Date: 5 Apr 1984 09:21-EST
From: Jerry.Agin@CMU-CS-H.ARPA
Subject: Re: life insurance?
To: David.Lamb at CMU-CS-A       
Message-Id: <450022861/agin@CMU-CS-H>
In-Reply-To: David.Lamb at CMU-CS-A's bboard message of 03-Apr-84 21:19    

Insurance is a racket, and most life insurance salesmen I've dealt with
are not in a position to help you choose the best kind of insurance for
you.  They ALL push lifelong financial packages instead of mere
insurance.

Term insurance is pure insurance.  If you die, they pay, period.  Most
"ordinary life" insurance programs combine insurance with savings.  If
you die, they pay, but if you don't die they also pay, and your
premiums are much higher for the privilege.  If you stick to term
insurance you can optimize your savings program separately.  The
insurance people will tell you that the premiums on term increase as
you get older.  Of course they do--and when they get prohibitive is
when you don't need insurance any more.  They'll tell you that if you
get sick some companies will not renew your insurance.  But you can
also find many that offer a guaranteed renewal without additional
evidence of insurability.

The cheapest way to buy term insurance is through a group plan.  I have
had good experience with the IEEE insurance program.  I know TIAA/CREF
also offers a program.