Can anyone give me a run down on the options here. I'm not really fully understanding how things work and what policies are available. For example, can you get policies like you can in the UK that are a way of saving? Can you get whole life policies until the day you die? Are you limited on the time of when you can get these types of policies?
If anyone (Manc, Missie) can give a step by step break down that would be great. Or point me in the right direction to an idiot proof website that explains everything.
Thanks )
I believe what are looking for is Whole Life Insurance.
http//www.smartmoney.com/insurance/life/index.cfm?story=lifeterm
Can anyone give me a run down on the options here. I'm not really fully understanding how things work and what policies are available. For example, can you get policies like you can in the UK that are a way of saving? Can you get whole life policies until the day you die? Are you limited on the time of when you can get these types of policies?
If anyone (Manc, Missie) can give a step by step break down that would be great. Or point me in the right direction to an idiot proof website that explains everything.
Thanks :)
Yes
but if you want to save, save in a mututal fund.
if you want life insurance, get life insurance.
chances are I doubt you or P will need it when you're old and crusty, you just need it now in case you pop your clogs when the kids are still dependent.
I say both of you get a $250,000 + 20 level term policy.
whole life is good i think only as some sort of final expense policy to stick you in the ground once you're gone.
http://www.fool.com is a fantastic site for everything financial. I've been there alot and it is exactly for people like me who know practically nothing.
Thanks everyone.
Manc, we do have insurance on us both to make sure the mortgage is covered and to give some to live on if one of us goes. If we both go the kids will be rich roll wink
But we keep getting notices through about changing it over for more long term (I understand it is for the rest of our lives or something) but it is very expensive and we don't know if it is worth it. Obviously our insurance guy is going to tell us it is!
In the UK we started to build up the 10/15/20 year life policies as a way of saving for the future. Something I use to deal with when I worked all those moons ago. But I haven't seen anything like them here. Is that what a mutual fund is? They were just really great for doing two jobs - giving you life cover incase I popped my clogs (hubby had extra life assurance through work) and a way of saving for the kids education and stuff.