Life ins?

Which life ins is better Term or Whole. What's the diff? I am clueless when it comes to this stuff? Any info would be greatly appreciated.

Re: Life ins?

i work for ins comp


You have to consider what fits u best.
Term is "term" ex: 5/10/20/30 yr and a fixed rate premium for that term. Its less expensive than whole life.

Whole Life is insurance that will endow at age 100. More expensive but builds cash value.
A fixed premium as well.

U can Fm with questions.

Re: Life ins?

Are you talking about Live-in nurses, or Live-in nannies, or what exactly??

ETA - Never mind, it looks like everyone else understood the question!!

Message edited 4/11/2006 2:04:58 PM.

Re: Life ins?

Whole life insurance is permanent insurance meaning it's inforce, as long as you pay your premiums, until age 100 (sometimes 120) at which point it endows. This is assuming a death claim is not made against the policy. There is a cash portion of the account in which your cash value builds up in the policy at a guaranteed rate. You can borrow against, take out or use this cash value as collateral.

Term insurance is "temporary" insurance....lasting for the term you buy. It has no cash value and ceases to exist at the end of the term.

Whole life is much more expensive then term but they are completely different types of insurance. Also included in permanent insurance is Universal Life and Varible Universal Life.

Some of the things you consider when purchasing life insurance...how much insurance you need, for how long and the amount of dollars you can put towards a premium.

FM me for any questions, I'll be happy to help.

Re: Life ins?

I am new to the site. I will be listed in the business directory in the next week or so

All the replys about Life Insurance are correct. there is tons of information on Life Insurance on the web, start with the major insurers on the web. I am biased towards newyorklife.com because I work for them. The company that you do business with should be a reputable one; rating agencies like Moodys, AM Bests, and Standard and Poors, all located on the web. Yahoo Finance, MSN Money and CNN Money all have great resources for you. But they may steer you to one coverage. Be wary of term quotes on the web, all they do generate leads for agents.

Each family should consult an agent or advsor on what is best for your family and situation. An agent should perform a financial need analysis or a financial questionare before they make any recommendations.

Ideas that you keep in mind. They are different versions of Life Insurance out there. Each one is designed to pay a Death Benefit on the insured. Term Life is coverage for fixed-time frame, where premium are ser for certain time frame, i.e. one,. five. ten. twenty, or thirty. The premium are based on if you die in year one or year twenty. Term Insurance is great money maker for Insurance companies, because 98% of Term policies never pay a benefit. Reason one why they are such low-cost. Term Insurance is great for short-term liabilities such as mortgages, debts, child care, funding for future college expense, and income replacement.

Cash-Value or Permament Life Insurance are used to cover Permament Needs, such as final expenses, estate taxes, pension maximization and income replacement. Cash-value can be access to supplement your another retirement plans. Premiums are more expensive but locked in for entire life.

As I say before that I am agent with New York Life. All discussions are for informatalpurposes. No recommendation are made for individual planning.

Any questions, Please email me at [email protected] or call me 631.391.5884. There is no obligation


Joe Greve

Re: Life ins?

We have term insurance. It is mostly to take care of the kids if something happens to one of us. It is only for 20 years.
My mom works for an insurance company and I watch Suze Orman all the time and both recommend term insurance only.
Taking money out sounds great, I guess if you have alot of money to contribute. I pay $16/month for my insurance and that is good for me.
It's mostly a security thing to know that if something happens to me, my dh can pay off all our bills and be able to raise our children in our home on his paycheck alone.