Life insurance

[theslinger]

Hello, wanted to ask if anybody here has got Life insurance through UPS. And if they do, if they can maybe point me in the right direction to be able to start the process of obtaining it.
Got married recently and I want to be able to provide for my family if anything happens to me.

Also, what would be a good number to start at ( money wise)? It's just me and wife right now but we plan on having children in the near future.

Thanks in advance for any help.

 

[Brownslave688]

I wouldn't worry about much til you have kids. Unless your wife doesn't work at all.

With a little one on the way I'll soon set up for a policy. Probably 1.5-2 million. Wife ready has one for 3 million.

 

[rod]

With a little one on the way I'll soon set up for a policy. Probably 1.5-2 million. Wife ready has one for 3 million.[/QUOTE]


So does she sleep with one eye open?

 

[realbrown1]

I wouldn't worry about much til you have kids. Unless your wife doesn't work at all.

With a little one on the way I'll soon set up for a policy. Probably 1.5-2 million. Wife ready has one for 3 million.

Are you sure you want to be worth more dead than alive?

Just saying.

 

[UpstateNYUPSer(Ret)]

I have a 20 year term policy for $500K, with a monthly payment just below $50, which will cover me until I am 61.

Stay away from universal or whole life policies.

 

[Indecisi0n]

With a little one on the way I'll soon set up for a policy. Probably 1.5-2 million. Wife ready has one for 3 million.

So does she sleep with one eye open?[/QUOTE]

 

[HEFFERNAN]

If your wife is covered under your Teamster healthcare, there is a small life insurance policy on both of you.
Not enough to replace your income but enough to pay bills etc. that come up after an untimely death.

If you follow Dave Ramsey, he suggests term life at 8 to 10 times your income if married or with children.
If your wife doesn't work, she doesn't really need a policy or at least one that high.
If she doesn't work and home with your children, you need term life that will cover eventual child care if she succumbs to an untimely death.


http://www.daveramsey.com/article/the-truth-about-life-insurance/
http://www.clarkhoward.com/categories/insurance/life-insurance/

 

[IVE GOTTA PACKAGE 4U]

If your wife is covered under your Teamster healthcare, there is a small life insurance policy on both of you.
Not enough to replace your income but enough to pay bills etc. that come up after an untimely death.

If you follow Dave Ramsey, he suggests term life at 8 to 10 times your income if married or with children.
If your wife doesn't work, she doesn't really need a policy or at least one that high.
If she doesn't work and home with your children, you need term life that will cover eventual child care if she succumbs to an untimely death.


http://www.daveramsey.com/article/the-truth-about-life-insurance/
http://www.clarkhoward.com/categories/insurance/life-insurance/

Added the wife and kids on the Teamster plan . 45k on her and 5k on the kids. Only a little over a buck a week payroll deduction.

 

[calcio56]

Why term instead of whole life?

 

[IVE GOTTA PACKAGE 4U]

Why term instead of whole life?

Whole life has a lot of expenses. Years back it wasn't a bad deal. With interest rates being this low,it defeats the purpose of it.

 

[UpstateNYUPSer(Ret)]

Why term instead of whole life?

Life insurance is designed to provide for your family in the case of your passing. It is not meant to build up cash value or provide an annuity, which is what whole and universal policies do and why they are so much more expensive. A simple, term policy will offer piece of mind at a much lower monthly cost.

 

[Packmule]

Whole life competes with 401ks and IRAs. Only not nearly as beneficial to you.
Also consider buying your life, auto, boat/motorcycle and homeowner's policies from the same agency. This usually leads to significant premium discounts on all. Don't know if anything UPS offers can compete.

 

[IVE GOTTA PACKAGE 4U]

Whole life competes with 401ks and IRAs. Only not nearly as beneficial to you.
Also consider buying your life, auto, boat/motorcycle and homeowner's policies from the same agency. This usually leads to significant premium discounts on all. Don't know if anything UPS offers can compete.

I get papers from Liberty mutual all the time. Get your UPS discount and payroll deduction. I would never use them. I had one comp claim, years ago. A complete nightmare. No way in Hell I would use them for anything else.

 

[silenze]

http://www.term4sale.com/

 

[clean hairy]

Lets say Joe is 25 and Married.
His Wife just gave birth to their first Child.
Joe gets a 15 year Term Policy.
Suppose, (worst case scenario) he develops Diabetes, and another health condition by the age of 35.
Will he be able to qualify based on health for a new Term Policy when he turns 40 and his current Term Policy expires? If so, his premiums would be quite high?
With Whole Life, no matter what happens to a persons health, they have the Policy for life with no increase in premiums. True, whole life will cost more per month.
This is my understanding, is this pretty accurate?

 

[IVE GOTTA PACKAGE 4U]

Lets say Joe is 25 and Married.
His Wife just gave birth to their first Child.
Joe gets a 15 year Term Policy.
Suppose, (worst case scenario) he develops Diabetes, and another health condition by the age of 35.
Will he be able to qualify based on health for a new Term Policy when he turns 40 and his current Term Policy expires? If so, his premiums would be quite high?
With Whole Life, no matter what happens to a persons health, they have the Policy for life with no increase in premiums. True, whole life will cost more per month.
This is my understanding, is this pretty accurate?

Pretty accurate. But with whole life you are paying a ton more. Joe should probably get a 10,20 and a 30 year term if he wants to be safe. At that age,it would be fairly cheap.

 

[Jackburton]

Buying life insurance with your employer is a bad idea. Usually more exspensive, but more importantly, the minute you leave the company, your policy is canceled. Imagine getting terminated, having a heart attack due to the stress, dying without coverage a week later.

I have a million dollar 20yr term policy with an annual premium of 515.00, bought when I was 36. When you pay annually you generally get a 5-10% discount.

 

[IVE GOTTA PACKAGE 4U]

Buying life insurance with your employer is a bad idea. Usually more exspensive, but more importantly, the minute you leave the company, your policy is canceled. Imagine getting terminated, having a heart attack due to the stress, dying without coverage a week later.

You can still keep it. They just charge you a lot more than when you were working. Had a few guys retire and they were shocked at the price.

 

[Packmule]

Things to consider with term policies also is to look for 30 year fixed rates. Doesn't mean every five or ten years you can't buy a new 30 year fixed rate and drop the first one. I'm currentl covered till age 79.
When shopping for term life, aim for years of age ending in 9. 29, 39, 49 etc. the reason is rates will jump on th five year intervals.
And don't forget to consider how much it's going to cost you in retirement to put a spouse on as surviving beneficiary. Term life might just be cheaper and more reliable.

 

[Jackburton]

You can still keep it. They just charge you a lot more than when you were working. Had a few guys retire and they were shocked at the price.

I wasn't aware that additional insurance bought through UPS was portable. I'm guessing the subsidized cost of it would go away once separated. Generally speaking, the subsidized pricing offered by the company still can't beat the open market if you shop around. Then, as you pointed out, your locked in a high price once seperated.