Life insurance

**MomToTwoBoys** · 12-28-2011, 08:22 PM

I'd like to learn as much as I can before I call someone to be advised on life insurance. I'm looking for an amount to pay off the mortgage and to leave money behind for final expenses and such.

What confuses me is the term, guaranteed life, permanent life, etc... part of it.

Is there a really good website that explains them all in terms that are easy to understand?

**Nishu** · 12-29-2011, 01:44 AM

Permanent is a kind of whole life insurance. Almost universally regarded as a waste of money. They are the types that accumulate cash value and can be cashed in. It will be more expensive than the term life insurance.

Term is what most people want. You pay a monthly fee and you're covered. It doesn't build cash value and it pays a specific amount upon death. A 30 year term policy will lock your rate and your coverages in for 30 years.

Setting it up involves:
Deciding on coverage level and term
Answering questions about your health
Getting a physical from one of their nurse-types
Insurance company will then tell you what your monthly rate will be for that level of coverage.

Easy peasy.
Term life insurance - Wikipedia, the free encyclopedia

**Mom23boys** · 12-29-2011, 11:23 AM

Dave Ramsey suggested term life policies with Zander Insurance. I am sure you can visit Dave's website to learn more. I think there is a link on his page that will take you to Zander Insurance under Companies Dave Trusts.

**dschipman** · 12-29-2011, 11:31 AM

thank you for posting this question as well as the answers already received...this is something DH and I have been talking about.

Thanks again everyone

**MomToTwoBoys** · 12-29-2011, 12:03 PM

Originally Posted by Mom23boys

Dave Ramsey suggested term life policies with Zander Insurance. I am sure you can visit Dave's website to learn more. I think there is a link on his page that will take you to Zander Insurance under Companies Dave Trusts.

But what if Dave is someone that I don't trust?

**227melissa** · 12-30-2011, 07:35 AM

Term life is the best.

**ncarr** · 12-30-2011, 10:38 AM

I would go with Term life insurance. Coverage wise, since you have kids you might want to factor in enough to cover college expenses if you were to pass away. It's your choice. Also, I know one of your boys has special needs. Would he be able to live on his own as an adult if you were gone? If not, you might want to set up what is known as a Special Needs Trust to provide for his care after you're gone.

**Libby** · 12-30-2011, 10:41 AM

Don't forget that there are subtle differences between US and Canadian insurance as well. (not that I know what they are though)

**MomToTwoBoys** · 12-30-2011, 03:21 PM

I checked with Scotiabank and they don't offer life insurance, which is a blow to my plan. I did check with BMO and they have life insurance, but I don't like the idea of getting a medical exam. I'm fine. I don't smoke.

As far as my oldest, that's a fantastic idea.