Hello folks,
I am 34, turning 35 in a week. For some reason, I never took interest in insurance business but lately I have been considering it. I am super noob but a little reading gave me the feeling that I should buy term life insurance. I asked my State Farm agent to send me life insurance quote. When we talked over the phone, we were discussing about $500K for 30 years but she sent me a quote for $150K with monthly premium of $40, which I think is very expensive.
With the help of google, I got quotes from findmyinsurance.com, selectquote.com, intelliquote,com and accuquote.com. All of them have lot smaller premiums than what State Farm gave me.
So my questions are
- Am I correct in understanding that I should always buy a term insurance (as opposed to endowment where you get your money back with very small interest)?
- If I buy 30 year term insurance now, what happens after I turn 65 and still alive. What insurance cover do I get then? I am sure insurance companies will give me a lot of trouble then as I have ulcerative colitis.
- Is there any ranking of insurance companies that I should follow? In other words, which companies you suggest me to stay away from and which companies I should go for?
- What amount do yo recommend to get coverage for? (I know this is a tricky question but I am not too sure how to calculate this amount or this is just a random amount or max you can afford?)
- Any idea, what happens if I decide to leave the country? (AFAIK, these policies do not cover your expenses outside US so why should I be paying for the policy in the US?)
- Any other thing I should consider that is important. I know insurance is not that easy and probably you will tempt to suggest me a book or something but the reason I am posting here, I need some real-life suggestions than just what book tells me. I am going to the library this weekend to get some books for sure + some more googling but meanwhile your answers are most appreciated.
Thanks in advance.
(To mods, if this is not a right place for this question, please feel free to move to right sub-forum)
I am 34, turning 35 in a week. For some reason, I never took interest in insurance business but lately I have been considering it. I am super noob but a little reading gave me the feeling that I should buy term life insurance. I asked my State Farm agent to send me life insurance quote. When we talked over the phone, we were discussing about $500K for 30 years but she sent me a quote for $150K with monthly premium of $40, which I think is very expensive.
With the help of google, I got quotes from findmyinsurance.com, selectquote.com, intelliquote,com and accuquote.com. All of them have lot smaller premiums than what State Farm gave me.
So my questions are
- Am I correct in understanding that I should always buy a term insurance (as opposed to endowment where you get your money back with very small interest)?
- If I buy 30 year term insurance now, what happens after I turn 65 and still alive. What insurance cover do I get then? I am sure insurance companies will give me a lot of trouble then as I have ulcerative colitis.
- Is there any ranking of insurance companies that I should follow? In other words, which companies you suggest me to stay away from and which companies I should go for?
- What amount do yo recommend to get coverage for? (I know this is a tricky question but I am not too sure how to calculate this amount or this is just a random amount or max you can afford?)
- Any idea, what happens if I decide to leave the country? (AFAIK, these policies do not cover your expenses outside US so why should I be paying for the policy in the US?)
- Any other thing I should consider that is important. I know insurance is not that easy and probably you will tempt to suggest me a book or something but the reason I am posting here, I need some real-life suggestions than just what book tells me. I am going to the library this weekend to get some books for sure + some more googling but meanwhile your answers are most appreciated.
Thanks in advance.
(To mods, if this is not a right place for this question, please feel free to move to right sub-forum)