QuickQuote Insurance Forums - I am broke but need life insurance

HotMama39

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I am broke but need life insurance
01/09/08 at 13:15:54

I am so broke, I have a family to take care of, a mortgage, 2 car payments. Not to mention my ridiculous medical bills. My mother is in a nursing home and I have to pay for that as well. My brother is a convict that just got out of prison and now he is always asking to borrow money, and I often give in. I was recently diagnosed with diabetes so I have to go to the doctor quite often for testing. embarrassed

I don't have any money left over to pay the premiums these life insurance companies charge, but I really do need life insurance. I am so stressed out over money that I just want to give up, but I worry all the time about how my family will make ends meet if I die. Any advice???

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Boyd99 Full Member QuickQuote Forum User Posts: 136	Re: I am broke but need life insurance Reply #1 - 01/09/08 at 13:29:04 I will tell ya what to do honey, you just stop going to the doctor like me and your money will start to add up again.
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Jessica23

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Re: I am broke but need life insurance
Reply #2 - 01/14/08 at 11:43:41

Don't you dare listen to Boyd99, the worst thing you can do is stop going to the doctor! Shame on you Boyd99!! Your situation may be a tough one, but the best thing you can do is take care of yourself! You will be no good to your family if you are sick, or worse if you get some terminal illness. If you can't afford the insurance I recommend to get the biggest policy you CAN afford. So if you wanted $500,000 but it is too expensive, you should just get a smaller policy, for like $250,000 or even $100,000. Anything would be better than nothing to help your loved ones if you died. Hang in there honey! Things will get better, they always do...

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Re: I am broke but need life insurance
Reply #3 - 06/05/08 at 13:51:56

Quote from HotMama39 on 01/09/08 at 13:15:54:

I am so broke, I have a family to take care of, a mortgage, 2 car payments. Not to mention my ridiculous medical bills. My mother is in a nursing home and I have to pay for that as well. My brother is a convict that just got out of prison and now he is always asking to borrow money, and I often give in. I was recently diagnosed with diabetes so I have to go to the doctor quite often for testing. embarrassed

I don't have any money left over to pay the premiums these life insurance companies charge, but I really do need life insurance. I am so stressed out over money that I just want to give up, but I worry all the time about how my family will make ends meet if I die. Any advice???

There are few ways this could be solved. I need to find out a little more about your current situation. I need to ask you some specific questions that are might sound too personal to be posted here.

Please call me
212-819-1800 ext 6659
www.nmfn.com/eugenegoldberg

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Hadley

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Re: I am broke but need life insurance
Reply #4 - 06/08/08 at 10:27:27

I'm sorry to hear of your financial situation, but term life insurance may be an affordable option for you.

You have several options - you can contact an insurance agent in the yellow pages to get a free quote for life insurance. Ask a friend for a referral - the name of their insurance agent to get life insurance quotes. Ask your auto insurance agent if they can offer you life insurance. Or, you can compare free life insurance quotes online.

You may find that term life insurance is more affordable than you expected. I wish you good luck.

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Learn about term life insurance by visiting www.term-life-online.com

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Re: I am broke but need life insurance
Reply #5 - 06/09/08 at 12:19:11

Quote from Hadley on 06/08/08 at 10:27:27:

I'm sorry to hear of your financial situation, but term life insurance may be an affordable option for you.

You have several options - you can contact an insurance agent in the yellow pages to get a free quote for life insurance. Ask a friend for a referral - the name of their insurance agent to get life insurance quotes. Ask your auto insurance agent if they can offer you life insurance. Or, you can compare free life insurance quotes online.

You may find that term life insurance is more affordable than you expected. I wish you good luck.

First do some research, find out about the financial strength of the company, check out companies ratings on
S&P 500
Moodys
A.M.BEST
Fitch

I would recommend going only with highest rated company, with low lapse ratio and great feedback overall.

Don’t ever trust online and yellow pages brokers before you do full comprehensive research, and find out exactly what the company is all about.

Online insurance companies, attract people by offering lower quotes, but think about it, if something does happen lets say in 20-30 years from now, what are the odds that the company will still remain in business, or will pay out the claim and how soon the claim will be paid!

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Mogul Forum Newbies QuickQuote Forum User Posts: 7	Re: I am broke but need life insurance Reply #6 - 07/08/08 at 14:37:56 I would suggest that you see a professional, maybe a credit counselor. It may cost a bit up front, but it could help you in the long run. Good luck!
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Re: I am broke but need life insurance
Reply #7 - 07/09/08 at 11:24:27

Quote from Mogul on 07/08/08 at 14:37:56:

I would suggest that you see a professional, maybe a credit counselor. It may cost a bit up front, but it could help you in the long run. Good luck!

A credit professional doesn’t know anything about insurance, since it is not their area of expertise.

You should sit down with your financial advisor/planner, and do a need analysis on your particular situation. First find out id there is a need for insurance, and how much of it is needed. Also the process will help budget your income and expenses, give you a an almost ideal picture of how much can be contributed towards insurance. By evaluating PNA results, your adviser/representative will be able to recommend the appropriate insurance product.

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