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Life Insurance


#1 CheapyD   Head Cheap Ass Administrators   17702 Posts   Joined 15.7 Years Ago  

Posted 28 January 2015 - 03:36 PM

If you are old like me and have people who depend on you, it may be time to start thinking about life insurance.  Cheap Ass Gamer has partnered with Golden Cohen to help provide quick and easy life insurance for CAGs.

 

Here are a few basics to help get you started:


What is life insurance?

Life insurance is a contract binding a life insurance company to compensate a beneficiary for the death of a person insured. If the insured dies, the company will provide a cash payment to the beneficiary. Life insurance is used to protect the economic value of a human life with regards to those who may be financially dependent upon it.


Uses of life insurance:

Life insurance has many uses for both individuals and businesses. Some common uses for individuals include:

  • Funeral - Life insurance proceeds can ensure that there is enough money for proper funeral and burial expenses.

  • Debt - Personal bills, credit card debt, student loans, and personal notes can be covered by life insurance in the event of an individual's death.

  • Mortgage Protection - The proceeds of a life insurance policy can pay off the balance of a mortgage or provide an income stream to pay monthly mortgage or rent payments.

  • Income Replacement - In the event of an individual's death, life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to maintain the same standard of living.

  • Education - Life insurance proceeds can ensure that the education costs of the insured's children are covered.

  • Taxes - Federal estate and state inheritance taxes can be pre-funded using life insurance to preserve the value of an estate.

  • Donations/Gifts - An individual can use a life insurance policy to fund a donation to a charity or leave a gift to a family member.

Now that you are completely depressed by the thought of your own demise, use this link to get a free quote. If you find a better deal or have questions or comments, let us know!



#2 Ironman8   King CAGiversary!   1208 Posts   Joined 6.4 Years Ago  

Posted 29 January 2015 - 06:05 AM

Question. Can you still get life insurance if you've been diagnosed with something like cancer, MS, heart disease, diabetes, etc.?

#3 Rick4Life  

Posted 02 March 2015 - 03:35 AM

Question. Can you still get life insurance if you've been diagnosed with something like cancer, MS, heart disease, diabetes, etc.?


In some cases, yes. such as heart disease / high blood pressure as long as you have it controlled with medication. Previously having cancer, usually not... But there are cases when yes you can. It all depends on the company and their underwriting requirements. In most cases with any type of health issues you will pay a higher premium since you pose a higher risk. Insurance companies are in the business of making money, and want to gamble when it is in their favor. So if you pose a risk of payout, they want more money from you, or don't want to bet at all.

If you truly are interested, just call around to several companies and ask. It's a PITA, but worth it. I have policies on all my family members. (Even my two year old. If something happened to her there is no way I could work.)

The link provided by cheapyd looks like it goes to one of the companies that sells your information, so like 20 insurance agents will call you (literally). But, it might be worth it since you can cut to the chase and ask your question immediately.

Good luck.

- Licensed in life insurance 2011-2013.

#4 jms493   CAG Veteran CAGiversary!   113 Posts   Joined 10.3 Years Ago  

Posted 24 August 2015 - 08:55 PM

For you young a healthy people who are recently married or have children...TERM INSURANCE ONLY!.  20 year fixed term where the payments stay the same.  a good rules of thumb is 10-12x your annual income.  The type of insurance is dirt cheap if you are a healthy person.

 

Do not buy Whole Life Insurance...the only people this is good for are the people selling it.



#5 ChiefBrody1027   40th Anniversary CAG CAGiversary!   1224 Posts   Joined 5.4 Years Ago  

ChiefBrody1027

Posted 24 August 2015 - 09:01 PM

For you young a healthy people who are recently married or have children...TERM INSURANCE ONLY!. 20 year fixed term where the payments stay the same. a good rules of thumb is 10-12x your annual income. The type of insurance is dirt cheap if you are a healthy person.

Do not buy Whole Life Insurance...the only people this is good for are the people selling it.


What that guy said. Just enough to pay off the house, cars, death expenses and schooling for children. Your spouse can always re-marry, make sure the kids are set. Don't over insure yourself.

#6 jms493   CAG Veteran CAGiversary!   113 Posts   Joined 10.3 Years Ago  

Posted 24 August 2015 - 09:13 PM

And dont forget a Will...equally as important.



#7 RollsRoyce89  

RollsRoyce89

Posted 18 November 2015 - 01:55 PM

Life insurance is something like risk management. You buy to get protected. You don't get protection after your too late for any sickness and stuffs like that. It's like a backup that's always ready but without it, you will have financial burden.