Am I Getting the Right Life Insurance???

[Dnichols]

What is the name of your state? Indiana


I am 30 yrs old and for the past 3 years my wife and I purchased life insurance policies from State Farm through our local agent. I have $100,000 on myself and $25,000 on my wife. I am the sole bread winner making about $75,000/year.
I believe we pay about $150/month to have these insurance policies and I remember the agent telling us that "later on down the road," the payments can be made with the funds that have been built up in them (from out monthly cummulative payments).

Is anyone familiar with this kind of insurance policy and can you help me decide if it is worth it vs. other insurance policy's.??? Thank you.

 

[Dandy Don]

What type of coverage do you have--whole life or term?

I think you are very smart to shop around--and I also believe you can get a better deal than what you've got now. Visit the Zander Insurance website at www.zanderins.com and look at their rates and I think you can get a larger payout value for the monthly premium you are paying now. Get a refund of your premiums from State Farm and cancel your coverage with them (after you have compared the actual printed policies to figure out which one is the better deal), and you don't have to explain your reason for cancellation to State Farm.

DANDY DON IN OKLAHOMA ([email protected])

 

[wanabath]

Still need to know what type of insurance you have. It obviously is not term. Probably whole life, but maybe Universal or Variable Universal life.

Let me ask you something though. If you pass away today, how long can your family live on 100k? You make 75k. You in my opinion are way undersured. The general rule is 10 times your income.