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All other Green Card Issues I-140/I-485, Family Based Green Card

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  #1 (permalink)  
Old 02-19-2007, 09:29 AM
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Default Share your experiences with Life Insurance

Hi

While waiting for GC ( which may take several more yrs !!!) I want to go for Life Insurance, Since I am at age of about 40 its need to be done, though I have enough of that in India, not in US. In that regards I just started evaluating different options. Plesase share your comments and experiences during search of Life Insurance.


(1) which is better to go for term life or whole life

(2) I started contacting agents (mainly desi) and they recommend Whole life ( if you can afford premium). They tell that it is ultimately result in Saving, Dividend etc. So my question is Does paying EXTRA PREMIUM ( i think it will be substantially high for whole life) RESULT in EQUIVALENT OF SAVINGS OR DIVIDENS? or just agents recommends that because they get more commissions with that?

(3) I see lot of DESI agents in New york Life, So is it due to their speciallity in Indian Community market? Does they offer competative products?

(4) How to search of best rate for Whole or Term Life, Does Select qoute and Other such agencies are good to their promise of getting low cost? Does companys that we get through Select qoute give Insurance to NON-PERMANENT RESIDENTS like US


(5) Which reliable comanies offer Life insurance to non-greencard holders (menas H-1B holders)


(6) please list websites that you thnik are good as per your experience while searching and evaluating different Life Insurance Options?

thanks for your insput which will help several members like me.

P.S subscribed monthly contibutions to IV and participating in its other faxing and email campaigns.
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  #2 (permalink)  
Old 02-19-2007, 10:13 AM
vxg vxg is offline
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If you are IEEE member than IEEE has the best rates.
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  #3 (permalink)  
Old 02-19-2007, 10:50 AM
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Waitingnvain will become famous soon enough
Default Good luck

I tried without success to get a life insurance here in the US, the reason: no GC. You can get life insurance but the premiums are outrageous.
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  #4 (permalink)  
Old 02-19-2007, 11:22 AM
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Default Have you tried Newyork Life?

Quote:
Originally Posted by Waitingnvain
I tried without success to get a life insurance here in the US, the reason: no GC. You can get life insurance but the premiums are outrageous.
Agent from New yourk Life told me that other comanies are not familiar with non-GC (such as US on H-1B candidates) so they are not ready to go for h-1B life insurance, but since New yourk life is Already in market for other ethanic communities that understand other immigration issues and ready to go for Non-GC candiadates too.

so my question is have you approached them during your efforts, what were your conclusions if you approached them.
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  #5 (permalink)  
Old 02-19-2007, 12:04 PM
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krishna.ahd is on a distinguished road
Default

Quote:
Originally Posted by pmpforgc
Hi

While waiting for GC ( which may take several more yrs !!!) I want to go for Life Insurance, Since I am at age of about 40 its need to be done, though I have enough of that in India, not in US. In that regards I just started evaluating different options. Plesase share your comments and experiences during search of Life Insurance.


(1) which is better to go for term life or whole life
Term Life is better , agents will push for whole life as the commission are more
You have to come to the term , till when you need life coverage, like your son graduating after 7 years or after 12 years you may not have financial liability towards kids etc


(2) I started contacting agents (mainly desi) and they recommend Whole life ( if you can afford premium). They tell that it is ultimately result in Saving, Dividend etc. So my question is Does paying EXTRA PREMIUM ( i think it will be substantially high for whole life) RESULT in EQUIVALENT OF SAVINGS OR DIVIDENS? or just agents recommends that because they get more commissions with that?
Yes they get more commission on whole life , basically you dont need , if at all you think then you can go for term life which offers extension after the initial period with same premium

(3) I see lot of DESI agents in New york Life, So is it due to their speciallity in Indian Community market? Does they offer competative products?
No clue

(4) How to search of best rate for Whole or Term Life, Does Select qoute and Other such agencies are good to their promise of getting low cost? Does companys that we get through Select qoute give Insurance to NON-PERMANENT RESIDENTS like US
Check these websites
http://www.insure.com/
http://www.accuquote.com/



(5) Which reliable comanies offer Life insurance to non-greencard holders (menas H-1B holders)
Some of the companies doesnt offer for Non GC ( not permanent resident) or offer with higher premium

(6) please list websites that you thnik are good as per your experience while searching and evaluating different Life Insurance Options?
http://money.cnn.com/magazines/money...y101/lesson20/
Also have some information web site listed in 4

thanks for your insput which will help several members like me.

P.S subscribed monthly contibutions to IV and participating in its other faxing and email campaigns.
Good Luck
__________________
-Krishna
"When the going gets tough, the tough get going."
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  #6 (permalink)  
Old 02-19-2007, 12:36 PM
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Default Term Life is better

The whole Insurance investment depends on the person’s needs and investment capability. If you are market savvy you would take a term policy for the insurance and invest the difference between the term life policy and whole life policy premium and get a better return when compared to a whole life that on average has given a return of 8-12%pa.

That apart Prudential has a term life policy where you get back the complete premium paid under this policy at the end of the term…. say for a 30 year term you paid a total premium of 30K in 30 years,, at the end of 30 years if you are still alive you will get back the 30K.. and if you are still healthy and need a policy at that time you can buy a whole life policy with this 30K which approximately will cover you for about 120K -150K assuming you are about 65 at that time..


https://www.prudential.com/view/page...tType=&UserID=
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  #7 (permalink)  
Old 02-19-2007, 12:48 PM
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Default I Prefer Whole policy

Hi,
I hava Whole plociy with Guardian Life.
I prefered whole policy if you think your'e going to stay in USA about 10-15 years in usa.
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  #8 (permalink)  
Old 02-19-2007, 02:07 PM
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Default

Quote:
Originally Posted by redcard
That apart Prudential has a term life policy where you get back the complete premium paid under this policy at the end of the term…. say for a 30 year term you paid a total premium of 30K in 30 years,, at the end of 30 years if you are still alive you will get back the 30K..

https://www.prudential.com/view/page...tType=&UserID=
Do you know how much more the premium would be for this product compared to regular term? I am guessing a lot more. In that case whole life is better where the cash value generated would pay much more after 30 years based on a low 5.5 - 6% estimated annual return. But of course it is for folks who will stay in US at least 15 years+ because after 15 yeras the Cash Value could itself pay for the permium and you do not have to pay any more premuims unless you wish to boost the Cash Value further.
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  #9 (permalink)  
Old 02-19-2007, 02:49 PM
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Default

Quote:
Originally Posted by hopein07
Do you know how much more the premium would be for this product compared to regular term? I am guessing a lot more. In that case whole life is better where the cash value generated would pay much more after 30 years based on a low 5.5 - 6% estimated annual return. But of course it is for folks who will stay in US at least 15 years+ because after 15 yeras the Cash Value could itself pay for the permium and you do not have to pay any more premuims unless you wish to boost the Cash Value further.
Its not a lot more.. about $200 more per year.. ... but atleast you get back all your money..
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  #10 (permalink)  
Old 02-19-2007, 02:59 PM
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Default Do not ever buy whole life- 70% of premium goes to admin charges

Folks,
I bought whole life insurance for my wife year ago for $300k from PRUDENTIAL, monthly premium is $116/month but $72 went to admin. and tran. charges. Although I paid $1276 last year, my balance was $476 after 25.2 % return on funds. whole life has surrender charges apart from hefty financial charges ,so you can not withdraw when you want.

I took $1500 loss and canceled my whole life insurance policy since I do not want to waste 70% of my premium as a financial charges.you are feeding for a company and agent s getting heavy commission on this.

Buy term life insurance and invest in Vanguard Index funds for investment purpose.
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  #11 (permalink)  
Old 02-19-2007, 03:06 PM
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Default

RedCard,
Have you ever checked your balance? . Please go through insurance documents you would discover the truth. let me know after checking your balance how much you have in account/how much you paid.


Thx,
21stIcon
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  #12 (permalink)  
Old 02-19-2007, 04:33 PM
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Default Companies for Term Life

Hi

It looks like most people are of the opinion going for term life and investing extra money in Mutual fund or Securities rather than going for Whole life and paying for lot high premiums.

So now my question is

(1) can you list companies and term life policies that you found better and more comptitative compared to others in market, along with their plus and minus

(2) List important websites for such comapnies

(3) Does Having GC and not having GC makes significant difference in terms of Premium for the Term Life Policy

Also list other informative sources for Term or Life Insurance Policies

Thanks
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  #13 (permalink)  
Old 02-19-2007, 04:40 PM
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Default Desi Agent is best source for H1B

You can try @ www.ehealthinsurance.com, but they may need GC to process.

talk to one of the desi agent who would would help you to get one.


Thx,
Gana.
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  #14 (permalink)  
Old 02-19-2007, 05:13 PM
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redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute redcard has a reputation beyond repute
Default

Quote:
Originally Posted by 21stIcon
RedCard,
Have you ever checked your balance? . Please go through insurance documents you would discover the truth. let me know after checking your balance how much you have in account/how much you paid.


Thx,
21stIcon
I am not sure what you mean by this... I have a schedule which lays out the exact amount which is payable in case you terminate the policy before the end of the level term period... which is about $1K in the first five years and hardly anything in the initial years but increases at the end of the term period..that apart you can either pay lump sum premium annually or you can pay monthly….

Let me know if this helps… or be more specific so that I can check..
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  #15 (permalink)  
Old 02-19-2007, 05:22 PM
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Default Does your ins. company invest money in securities or gives fixed rate of return?

Are you sure that you would get back what ever you paid for the policy?. LIC in India is different story than western insurance companies.No Ins. company gives back what you paid on whole life, Please make sure how much you get back when policy matures.

Give me your insurance company/policy name ,I will tell you how much you are loosing on whole....?

thx
21STIcon
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