price that only the wealthy can pay.
For a face value price i mentioned like $1,000,000 am i right to say the lowest it would go is like $500 a year? Depending on the term? I know it varies but is that basically how it goes? Because this past month i've started to wake up and read up on insurance and i was amazed at how clueless we are. We always are told how we spend all this money per year on entertainment and don't save or invest. And what made me go
was looking at the annual prices of some life insurance policies and seeing the fact that most of the annual prices are lower than actual YEARLY CABLE BILLS. 
And some are even lower than MONTHLY CABLE BILLS.This woke me up completely. Anything could happen to me tomorrow and I don't want to leave my family with no burden. I think mom and sis(She is 14) would be relieved knowing they would be fine if something happened to me.
Can you put me on game breh?
rightfultoefinger
All Star
We both got it via our job. 3x our salary. Close to a million if we add it up. More than enough to take care of our mortgage and college for our boys if any anything happen to us.
@FireDwaneCasey can you give some advice too on the policies?
Got you breh:Ok breh I know this is an old post but you seem like you know what you are talking about when you discuss life insurance so i wanted to ask your advice on some things. First of all i hear alot of people saying its best to get term life insurance over whole life, is that true?
And basically i am in my mid 20s, I don't have any crazy income or anything. Just average. But I wanted to take out a $1,000,000 policy that names both my mother and my sister as beneficiaries. Correct me if I'm wrong but i feel as if Black people like you said aren't taught the benefits IN ADDITION to the fact most of us assume its gonna be some crazy price that only the wealthy can pay.
For a face value price i mentioned like $1,000,000 am i right to say the lowest it would go is like $500 a year? Depending on the term? I know it varies but is that basically how it goes? Because this past month i've started to wake up and read up on insurance and i was amazed at how clueless we are. We always are told how we spend all this money per year on entertainment and don't save or invest. And what made me go
This woke me up completely. Anything could happen to me tomorrow and I don't want to leave my family with no burden. I think mom and sis(She is 14) would be relieved knowing they would be fine if something happened to me.
Can you put me on game breh?
In a perfect world have both term and whole life. Term is just that, for a term... Usually 20 years. Get that while healthy and get as much as you can afford, the price won't change. Whole life is just that too... For your whole life. Cost more but is a investment tool that with some companies gains as much as 3% interest. You can also borrow against it with no penalty, and often are able to add to the principal with certain riders to increase that amount. You'd be surprised what you can save even in a year with these plans..trick is to get whole life on kids, they are auto approved and you can pull from it...
just updated my Life insurance thru my job.
went from $220K to $420K.
also, got a life insurance flyer from the CU yesterday.
For every $1, I can get $10K worth of coverage up to $300K.
Gonna get at least $100K more.
went from $220K to $420K.
also, got a life insurance flyer from the CU yesterday.
For every $1, I can get $10K worth of coverage up to $300K.
Gonna get at least $100K more.
My job gives us all 40k no matter what.
I have an add for 500k
And an additional life via my job for 250k
401k (nice) but that can do the trick without the policies.
No house, wife, car note or major debt. U still might get a personal policy for 500k if I can find something reasonable.
I have an add for 500k
And an additional life via my job for 250k
401k (nice) but that can do the trick without the policies.
No house, wife, car note or major debt. U still might get a personal policy for 500k if I can find something reasonable.
