I’m looking for life insurance for myself. I want to make sure it’s enough for my three kids to get a good start if something happens to me. No major health issues other than high blood pressure and asthma. Any advice?
If you want the cheapest, try going through an independent broker. They work with several companies to find you the best deal, not just one company.
Harlem said:
If you want the cheapest, try going through an independent broker. They work with several companies to find you the best deal, not just one company.
Agreed! If you go with a broker, they work for you. If you go with an agent that works for just one company, they only offer that company’s products.
@Flint
Not sure what you mean by ‘captive’ agent? How do I find a broker? Just Google something like ‘independent insurance broker near me’?
Clayton said:
@Flint
Not sure what you mean by ‘captive’ agent? How do I find a broker? Just Google something like ‘independent insurance broker near me’?
There are three types of agents:
- Captive agents only sell products from one company.
- Independent agents work for one company but earn commissions.
- Independent brokers work with multiple companies and can sell a variety of products, also earning commissions.
Clayton said:
@Flint
Not sure what you mean by ‘captive’ agent? How do I find a broker? Just Google something like ‘independent insurance broker near me’?
Yep, captive means they can only offer products from one company. Independent brokers can shop around and offer products from different companies.
I agree with what others have said. When I work with clients, I prefer to get their details and then provide a quote. Ethos is popular because there’s no medical exam, but it’s usually pricier. Corebridge just started offering instant decisions, which is cool. At the end of the day, just shop around.
Term insurance is usually the cheapest. Talk to a professional who can explain the options without trying to push you into anything.
You can do everything online but might pay extra, like with Ethos. Or you can talk to an independent broker and get a better deal. Also, Banner (Legal & General) is a solid option for term life coverage. Several platforms offer it.
I just went through Zander (a broker), and it was super easy, cheap, and informative. Would recommend!
Be careful with that attitude or you’ll end up getting a bad deal. Listen to what people here are saying.
Whatever you do, don’t let anyone convince you that life insurance is a good investment tool. Buy term insurance and invest the difference elsewhere.
Daryl said:
Whatever you do, don’t let anyone convince you that life insurance is a good investment tool. Buy term insurance and invest the difference elsewhere.
That’s not entirely true. Whole life and universal life insurance are stable, long-term investments with guaranteed returns and a growing death benefit. Don’t spread misinformation to people seeking advice.
@Emerson
You can’t even spell ‘guarantee’ right. Whole life and universal life are terrible! The first few years you’re just paying commissions to the broker and company.
Daryl said:
Whatever you do, don’t let anyone convince you that life insurance is a good investment tool. Buy term insurance and invest the difference elsewhere.
Ever heard of infinite banking? You can borrow against your cash value and let it grow through indexed universal life policies (IULs). Patience is key. You got more patience than a dog, don’t you?
If the main reason you’re buying is protection for your family, then go with term insurance, but look for policies with living benefits. They can be cheaper and cover both you and your kids in case anything happens.
You buy life insurance from an insurance company… if you don’t know any, just search online.
It blows my mind that people try to save money on one of the most important things in their life. Make sure the company has been around for a long time and specializes in life insurance. Financial stability is key too. Good luck!
I’m an independent broker working with over 30 A+ rated companies. If you’re in Colorado, Idaho, or Michigan, I can help. If not, I can connect you with a broker in your area. Definitely talk to a broker before settling with a company agent. Compare your options.
The best option depends on your personal needs and finances. Find an agent who will do a needs analysis for you. If you’re in Ohio, I can help. Otherwise, look for someone who’ll go over your debt, income, and goals to recommend the right policy.