State Farm Life Insurance... 30 year term? Whole Life? Select Term? Universal?

Question

What insurance should I get? I'm in my late 20's and I'd like to make sure that if anything were to happen to me that my husband and son are left with enough to continue to stay on their feet. The 30 year term is affordable, but the life expectancy of my great grandparents, grandparents and parents, across the board is at least over 65. I'm as healthy as an ox now, but I know that diabetes, high blood pressure and high cholesterol run in my family. I'm very active so I have no signs of any disease related to heart disease. It's a fear that I've had since I was a kid and it's the main reason why I stay active. That being said, what should I get? I already have 2 cars and condo insurances through State Farm so I'd get something like 17% off my car insurance. I'm struggling to figure out which policy to choose. I need some insight.

Answer 1

Get the 30 year level term policy.  Get on a good budget and fully fund retirement plans (401K, IRA)  Save for kids education and pay off your house by 50.  When your 30 years is up you can be self insured and not need a policy.

Remember the purpose of insurance is to cover want you can't afford to lose, or cover the needs of those left behind.

Answer 2

The only insurance that makes sense for someone in your position is term life.  Insurance only makes sense for people that need either your income, or your services.  (Non working spouse still takes care of home and children).  Life insurance is a poor investment vehicle.

Take the difference of what you were going to spend on a whole life, or a universal life insurance policy and invest it in a decent mutual fund with a good track record.  By the end of the 30 year term, you should be "self insured" in that you will have a pile of money there that will be more than what the death benefit would have been.

Make sure you check rates from at least 4 different insurers.  Things are very competitive right now.

Answer 3

I am an Insurance agent in West St Paul,mn.  I would like to discuss this subject with you. if you are in the area please email me at [e-mail].

Answer 4

milk is milk, same with insurance.. just depends on what you want the insurance to do and what you want it for. like... term is good and cheap but benefits decrease with age  and whole life is the opposite, benefits increase with age but cost more. but you can also request a loan against that money (policy) and it must be paid back. just thionk about what you want the policy for like just bury you versus pay off a house..which whole life will do ( same as mortgage insurance but usually cheaper). good luck

Answer 5

Don't narrow your options just because of a 17% discount on your auto insurance.  Consider what the open market has to offer you and see if you could save more than 17% with a better contract.  

From what I know, State Farm agents are still captive, which means they cannot sell any other companies.  You should try talking with a few independent insurance brokers to get different perspectives.