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What do we know about Life Insurance?
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<blockquote data-quote="Tanya M" data-source="post: 690521" data-attributes="member: 18516"><p>It can be tricky. When husband and I first got married (he's 10 yrs older than me) I wanted to get life insurance on him. We got a variable life policy through John Hancock. We were told that it would grow in value and that after so many years it would have earned enough that we would no longer have to pay the premiums and could also be used as part of our retirement fund. We paid our quarterly premiums for the last 20 plus years. </p><p>A couple of months ago my employer brought in a lady from Edward Jones to do some lunchtime sessions with topics ranging from 401K's to life insurance, retirement, debt, etc...... I attended one and like the lady so hubby and I set up a time to meet with her to go over everything to make sure we are on track. We were very surprised to find that the life ins. policy we had would soon start to lose value. She explained that at the time the policy was written the stock market was doing well but as we know the last decade has been a roller coaster ride with the stock market and this policy was driven by that. She explained that there would come a day that the policy would "lapse" and in order to maintain the same dollar amount of coverage our premiums would most likely double. </p><p></p><p>There are so many different options for life insurance. I suggest that you get with a financial planner like Edward Jones as they can help you see not only what you can afford but also what the best option is for you.</p><p></p><p>We ended up cashing in the policy we had and put it into a new policy. The new policy offers a guaranteed benefit and also offers a living benefit in that if hubby needs long term care I will be able to access the money to help pay for it.</p><p></p><p>For myself, I have a term life policy which is very affordable.</p><p></p><p>Good luck!!</p></blockquote><p></p>
[QUOTE="Tanya M, post: 690521, member: 18516"] It can be tricky. When husband and I first got married (he's 10 yrs older than me) I wanted to get life insurance on him. We got a variable life policy through John Hancock. We were told that it would grow in value and that after so many years it would have earned enough that we would no longer have to pay the premiums and could also be used as part of our retirement fund. We paid our quarterly premiums for the last 20 plus years. A couple of months ago my employer brought in a lady from Edward Jones to do some lunchtime sessions with topics ranging from 401K's to life insurance, retirement, debt, etc...... I attended one and like the lady so hubby and I set up a time to meet with her to go over everything to make sure we are on track. We were very surprised to find that the life ins. policy we had would soon start to lose value. She explained that at the time the policy was written the stock market was doing well but as we know the last decade has been a roller coaster ride with the stock market and this policy was driven by that. She explained that there would come a day that the policy would "lapse" and in order to maintain the same dollar amount of coverage our premiums would most likely double. There are so many different options for life insurance. I suggest that you get with a financial planner like Edward Jones as they can help you see not only what you can afford but also what the best option is for you. We ended up cashing in the policy we had and put it into a new policy. The new policy offers a guaranteed benefit and also offers a living benefit in that if hubby needs long term care I will be able to access the money to help pay for it. For myself, I have a term life policy which is very affordable. Good luck!! [/QUOTE]
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What do we know about Life Insurance?
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