Thursday, March 10, 2011

Get Life Insurance While You Can

One thing that really stinks about having chronic illness is that NO ONE will give me life insurance. About 6 years ago, Doug and I looked into getting life insurance. You have to fill out a ton of paperwork, and a nurse comes to your house to do a physical. Doug ended up getting the primo package, cheapest rate, all that good stuff because he is so healthy (Thank God).

I, on the other hand, couldn't get ANY life insurance. Which if you ask me, makes NO sense, because why do healthy people need life insurance? Anyway, there are two main types of life insurance, term life insurance, and whole life insurance. Whole life insurance gives you options of borrowing against your policy, but the premiums are usually higher than term life.

So what is term life insurance? These policies are for a specific period of time, say 10, 20, or 30 years. The good thing about term life insurance is that the premiums are usually fairly inexpensive. The bad thing is that once the term you've chosen is up, you get no benefits. So if you've paid life insurance premiums for 20 years and you never used the life insurance, you're out 20 years' worth of premiums. You can get a quote for life insurance, or just learn more about it at Spectrum Insurance Group. Their website is really easy to use, or there is a phone number you can call.

Regardless of what type of life insurance you choose, I HIGHLY recommend getting it, no matter how young or healthy you may be. Because by the time you have anything wrong with you, you either won't be able to get coverage at all, or it will cost you hundreds of dollars a month for minimal coverage. I speak from experience!


CoconutPalmDesigns said...

This is very good advice. It's something that crossed my mind during my recent medical issues but where to find the money for the premiums.

Cheers :-)
- CoconutPalmDesigns

Patty Ann said...

Yep, it is good advice. I do carry insurance as I am the main breadwinner for our family. If anything happened to me, I would want my family to be able to survive without me.

Peter said...

This type of insurance policy is one type of permanent life insurance. With a permanent policy, the insurance is designed to last as long as you pay the premiums. Whole life insurance guarantees this lifetime protection. Universal life does not have these guarantees but there is now a term life insurance quote where you can add a feature that guarantees that the insurance will last the rest of your life.

BiancaTorres said...

I've been calling around trying to get a Term Life Insurance Quote. Everyone has told me that term rates are much lower than whole rates.

mike said...

After getting my life insurance quote i dont know how the avrage working family can afford life insurance

Adi said...


Natalia said...

Its important to buy a life insurances for everyone. This policy helps to do many things and one can solve many problems at a time. I highly recommend all to buy this policy.
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Retirement Planning said...

Are you buying the old kind of insurance or the new kind?

Old kind of insurance: Pays a benefit when you die.

New Kind of Insurance: Pays a benefit if you have a chronic illness or die.

What good is a life insurance policy if you can't afford to pay the premiums. When a person comes down with a chronic illness, they can't work normally, therefore the bills pile up and before you know it you are bankrupt.

Mark Henry said...

I was searching for many blogs site and now finally I have got this cool place with lots of information.whole life insurance rates