want to get Life Insurance policy--what to look for ?

[cheapguy]

 

Looking towards purchasing a term life insurance or full life insurance.

(maybe a 1-2 million value)

 

Any advice ? suggestions.

Keeping my premiums to a minimum is important for me.

 

 

Is there a way to pay a lumpsum single payment upfront, instead of yearly payments ?

 

Any opinions on products offered by BRK Direct ?

http://www.brkdirect.com/spia/EZquote.asp

[gurjot]

depends what you need it for?  but generally i get my clients to buy term insurance.  dont get a single premium policy.  it is very expensive. i would suggest put money in some investment and with interest or dividends pay the yearly premium. i am in the business and let me know if you need any more help.

 

thanks

 

 

[ubuy2wron]

I have tried for years to get someone to quote me a single premium whole life policy which is pure insurance and a great tax dodge but to no avail.

[Aberhound]

Equitable Life is still a mutual society and when the other mutual societies converted to corporations like Manulife the whole life policy holders made a large gain. Aside from that special situation I once read a book setting out the clever myths used to sell the whole life policies and I concluded it was better to get a term life policy and invest and then self insure when my portfolio was big enough.

[mpauls]

How old are you?

 

You are young and should do nothing other than term life.  You're buying life insurance not an investment.  When they start offering you anything other than life, pass.  Term life insurance gets expensive as you age (for obvious reasons) but the need for it also declines if you have saved appropriately.  Once your kids are capable of taking care of themselves you may no longer need life insurance.  

 

I put together something for a friend a few years back detailing the benefits of buying term life and investing the difference between term and what you would otherwise pay for ordinary life over time.  I attached a pdf which board members will find below.  May take a minute or two to figure out what, but you'll see what I mean.   The two columns on the right side are investment returns.  Investing a portion of your premium with the options provided by the insurer will not yield you anything better than 8% annually and likely more like 5%.  If you are a relatively smart investor you should be able to get between 10-15% on your own (far right column).  

[Viking]

If you are Canadian, Canadian Moneysaver has had some very informative insurance articles over the years. Buy an on-line subscription and do a search... [ftp=ftp://http://www.canadianmoneysaver.ca/]http://www.canadianmoneysaver.ca/[/ftp]