Do I need Life Insurance? - Toyota Yaris Forums

jamal1984 · 07-06-2010, 10:41 AM

I'm 26, just got a 2 months old baby,. never thought about life insurance, then the other day a guy came in and tell me about life insurance.
My family will get 20K if something happen to me for about $26 dollars a month.

Should i? or no.

RedHatch08 · 07-06-2010, 10:47 AM

$26 seems like a lot to pay for only $20k.

If you have a family, you probably should have life insurance.

It should cover your funeral costs, plus all your debts, and have a little extra left over.

ChilliwackGuy · 07-06-2010, 11:49 AM

I always remember what a friend in the business told me: "you can't afford not to have life insurance"

I think that amount is a bit high - you should shop around - ask your employer / banks / credit card companies - somebody will hook you up cheap - no worries!

I pay $26.54 Canadian for about $50K Canadian in Term Life Insurance - and I also have 1 through my wife's work - as well as my own work - so I have an excess of $150K Canadian - seems excessive - but when I die - at least my wife and 2 kids will have some options - as well as it will helf offset our mortgage / funeral costs / kids education / etc

jamal1984 · 07-06-2010, 12:04 PM

thank you, will def shop around.

BailOut · 07-06-2010, 12:52 PM

If you have a family you should carry enough insurance to pay off your mortgage (if you have one) and any other debts (autos, revolving accounts, etc.), as well as cover your funeral costs and to get your kid(s) through college. It's also wise to provide for enough funding for your spouse to be able to supplement their income for a few months as they will miss lots of work in the event that you die, and/or may need to relocate.

As others have said that rate sounds quite high. As much as you were quoted I wonder if it's a term policy or an annuity rather than straight insurance, meaning it pays out at the end of a term if you haven't used it. If this is the case it's likely not what you need, and you should instead shop for straight insurance.

127.0.0.1 · 07-06-2010, 01:26 PM

single, no

you have a kid ?

yes, you should have some type of insurance

26 a month for 20,000 = ripoff

SilverBack · 07-06-2010, 11:36 PM

As someone who used to work in the business a little while back, I would suggest you start with a term-life in the amount a little higher than your total mortgage (or if you rent, the amount of your yearly income after taxes). That's a great place to start for coverage amounts. If the premium is too high for you in that case, then a better angle would be to calculate your monthly budget and multiply it by 12 for your optimal benefit amount (as long as your responsible enough to keep your budget under your income, this should be more affordable). Ideally you should get a Universal Life or Whole Life policy so you have a chance of either 1) Whole life giving you continuous coverage without renewal, or 2) Universal Life giving you Whole Life plus a savings account built-in. It's your call.

severous01 · 07-08-2010, 02:37 PM

wow...20k for 26 a month...i mean, i was paying 17 a month and getting 500k in the military. and that included hostile fire areas as well.

you must smoke or have some kinda disease...that will greatly reduce amount for amount paid.

if you're really interested, check some higher end angencies. they're all over the net, just look into them and read all the fine print. there was one company i was interested in until i found out my bank (military and vet only bank) has all sorts of stuff and life insurance is one of them. i'm paying 20/mo for 450k...as a ex-smoker. i can also get an IRA or Roth IRA, CD's, bonds, stocks and all sorts of stuff, so check ur bank too.

fnkngrv · 07-08-2010, 03:48 PM

Quote:

Originally Posted by 127.0.0.1

single, no

you have a kid ?

yes, you should have some type of insurance

26 a month for 20,000 = ripoff

+1,000,000

DandiDani · 07-08-2010, 09:02 PM

i have it for me and my husband for $200,000 on myself but its through my work so the highest i can get on him is 20,000 but it doesnt cost me that much. you should shop around. you should for sure get it if you have a child.

07-06-2010, 10:41 AM	#1
jamal1984 The Beautification of Car View User's Garage Drives: Toyota Yaris S Join Date: Aug 2006 Location: Georgia, USA Posts: 967	Do I need Life Insurance? I'm 26, just got a 2 months old baby,. never thought about life insurance, then the other day a guy came in and tell me about life insurance. My family will get 20K if something happen to me for about $26 dollars a month. Should i? or no.

07-06-2010, 10:47 AM	#2
RedHatch08 Canadetroiter View User's Garage Drives: 2008 3DR 5M Join Date: May 2010 Location: Detroit MI USA Posts: 237	$26 seems like a lot to pay for only $20k. If you have a family, you probably should have life insurance. It should cover your funeral costs, plus all your debts, and have a little extra left over. __________________ K&N Air Filter . Rear Debadge

07-06-2010, 12:52 PM	#5
BailOut Steals terrorist's lunch View User's Garage Drives: 2007 Yaris Liftback Join Date: Mar 2007 Location: Reno, Nevada, USA Posts: 1,299	If you have a family you should carry enough insurance to pay off your mortgage (if you have one) and any other debts (autos, revolving accounts, etc.), as well as cover your funeral costs and to get your kid(s) through college. It's also wise to provide for enough funding for your spouse to be able to supplement their income for a few months as they will miss lots of work in the event that you die, and/or may need to relocate. As others have said that rate sounds quite high. As much as you were quoted I wonder if it's a term policy or an annuity rather than straight insurance, meaning it pays out at the end of a term if you haven't used it. If this is the case it's likely not what you need, and you should instead shop for straight insurance. __________________ - Brian Share the Road I often carry 2 carpool passengers and mountain bikes or snowboards/skis over a 4,500 foot elevation difference. Click the graphic above to see my detailed mileage logs.

07-06-2010, 11:36 PM	#7
SilverBack Joey View User's Garage Drives: '14 Scion xD 5-speed Join Date: Oct 2008 Location: El Monte, Ca Posts: 3,529	As someone who used to work in the business a little while back, I would suggest you start with a term-life in the amount a little higher than your total mortgage (or if you rent, the amount of your yearly income after taxes). That's a great place to start for coverage amounts. If the premium is too high for you in that case, then a better angle would be to calculate your monthly budget and multiply it by 12 for your optimal benefit amount (as long as your responsible enough to keep your budget under your income, this should be more affordable). Ideally you should get a Universal Life or Whole Life policy so you have a chance of either 1) Whole life giving you continuous coverage without renewal, or 2) Universal Life giving you Whole Life plus a savings account built-in. It's your call. __________________ Formerly owned Met-Met. '07 Yaris LB 5-speed. A forum post should be like a skirt: Long enough to cover the subject but short enough to keep things interesting. "I don't have an anger problem. I have an idiot problem." -Hank Hill

07-08-2010, 09:02 PM	#10
DandiDani View User's Garage Drives: 09' Meteorite liftback Join Date: Jul 2009 Location: Jeff,Indiana Posts: 1,374	i have it for me and my husband for $200,000 on myself but its through my work so the highest i can get on him is 20,000 but it doesnt cost me that much. you should shop around. you should for sure get it if you have a child. __________________

07-06-2010, 11:49 AM	#3
ChilliwackGuy WCOAST CANADIAN DRIVER!!! Drives: 2010 Hatch 5DR - AUTO/AC Join Date: Jun 2010 Location: Chilliwack BC, Canada Posts: 109	I always remember what a friend in the business told me: "you can't afford not to have life insurance" I think that amount is a bit high - you should shop around - ask your employer / banks / credit card companies - somebody will hook you up cheap - no worries! I pay $26.54 Canadian for about $50K Canadian in Term Life Insurance - and I also have 1 through my wife's work - as well as my own work - so I have an excess of $150K Canadian - seems excessive - but when I die - at least my wife and 2 kids will have some options - as well as it will helf offset our mortgage / funeral costs / kids education / etc

07-06-2010, 12:04 PM	#4
jamal1984 The Beautification of Car View User's Garage Drives: Toyota Yaris S Join Date: Aug 2006 Location: Georgia, USA Posts: 967	thank you, will def shop around.

07-06-2010, 01:26 PM	#6
127.0.0.1 Banned Drives: '10 Yaris5drHB+99 4runner LTD Join Date: Sep 2009 Location: NE Posts: 672	single, no you have a kid ? yes, you should have some type of insurance 26 a month for 20,000 = ripoff

07-08-2010, 02:37 PM	#8
severous01 Drives: 2008 yaris, stripped, red Join Date: Jan 2009 Location: SE Texas Posts: 977	wow...20k for 26 a month...i mean, i was paying 17 a month and getting 500k in the military. and that included hostile fire areas as well. you must smoke or have some kinda disease...that will greatly reduce amount for amount paid. if you're really interested, check some higher end angencies. they're all over the net, just look into them and read all the fine print. there was one company i was interested in until i found out my bank (military and vet only bank) has all sorts of stuff and life insurance is one of them. i'm paying 20/mo for 450k...as a ex-smoker. i can also get an IRA or Roth IRA, CD's, bonds, stocks and all sorts of stuff, so check ur bank too.