Avoid gofundme: Get a freaking Term insurance..

[hunkyfunky2]

2 hours ago, ilakatamaflia said:

No bro, u wont  tat is what i was told when i was looking for plans…. U will get money, when there are unfortunate situatuons , but i have reached only limited insuranc calls! DB peddal cheppali .. wait for them

Term life - no, it's like vehicle insurance. No money after expiration.

 

Whole life- yes, but expensive. In USA it's better to go with term and invest the extra money directly in stocks

[Raja_Returns]

E insurance unte enti anna

manchi writer ni pettukoni sad story pettam ante 300-500k easy money.

Asalu enduku ivali ante nuvvu isthe ivvu gani edvaku ani manchi tananni chate manushulu e go fund me ki unna balam ani @ANNA_PLEASE_PETTU epudo chepadu

[ANNA_PLEASE_PETTU]

8 minutes ago, Raja_Returns said:

E insurance unte enti anna

manchi writer ni pettukoni sad story pettam ante 300-500k easy money.

Asalu enduku ivali ante nuvvu isthe ivvu gani edvaku ani manchi tananni chate manushulu e go fund me ki unna balam ani @ANNA_PLEASE_PETTU epudo chepadu

The one who says isthe ivvu guys are like 

andaram boat lo pothunam okadu booka petukunta ante andarini gudipiesthadi. Society lo vunadpudu konni athiga chesthe kandinchali lekapothay adhi nedaka vathundhi or lets say 

 

You need gofund seriously but no one give you , rather kuchu botla aunty story lo manchi depth vundi ani aunty ni millinoare ni chese panilo vuntaru,

they have to stop afer 1 o 2 crores, free money is not life time insurance 

[Vaaaampire]

21 minutes ago, hunkyfunky2 said:

But that coverage stops when you leave it. So, take the free but don't pay extra at company.

Instead, get it then you are young - 1 mil for 20 years when you are under 40. 

I dint research on term insurance. 
 

why not pay extra at company? I am paying around $40-50 per month for additional 4x salary. Thats like $500 per year. Imo totally worth it

[pavone]

2 minutes ago, Vaaaampire said:

I dint research on term insurance. 
 

why not pay extra at company? I am paying around $40-50 per month for additional 4x salary. Thats like $500 per year. Imo totally worth it

Difference is no living benefits, no perm conversion options and your current health is not locked for 20, 30 or 35 yr term period. So, if you want to get additional 4x salary next year and you health changes, then hard to get approved.

[Hitman]

Following…

[sarvayogi]

can anyone explain term and life insurance briefly

[San_K]

2 hours ago, pavone said:

carrier is Protective and they don't have living benefits. So, it is cheaper for a reason.

Great thread. Thanks for starting it.

One question - What are the living benefits offered by service providers? Trying to understand if I need to include any of them in my term insurance.

Currently, I have term insurance ($1M, 35 Years term, paying $75 monthly, started last year, Banner life). It has accelerated death benefit rider.

Basic life insurance, ADD, Short and long term illness - I'm getting it from employer, but I know that it will be elapsed once I quit the company.

 

[pavone]

2 minutes ago, sarvayogi said:

can anyone explain term and life insurance briefly

they are not different. it is called term life insurance which simply is life insurance for a certain period like 10, 20, 25, 30, 35 etc years and have same premium amount through out the term based on current age, health, gender, tobacco usage.

[Vaaaampire]

16 minutes ago, pavone said:

Difference is no living benefits, no perm conversion options and your current health is not locked for 20, 30 or 35 yr term period. So, if you want to get additional 4x salary next year and you health changes, then hard to get approved.

R u sure about last line? I was never asked to submit any health records for that. This is my 4th company in last 7 yrs. No company asked me to submit health records 

[San_K]

4 minutes ago, sarvayogi said:

can anyone explain term and life insurance briefly

Term Insurance - Provides financial coverage for a specified term period.  It is designed to provide financial protection to your family if you pass away during the term. Zero cash value after the term is complete.

Life Insurance (Permanent Life Insurance): Provides coverage for  entire life, as long as you pay the premiums, whole life and universal life are the popular ones. You pay higher premiums compared to term insurance because these policies provides death benefit or guaranteed cash value.

Comparing whole life vs. term life -

Features	Term life insurance	Whole life insurance
Permanent coverage	No-Maximum of 30 to 40 years	Yes
Cost* ($500,000 coverage amount)	$26/month for a 20-year term	$440/month
Guaranteed death benefit payout	Yes	Yes
Guaranteed cash value	No	Yes
Premium cost stays fixed	Yes, in most cases	Yes, in most cases
Pays annual dividends	No	Yes, in some cases

[pavone]

6 minutes ago, San_K said:

Great thread. Thanks for starting it.

One question - What are the living benefits offered by service providers? Trying to understand if I need to include any of them in my term insurance.

Currently, I have term insurance ($1M, 35 Years term, paying $75 monthly, started last year, Banner life). It has accelerated death benefit rider.

Basic life insurance, ADD, Short and long term illness - I'm getting it from employer, but I know that it will be elapsed once I quit the company.

 

Living benefits include Chronic, Critical and terminal illnesses. Looks like banner has only terminal illness covered under their rider. DM if you want to replace it with AIG Corebridge that has all 3 built-in and I can run some quotes for you. Not all carriers offers them.

[shaktimaan]

Just now, San_K said:

Term Insurance - Provides financial coverage for a specified term period.  It is designed to provide financial protection to your family if you pass away during the term. Zero cash value after the term is complete.

Life Insurance (Permanent Life Insurance): Provides coverage for  entire life, as long as you pay the premiums, whole life and universal life are the popular ones. You pay higher premiums compared to term insurance because these policies provides death benefit or guaranteed cash value.

Comparing whole life vs. term life -

Features	Term life insurance	Whole life insurance
Permanent coverage	No-Maximum of 30 to 40 years	Yes
Cost* ($500,000 coverage amount)	$26/month for a 20-year term	$440/month
Guaranteed death benefit payout	Yes	Yes
Guaranteed cash value	No	Yes
Premium cost stays fixed	Yes, in most cases	Yes, in most cases
Pays annual dividends	No	Yes, in some cases

get term insurance and invest the rest in some good mutual funds 

[pavone]

4 minutes ago, Vaaaampire said:

R u sure about last line? I was never asked to submit any health records for that. This is my 4th company in last 7 yrs. No company asked me to submit health records 

Depends on carrier but when you submit the application for that extra insurance, there will be medical questionnaire and that along with MIB report they pull is what determines eligibility. 

[pavone]

5 minutes ago, shaktimaan said:

get term insurance and invest the rest in some good mutual funds 

Permanent insurance has its benefits but that should be a separate conversation.