Life Insurance

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founded 1 month ago
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Robnez
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New Community to ask questions about life insurance (self.life_insurance)
submitted 1 month ago by Robnez to c/life_insurance
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I was looking around and noticed that Lemmy doesn't have a life insurance community. I looked at redacted website name and realized there seemed to be a following and a need for people to ask their questions in a place where they were not bombarded by people trying to sell them on insurance. So here I have created this community.

I myself AM a life insurance agent, but my goal is to educate people on their policies, guide them to the best solutions for them, and make sure overall they feel empowered to make the best financial decision for their specific goals.

Some things to note about life insurance:

  • Term life is one of the most basic types of life insurance. Cheapest overall but it expires at the end of your locked in "term". No agent is required to sign up for this type of insurance.
  • Whole Life - Cash Accumulation that guarantees a set rate for life. Typically lower dollar amount coverage. If you get an agent trying to sell you 1 Million in whole life, you want to run. An agent is required for this product type.
  • Indexed Universal life - This type of insurance is another Cash Accumulation product. Market gains with a 0% floor usually. You need an agent to explain this one because they have to show you the illustrations and give you an explanation of how interest is credited. This is a special type of account that should be reviewed regularly to make sure it's performing as best as possible. Don't agree to have the policy have a super high coverage with a lower premium.

These are common types of insurance, there are also annuities but at the end of the day make sure you review, get a second opinion, and shop around.

I think it goes without saying please do not share personal information here. If someone DM's you without your explicit permission, please let me know asap so we can remove them from this community.

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Term Life Insurance: What It Is and How It Works - NerdWallet (www.nerdwallet.com)
submitted 1 month ago by Life_insurance_agent to c/life_insurance
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Pros and Cons of Indexed Universal Life Insurance (www.investopedia.com)
submitted 1 month ago by Life_insurance_agent to c/life_insurance
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Incontestability Clause - Why it's important to you (www.usnews.com)
submitted 1 month ago by Life_insurance_agent to c/life_insurance
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'A Wake Up Call to the Life Insurance Industry:' California Sues Insurers (www.thinkadvisor.com)
submitted 1 month ago by Life_insurance_agent to c/life_insurance
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Top reasons to add life insurance to your financial plan (www.investopedia.com)
submitted 1 month ago by Robnez to c/life_insurance
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Cross post: Estate planning - yes, you (self.life_insurance)
submitted 1 month ago by Robnez to c/life_insurance
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cross-posted from: https://lemmy.world/post/11661595

Hi Lemmy,

I like the idea of this sub so I thought I'd contribute the first post.

I'm 40, and I have cancer. I don't know if I'll survive or not. Being in this position though has forced me to get all my "life stuff" in order, and boy, I can tell you there's a lot more of it than you realise.

Start now. Especially if you're healthy, double especially if you have a spouse and/or kids.

I get it that nobody wants to think about their own mortality, but consider that what you're actually doing is making things easier for your family.

  1. Get a properly done will from a lawyer. Not one of those "write your own will" kits. It's not just about who gets what, but also burial vs cremation, who will be your executor, any special gifts/request, who is next in line if your beneficiary dies etc.

  2. Organ donation? Tell your relatives AND register.

  3. Insurance. Get life insurance as its the only insurance with a guaranteed payment BUT calculate yearly cost vs how much you would have if you just put that money in the bank. Amount should cover all outstanding debts. Get separate insurance for house and vehicles.

  4. Superannuation (retirement savings). Where I'm from they need a form filled out that tells them who your executor will be. If they don't have this, your executor will have to go to court and it's a real pain in the arse.

  5. Photos. Get them off your phone and back them up using the 3, 2, 1 backup rule. Make sure someone else has access if you pass away. Photos are one of those things that doesn't seem important until someone dies and that's all you have left of them.

  6. Power of attorney. Who will make financial and health decisions for you if you're in a coma?

  7. Advanced health directive. If you're in a coma, do you want someone to pull the plug, or keep you alive no matter what? Read about Terry Schiavo to see why this is so important. Again, tell your relatives AND fill out the documents.

  8. Consider prepaying for your funeral. Especially if your family doesn't have a lot of money. They're more expensive than you think. It may take weeks or months before your relatives can access your savings or insurance money, and they'll still have to pay for it in the meantime.

Hot tip: caskets are a waste of money; get the cheapest you can. I am friends with a mortician, and he tells me that most of them are cheap crap made in China with 1000% price markups. They get away with it because frankly, nobody's going to bring one back for a refund.

  1. Write letters to the people you care about. If you die suddenly, they'll have a heartfelt letter as your last words to them instead of a text saying "Do we need more cheese?"

  2. Relax. We all die eventually, but at least now you know that everything is taken care of. Your friends and family will still be sad, but at least your death won't be any harder on them them it has to be.