WTK: Life Insurance

urabus · Postby **urabus** » June 16th, 2008, 10:44 pm

how important is life insurance for a young single person?

do i really need it?

why shud i take it, or is it a waste of my $$.

buzz · Postby **buzz** » June 16th, 2008, 10:46 pm

yuh planin tuh lanate?

Postby **r3iXmann** » June 16th, 2008, 10:50 pm

it covers injuries afaik..take it

honda4life · Postby **honda4life** » June 16th, 2008, 11:27 pm

cute corolla, you should invest in life insurance...but ensure that yuh beneficiary is someone who will look after yuh best interests....

MonsterPower · Postby **MonsterPower** » June 16th, 2008, 11:57 pm

cute corolla wrote:how important is life insurance for a young single person?

do i really need it?

why shud i take it, or is it a waste of my $$.

if u work to support parents for whateva reason shuld somn happen to u and they will see soem trouble then yes u should

or if u work in a high risk job like undersea welding or race car driver then yea

if u are young and suffer no complication nor plan to dies soon then spend ur money shopping in the mall..

kg494EJ-1 · Postby **kg494EJ-1** » June 17th, 2008, 3:01 am

You should take it and see it as an Investment, that is well worth the sacrifice, there are also several benefits to having it depending on what policy you choose.

janfar · Postby **janfar** » June 17th, 2008, 3:13 am

Its best to take it now while you are young, the premiums go up when you are older.

I am only 24 and I aint even bird on a stick and I already have 2 life insurances and a pension plan. Plan ahead, its the safest way, especially with the way things going.

mitsu_crazy · Postby **mitsu_crazy** » June 17th, 2008, 6:46 am

reiXmann wrote:it covers injuries afaik..take it

life and health are 2 different things....

not all life plans would cover most injuries...

but both are good to have...

it's something you should have...but if you are not sure about what to get seek advice....

and shop around a little...

everyone will try to sell you what the have as the best...

mitsu_crazy · Postby **mitsu_crazy** » June 17th, 2008, 6:47 am

BTW take it while you are young....the older you get the more costly it can be....

Postby **crazybalhead** » June 17th, 2008, 6:48 am

All good advice, and look into an anuuity while you at it, it can save you some tax $$$$$$$$$.

RBphoto · Postby **RBphoto** » June 17th, 2008, 6:50 am

All of the above....and doh tell yuh woman about it

urabus · Postby **urabus** » June 17th, 2008, 8:35 am

crossdrilled wrote:All of the above....and doh tell yuh woman about it

i'm not into them lesbain things...

mitsu_crazy · Postby **mitsu_crazy** » June 17th, 2008, 8:43 am

cute corolla wrote:
crossdrilled wrote:All of the above....and doh tell yuh woman about it

i'm not into them lesbain things...

don't think he understands that you are female.....

stick to topic... :wink:

Postby **Dave** » June 17th, 2008, 8:47 am

there are ones with critical illness attached to them, thats the one to get
Sagicor has a good one

mitsu_crazy · Postby **mitsu_crazy** » June 17th, 2008, 8:49 am

Dave wrote:there are ones with critical illness attached to them, thats the one to get
Sagicor has a good one

so does clico....

i guess it will matter the extent of coverage you will get....

simplicity · Postby **simplicity** » June 17th, 2008, 8:56 am

i think it also helps in getting a mortgage

rebel sounds · Postby **rebel sounds** » June 17th, 2008, 8:59 am

simplicity wrote:i think it also helps in getting a mortgage

yes it does -- and you probably wont realise how important a life insurance is until you need it -- so it wont hurt to take it now

Postby **crazybalhead** » June 17th, 2008, 8:59 am

No it doesn't. When you take a mortgage, you hae to take out a separate life insurance policy to cover that in case you croak.

MonsterPower · Postby **MonsterPower** » June 17th, 2008, 9:05 am

term life they ysually ask for

RBphoto · Postby **RBphoto** » June 17th, 2008, 9:13 am

Sagicor screwed me over. I stated that I had minor surgery to my nose, and they rejected my application. They say the wanted all kinda lab tests to prove that i doh have cancer, wnated to know the doctor name who do it...all kinda drama. Will leave out that little detail from now on. When you are filling out the forms, try not to highlight a problem if it is benign. Nobody needs to know if you smoke or drink either.

Postby **crazybalhead** » June 17th, 2008, 9:14 am

Crossdrilled, is your real name Ashley Simpson by chance?

:shock:

Postby **Dave** » June 17th, 2008, 9:15 am

amm, that kinda happens with all insurance companies

urabus · Postby **urabus** » June 17th, 2008, 9:49 am

that's what i'm not sure about, they make u feel it's somthing good u're taking out, but behind it's alot of fine print, so when it's time to actually claim for somthing, u have a huge headache, because the policy didn't cover x, y and x, or they're asking for a, b and c

i totally understand what u're saying crossdrilled.

so iz it really wise to put let's say couple hundreds a month with them, as oppose to some other type of investment that you have easier access to.

and next thing that's confusing is, whom to put as my beneficiary...their suggestion somthing called the 'estate'

AGENT RORO · Postby **AGENT RORO** » June 17th, 2008, 9:52 am

Dave wrote:amm, that kinda happens with all insurance companies

I was goin to say the same thing

AGENT RORO · Postby **AGENT RORO** » June 17th, 2008, 9:55 am

cute corolla wrote:that's what i'm not sure about, they make u feel it's somthing good u're taking out, but behind it's alot of fine print, so when it's time to actually claim for somthing, u have a huge headache, because the policy didn't cover x, y and x, or they're asking for a, b and c

i totally understand what u're saying crossdrilled.

so iz it really wise to put let's say couple hundreds a month with them, as oppose to some other type of investment that you have easier access to.

and next thing that's confusing is, whom to put as my beneficiary...their suggestion somthing called the 'estate'

If YOU as the policy owner does not have anyone to name as your beneficiary then stating estate on your application is your only option.

¤Sabrina¤ · Postby **¤Sabrina¤** » June 17th, 2008, 10:04 am

crossdrilled wrote:Nobody needs to know if you smoke or drink either.

they do the mouth swab to determine if u smoke

ek4ever · Postby **ek4ever** » June 17th, 2008, 10:25 am

crazybalhead wrote:No it doesn't. When you take a mortgage, you hae to take out a separate life insurance policy to cover that in case you croak.

Not so....you sign over the life insurance to cover the mortgage....i.e if you die the mortgage company has first dibs on the payout to cover the outstanding loan amount. I've done this before

Postby **gfbl** » June 17th, 2008, 10:33 am

i wouldnt look at life insurance as an investment.it provides the ones who would suffer i the event of your demise with money to help continue their standard of living, or cover a mortgage. the whole life policies have investment related options but there are many fees and the returns are so so. term life from sagicor is the cheapest life insurance i have seen. they are a reputable company as well.

ek4ever · Postby **ek4ever** » June 17th, 2008, 10:42 am

cute corolla wrote:how important is life insurance for a young single person?

do i really need it?

why shud i take it, or is it a waste of my $$.

As a young single person life insurance is a bonus to have....you will pay lower rates and therefore be able to afford a higher level of coverage.

Later on you can use a life insurance as collateral for a mortgage or other loan types and some policies include an investment component so you have part of your premium invested into growing your wealth.

Additionally should you die it is good to have this to cover any associated costs and therefore not be a burden on your loved ones...especially if you are supporting your parents in some way....it will also be used to settle any loans you may have outstanding.

Additionally you should consider a pension plan and a critical illness/health plan. Medical care for critical illness/health is extremely expensive in Trinidad not to mention if you have to go abroad. In all cases ensure that the plan has an investment component to offset rising inflation.

Be carefull when choosing critical care plans...some like Guardian Life require that you survive a certain number of days (usually 30) before payment is made. Others like Maritime will pay up front. This also happens with medical plans....some plans require paperwork to be done and final determination by the insurer to determine how much and when payment will be made to the institution...AdMed does not require this. Plans also differ by how much of your premium is placed into investment vs administrative costs. I chose my plans from Maritime because 100% of the premium portion assigned for investment actually goes into the investment component.

Not trying to sound like a salesman but you should check Maritime for these types of products as they have probably the best plans on the market. For those of you who think not....Maritime plans are sold by other insurance companies....sort of a re-selling agreement.

eurogirl · Postby **eurogirl** » June 17th, 2008, 10:58 am

Coz u get a really cool card !! (mines really cute lol )

and u're insurance rep's buy u nice presents ( birthday / xmas /etc) , and if yuh forget to make a payment they does call u and be like " i passing by for my money eh

"

plus u just hadda call dem and ask abt different investment's and they would do the forecasting for u .. and if u have an honest one he/she will tell u flat which policy would suit u're lifestyle best and Y not to choose certain policies .

An agent I've known for years does buff me up and tell me i spending too much money and would call to tell me someone from xyz fiancial investment company coming to check yuh tom

.. He's not even my agent , yet I value him for his finacial background ,his experience and links .