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Musicfan
Bewarse Legend
Username: Musicfan
Post Number: 72462
Registered: 05-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, October 28, 2021 - 10:42 am: |
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Palnadu: Should have taken before 40 when the rates are low, but now the rates are high.
correct before 40 is key to get low rates. Every employer will give 2-4x but that wont be enough so people go for additional insurance
No reviews yet
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Andhravodu
Kurra Bewarse
Username: Andhravodu
Post Number: 3549
Registered: 04-2017
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, October 28, 2021 - 9:07 am: |
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Palnadu:is it because if something happens, the mortgage cannot be paid and the insurance benefit will cover that?
yes, own home unte, chances are you have a mortgage
When the term payment is made, the insurers family can use money to pay out home mortgage and has a place to live
Also, it's not just mortgage. You'll have childcare, education and day to day living tons of expenses which will be hard for family when it loses significant income
mana desi's are now substituting this with gofundme, or they doing both insurance and gofundme |
Fanno1
Mudiripoyina Bewarse
Username: Fanno1
Post Number: 12534
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, October 28, 2021 - 8:46 am: |
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Palnadu:you don't recommend perm life insurance right?
i never understand the whole life insurance. I never looked at it as the premiums are so high. So I am not the right person to answer. there are experts like KB, gudi who could answer. |
Palnadu
Pilla Bewarse
Username: Palnadu
Post Number: 23
Registered: 01-2021
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 27, 2021 - 10:59 pm: |
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Andhravodu:
I am taking employer so far at 2x the salary and it's cheap because of the group coverage.. but it will keep going up as one ages and there is no locked premium and as you said, you lose it when you change jobs.
I didn't quite get the connection between owning a home and the 1.5 million - is it because if something happens, the mortgage cannot be paid and the insurance benefit will cover that? |
Palnadu
Pilla Bewarse
Username: Palnadu
Post Number: 22
Registered: 01-2021
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 27, 2021 - 10:56 pm: |
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Fanno1:
you don't recommend perm life insurance right?
The rates are very high but the only benefit is - kids of the policy holder are guaranteed the benefit amount tax free much like our LIC policies in India. Quite expensive though, like 1200-1300 per month - so one will end up paying 140-150k in 20 years but their kids will get 1 million at any time when the policy holder passes away. |
Andhravodu
Kurra Bewarse
Username: Andhravodu
Post Number: 3548
Registered: 04-2017
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 27, 2021 - 10:08 pm: |
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own home unte 1.5 million teesukovali antaru
I have employer plan too. 2 negatives, 1st, they are usually low amount (<=500k max)
and 2) if you ever change job, you have to find new insurance immediately
So better to get private life insurance |
Fanno1
Mudiripoyina Bewarse
Username: Fanno1
Post Number: 12533
Registered: 03-2004
Rating: 
Votes: 1 (Vote!) | | Posted on Wednesday, October 27, 2021 - 9:43 pm: |
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Palnadu:
it's highly recommended to take at least term 10 times your salary. you are right better prices are offered when you are young. If you are healthy and have no health issues you may get it for a better price. since you are already 44 you may not need 20-25, you may need it for 15 years based on your family situation. if you have insurance until your kids graduate, it may be good enough. I would recommend for a million USD. Also, your employer may offer 4-8x salary and you may have to pay the premium. When you change the job/join a new job they offer you without medical checkups. If you are already working and wanted to add your life insurance now they ask you to go for a health check-up. If you have serious issues they may not like to offer you. |
Palnadu
Pilla Bewarse
Username: Palnadu
Post Number: 21
Registered: 01-2021
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 27, 2021 - 9:18 pm: |
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Hello DB members, just wanted to get your thoughts on purchasing life insurance in the US. Have been hearing about perm and term life insurance.
I am 44 and just wondering if I should take one - Should have taken before 40 when the rates are low, but now the rates are high.
So, was wondering if this is even necessary. Wife works too and we kind of pay extra per paycheck at our respective companies for some life insurance which is worth a year's salary but not much.
Pls share your thoughts and suggestions? |
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