i never had an insurance ,now i am over 40 with 3kids please suggest me any policy?

Question by SAZIM ﺳﺎﺯﻡ: i never had an insurance ,now i am over 40 with 3kids please suggest me any policy?
secondly how does it work is it same like saving,fix,bank account ???
are these insurance companies are still reliable after recession?
i just want to pay once what ever amount

Best answer:

Answer by Shreeniwas Gadiyar
Buy yourself term insurance. It is pure risk cover. Your family gets compensated in case of your death.
Insurance is savings.
Yes insurance companies are reliable after recession.

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3 comments to i never had an insurance ,now i am over 40 with 3kids please suggest me any policy?

  • mbrcatz

    Nope.

    First of all, you have to buy from a local agent, local to YOU. Second, you don’t even mention which KIND of insurance you’re interested in.

    Third, insurance is not a savings account or an investment tool. It’s a financial planning tool – when you’re planning for DISASTER.

    Fourth, insurance companies are highly regulated by each state, to make sure they have enough money to pay their claims – recession or no recession. So yes, they’re still reliable. Check the financial strength rating before you buy. Any company rated A- or better, is going to be pretty safe.

  • magicbird

    Get TERM insurance (as opposed to “whole life insurance” which is a big ripoff). With term insurance you take out a policy for, say, $ 200,000 or $ 500,000 for a period of, say, 15 or 20 years–long enough to protect your young family from catastrophic financial loss in the case of your death. You pay a fixed amount for it every month or year, whatever, for the 15 or 20 years it’s active. If you die during that time, your beneficiaries will receive the $ 200,000 or $ 500,000 plain and simple. When you hit the 15th or 20th year, THEN IT’S OVER. If you die the 21st year, your beneficiaries get nothing. But by then, you see, your children will be adults who can take care of themselves–they won’t really need the protection from catastrophic financial loss. And by then, your spouse should have enough in savings to care for himself/herself in the event of your death. This is the way it should be. Term insurance is NOT expensive, because the odds of a young adult dying are relatively low. At 40 you’ll have to pay somewhat more, but the point is that you need to protect your children for a certain number of years from catastrophic loss.

    ‘Whole life insurance,’ on the other hand, is very costly. Don’t get it. What you’re essentially doing if you get it is giving the insurance company a low interest loan so that THEY can invest your money for their own best interests, using YOUR money. Better to get term insurance and put the money you save (by not buying whole life insurance) into investments of your own.

  • Teresa Mankin

    Thank you, thank you, thank you American Family for your amazing support of our hunger initiative! So glad to have you as a partner!!

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