Life Insurance... Suggestions?

Question

Okay, so I've decided that the best thing to do in order to prevent my family from going into debt paying for funeral was to make provisions for after my death. I don't know anything about life insurance. Could you guys possibly help me out by suggesting a few companies or offering a few tips?

In case you need to know, I am 22, an epileptic, and I am attending college to become a paralegal (in other words, money is tight at the moment) but I do have enough saved up for at least a few years' worth of life insurance payments (considering the payments were around a hundred dollars) without putting me into the red. I would prefer to have a payment plan as low as possible, with my aunt who raised me as the beneficiary (unless I happen to have a kid or my aunt dies before I do). Any suggestions?

Answer 1

Go to Yahoo Finance and click on "Personal Finance."  There is a section within that explains life insurance.

Answer 2

Go see or call a local independent broker, he/she will be able to shop for the best rate for you with multiple carriers based on your condition. Don't let anyone tell you that you are not insurable, there are lots of carriers that will issue you a policy. You are young and so the rate will be low even considering your health. Best wishes.

Answer 3

Look for either a local broker or financial person.  They can assist you in not only finding the right kind of life insurance, but also the right amount.

You can get term coverage up to 35 years level.  Some are even guaranteed level and/or guaranteed renewable.  Both are important.

Also ask who you have your home owners/renters/auto insurance through.  They may or may not be able to also get you life insurance coverage and may receive a multi policy discount.

Keeping the policy sub $100/mo with a 22 year old is easy.  Just keep in mind that lower price does not equal a better product.  Price is a major factor only when there is a lack of value.

Answer 4

OK, you're an epileptic.  You're not going to find insurance for $100 a year, period.  

Best bet is to just keep saving the few hundred dollars a year, until you have enough to pay for the funeral.  

Or talk to a funeral director, ask them if you can buy prepaid funeral coverage, on an installment plan.

Answer 5

I used http://www.nationalinsurancesite.com/lif... to find a provider for my family. I highly recommend them. They will give you a bunch of quotes from all the providers so you can find the plan that bests suits you.

My family and I ended up going with Fidelity Life

Answer 6

At this point in your life I would suggest a term policy. Term insurance is very inexpensive and can last for 30 years with a level premium. Once you out of college and have established financially you should consider a small cash value policy.

I suggest using yellowpages.com to search for life insurance brokers in your area.

Don't call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in life insurance.

A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

Be sure to explain your medical condition it can help a broker decide which company would be the best.

You can run some sample quote at my site and I am licensed in Ohio if you would like my assistance, otherwise I would use yellowpages.com   http://www.insurancemadeeasy.biz/Life.ht...