Is an AD&D family policy worth it?

[amacias21]

I'm in a union, and recently met with a guy from Globe Life pushing a policy that is accidental death, accidental hospital coverage, and burial coverage. There's some affiliation with unions and Globe.
For my fam of 3, it seems kind of expensive. The wife and i are 40ish and a teen, all in good health, and costs $190/mo. Burial $30k each, AD $250-400k each, ER $250, hospital stay $500/day, ICU $1000/day.
I'm pretty ignorant w/r/t life insurance of any sort. Is this a decent deal? Would i be better off with just a few whole life policies?
Thanks

 

[frenchyriff]

@amacias21 For a family of three you should have much more than 30k in life insurance.

I would pass on this package. It’s really expensive for what they’re actually providing you. I would look at a term life policy to protect your income, debts, mortgage and family…

 

[huguenot]

@frenchyriff You should purchase term coverage from an independentent agent and ask for the comps from all carriers.

 

[amacias21]

@frenchyriff Yeah i was thinking it's too expensive.
FWIW i think the $30k was the burial benefit only.
Thanks for the reply!

 

[frenchyriff]

@amacias21 Of course. If you and your spouse are in good health like you say, you should be able to secure 500k in Term insurance for roughly the same price as the package above, possibly less. The term policy will payout regardless of cause of death. The accidental death will only pay out in the event of an accident…

 

[futuredreamer]

@amacias21 Usually no.

They are cheap because they rarely pay out.

if your family needs death benefit, then they need it no matter how you die.

Buy a life policy.

 

[huguenot]

@amacias21 It's a water of money. Stay away from these affiliated deals that are good for everybody except the insured.

 

[james2206]

@amacias21 I agree with everyone. Buy a whole life policy. Not all separate. He was trying to make a quick buck. Term insurance may go good for you too around the same price.

 

[jeshurun1111]

@james2206 We have no idea what this guy’s income is. Term for sure, whole life way, way too soon to say.

 

[atthesea]

@amacias21 I actually work their bigger company AIL. Ad a union member you're already provided with ADD coverage through your union president. What we set up for union members us Whole Life and Term Policies along with Headstarts for children as young as 15days old so they can take advantage of the didvends and start acgumukatijg for college or whatever they want really. And even income and mortgage protection and lay off waiver. So your premium is payed and have access to your cash value while not working. We've actually payed over 1Billion in lay off coverage and wages last year. There's a lot of options and you choose your price and specific coverages. It's not as complicated or scary as many would believe honestly. Our prices are quite affordable. From 60$ to 200$ for 100k plus.

 

[redruthie7889]

@atthesea

premium is paid and have

FTFY.

Although payed exists (the reason why autocorrection didn't help you), it is only correct in:

• Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. The deck is yet to be payed.
• Payed out when letting strings, cables or ropes out, by slacking them. The rope is payed out! You can pull now.

Unfortunately, I was unable to find nautical or rope-related words in your comment.

Beep, boop, I'm a bot

 

[jeshurun1111]

@atthesea How do you know which union he’s in and what their provided benefits are?

I replace AIL all day long.

 

[anaki247]

@amacias21 Like was mentioned above a life policy might be a better way to go. You’ll want to find a broker that has access to multiple companies so that you get the best plan at the best rates. A lot of companies come with living benefits also so they will actually pay you while you’re still alive for certain conditions. I happen to be a broker and always happy to answer any questions or help in any way.

 

[atthesea]

@amacias21 Term. Make sure you're aware of what that does to your premiums and benefits.