[ARCHIVED THREAD] - Life Insurance (Page 1 of 2)
Posted: 10/9/2015 9:04:07 PM EDT
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I think it's time. Where should I go to look at plans? |
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Get term life, the investment backed nonsense is usually a scam or scam like product. Accidental death is usually cheap, so don't be fooled by that trash either, though it may be worth it as a second layer as traumatic accident deaths are higher in the younger population. |
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Employers often offer fairly low cost life insurance. Check with your employer. Call a few agents and ask for prices. Ask about the A.M. Best rating of the companies they represent. Ask about 10 and 20 year level term rates too. If you buy an annually renewable policy, the rate goes up every year. If you buy a multi year term policy, the total cost over the term will be lower than if you renew each year. |
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Get term life, the investment backed nonsense is usually a scam or scam like product. Accidental death is usually cheap, so don't be fooled by that trash either, though it may be worth it as a second layer as traumatic accident deaths are higher in the younger population. A scam or scam like product? Really? Please, for the sake of people who might not know you have absolutely no clue what you're talking about, please don't talk about life insurance as if you're an authority on the subject. 
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all I can say about life insurance is get it while you're still young if possible
as soon as you have somebody relying on you and you're still in the best of health, go get some, it's at its cheapest then I got a quarter million through state farm a year or so ago, 20yr term. not sure my rate, i'll have to go look it up ETA: $35.68 |
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. |
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Quoted: A scam or scam like product? Really? Please, for the sake of people who might not know you have absolutely no clue what you're talking about, please don't talk about life insurance as if you're an authority on the subject. Quoted: Quoted: Get term life, the investment backed nonsense is usually a scam or scam like product. Accidental death is usually cheap, so don't be fooled by that trash either, though it may be worth it as a second layer as traumatic accident deaths are higher in the younger population. A scam or scam like product? Really? Please, for the sake of people who might not know you have absolutely no clue what you're talking about, please don't talk about life insurance as if you're an authority on the subject. FWIW though my experience is subjective, I've represented people screwed over by whole life, etc. policies. |
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I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. |
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If you don't know what you're doing assume it's a scam until you know the policy and it's terms and management better than the guy selling it to you and that it meets very specific goals that are important for you as it pertains to the thing being a legitimate investment vehicle and assume the potential for poor performance. How's that? FWIW though my experience is subjective, I've represented people screwed over by whole life, etc. policies. Quoted:
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Get term life, the investment backed nonsense is usually a scam or scam like product. Accidental death is usually cheap, so don't be fooled by that trash either, though it may be worth it as a second layer as traumatic accident deaths are higher in the younger population. A scam or scam like product? Really? Please, for the sake of people who might not know you have absolutely no clue what you're talking about, please don't talk about life insurance as if you're an authority on the subject. FWIW though my experience is subjective, I've represented people screwed over by whole life, etc. policies. Get Term. Insurance Companies should have no business in investment products. They are not your friend ! |
| Insurance companies are always your friend, you pay your premiums, they invest them and do well, they're happy. You pay your premiums, they invest them and do terrible, your premium goes up and they're happy. You pay your premium, they invest it and do terrible, they jack up your contribution, you don't pay it, they cancel your policy and keep your money, they're happy. They're always happy! |
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What if you go out and buy a sizable term policy, right before getting diagnosed with some bad shit like colon cancer, and then die soon after that?
Serious question. Been putting off a trip to the doctor, will they pay it if I double up on insurance before a diagnosis is documented? |
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What if you go out and buy a sizable term policy, right before getting diagnosed with some bad shit like colon cancer, and then die soon after that? Serious question. Been putting off a trip to the doctor, will they pay it if I double up on insurance before a diagnosis is documented? well you'll get a free physical out of it, anyway ETA: maybe you could take small policies out in several places, damned if I know hope everything turns out the right way |
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Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. |
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You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. Wow!! One of my best friends dad sold life insurance for decades to provide for his family. He was a straight up guy. Nothing shady about him at all and he certainly did not see it your way. |
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Quoted: What if you go out and buy a sizable term policy, right before getting diagnosed with some bad shit like colon cancer, and then die soon after that? Serious question. Been putting off a trip to the doctor, will they pay it if I double up on insurance before a diagnosis is documented? Honestly, I am in the same situation |
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buy term and get the longest you can when you are young. you will pa a little more in the premium, but it will be better when you get older. avoid the one that invest for you. lots of people think that they are investing the whole amount and getting free insurance. they will invest the remainder after insurance and fees so there is no free lunch. why people would think of insurance as an investment vehicle is beyond. why not use you auto or home insurance then?
make sure you buy it through a high rated insurance company. insurance is for the ones you leave behind and not you. If you don't have anyone to leave it to as in children or spouse etc there is really no reason to get it. |
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Wow!! One of my best friends dad sold life insurance for decades to provide for his family. He was a straight up guy. Nothing shady about him at all and he certainly did not see it your way. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. Wow!! One of my best friends dad sold life insurance for decades to provide for his family. He was a straight up guy. Nothing shady about him at all and he certainly did not see it your way. Democrat's and Liberals think they're way is best, and a lot of them are also stand up guys and gals as well. Just different points of view I guess, and I suppose how you were brought into the business and what you were "sold" on about the job. There is a LOT of profit for salesmen of whole life, and not a lot of down range benefit for the consumer. |
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Get term life, the investment backed nonsense is usually a scam or scam like product. Accidental death is usually cheap, so don't be fooled by that trash either, though it may be worth it as a second layer as traumatic accident deaths are higher in the younger population. Sigh. First, the facts: - 93% of term policies never pay out - an IUL or FIUL policy with a ceiling and floor will give you a tax free retirement income with far less risk than the market. However, this strategy is contingent upon suitability with respect to your individual risk tolerance, financial condition, needs, goals, etc. Meet with an IAR or at the very least, someone with an insurance license. (17 years in the financial/retirement industry - IAR, ChFC, RICP) |
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Honestly, I am in the same situation Quoted:
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What if you go out and buy a sizable term policy, right before getting diagnosed with some bad shit like colon cancer, and then die soon after that? Serious question. Been putting off a trip to the doctor, will they pay it if I double up on insurance before a diagnosis is documented? Honestly, I am in the same situation But it now. You have no medical knowledge of a problem. You'll get a physical over a specific threshold so many buy a smaller policy |
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I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. I can see why you failed at it. |
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You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. Quoted:
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There are different reasons to get life insurance and term may or may not be the best choice depending on those reasons. Talk to a professional. I was a professional.......I ALWAYS recommended term. Whole life, Universal life, super duper life, extra special life, wow your investment will double daily life was always more expensive and delivered less in terms of family protection than term. Are you smarter with your oney than some faceless bureaucracy of a fund managment firm who's sole reason for existance is to make as much money as possible while at the same time limit the amount of money paid out? Then you will be able to guide your own fortune without losing a small one to the big money machine LI co.'s. Your first statement says a lot. Maybe the reason you are no longer an advisor is because of personal bias and absolutes. OP, find 2-3 advisors and have a discussion. Pick which advisor you trust more and the one that makes the most sense. PM me if you want some insight. <---- licensed in financial services in various roles since graduation with a degree in financial planning. You are correct. I found the industry..........disgusting. like serving Filet Mignon to child molesters type of disgusting.........only politics rivals insurance sales. Let me clarify, whole life and universal life plans I found disgusting. Term and client control guidance of investment I found ok. I'm not sure how long ago you were part of the industry, what level of professional accreditation you reached, or even what company you worked for... but it sound like you have an ax to grind. OP, opinions like this are the reason you should be speaking to an advisor. |
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Why do you have $1M in 20 year term? That should be what he is asking you. Quoted:
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I've got $1M in 20-year term right now. There's a guy trying to talk me into doing an "indexed universal life" investment plan. What questions should I ask this guy? Why do you have $1M in 20 year term? That should be what he is asking you. Beaten by mere seconds. |
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I just started looking at Zander Zander is good for comparing rates. Get a 15, 20, or 30 year term of 10-12 times your annual salary. You'll want the term to last until you are independently wealthy and can self-insure, all kids are out of the house and your spouse can fend for herself, or your home and other debts are paid off and you can live at a very low cost of living. |
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Here is a scenario for the term only people.
You are 25 years old and married. You buy $1M in term for 20 years. At age 44 you have two kids in school and wife and you have some major health problems. What are you going to do when your term life expires and you can't buy life insurance anymore because of your health. Your family is screwed. Another scenario: You have a business with a partner. If your partner dies, you won't be able to afford to buy them out and you lose the business. You are screwed. What insurance should the both of you have? Talk to multiple licensed professionals. |
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I've got $1M in 20-year term right now. There's a guy trying to talk me into doing an "indexed universal life" investment plan. What questions should I ask this guy? Well, the first thing you should probably know is that its not legally compliant to use the term "investment" when referring to life coverage. Otherwise, it depends upon a pretty thorough review of your needs. |
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Beaten by mere seconds. Quoted:
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I've got $1M in 20-year term right now. There's a guy trying to talk me into doing an "indexed universal life" investment plan. What questions should I ask this guy? Why do you have $1M in 20 year term? That should be what he is asking you. Beaten by mere seconds. $150k income with a SAHM wife and $500k mortgage? |
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Why do you have $1M in 20 year term? That should be what he is asking you. Quoted:
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I've got $1M in 20-year term right now. There's a guy trying to talk me into doing an "indexed universal life" investment plan. What questions should I ask this guy? Why do you have $1M in 20 year term? That should be what he is asking you. I guess I don't understand why this is a question. Lots of people recommend 10x my annual income in 20-year term life insurance, so that's what I did ... |
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I guess I don't understand why this is a question. Lots of people recommend 10x my annual income in 20-year term life insurance, so that's what I did ... Quoted:
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I've got $1M in 20-year term right now. There's a guy trying to talk me into doing an "indexed universal life" investment plan. What questions should I ask this guy? Why do you have $1M in 20 year term? That should be what he is asking you. I guess I don't understand why this is a question. Lots of people recommend 10x my annual income in 20-year term life insurance, so that's what I did ... Again, why? Because everyone says you should isn't a valid reason. |
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Because I want my wife (and hopefully one day, kids) to be taken care of financially when I die. Isn't that why everyone gets life insurance? Quoted:
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Again, why? Because everyone says you should isn't a valid reason. Because I want my wife (and hopefully one day, kids) to be taken care of financially when I die. Isn't that why everyone gets life insurance? See the scenario I posted earlier. |
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Here is a scenario for the term only people. You are 25 years old and married. You buy $1M in term for 20 years. At age 44 you have two kids in school and wife and you have some major health problems. What are you going to do when your term life expires and you can't buy life insurance anymore because of your health. Your family is screwed. Another scenario: You have a business with a partner. If your partner dies, you won't be able to afford to buy them out and you lose the business. You are screwed. What insurance should the both of you have? Talk to multiple licensed professionals. In scenario 1, I'm converting that term to a permanent policy. Done. Expensive, but done. |
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I went through Policy Genius. They helped fill out the forms and got me quotes from several companies.
I got $1M / 20 year term. IMHO $400/year is not bad at all for this level of coverage. In 5 years, I will probably get an additional policy as my income continues going up. In my late 20s. 1 wife. 1 newborn. No mortgage and a decent savings for my son's college/future in a 529 plan already. |
| Jesus H Christ...this subject seems to get more heated than 9mm vs .40. I deal with this shit a lot. What product you want (term vs whole) is going to depend on how much you make, your net worth, if you are maxing out your 401k and IRA options, how old you are, and the status of your dependents. There can be huge tax benefits for wealthy individuals with regards to whole life policies. There can be no benefit to some. it can be a dumb decision for others. YMMV applies a thousand percent here. |
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I went through Policy Genius. They helped fill out the forms and got me quotes from several companies. I got $1M / 20 year term. IMHO $400/year is not bad at all for this level of coverage. In 5 years, I will probably get an additional policy as my income continues going up. In my late 20s. 1 wife. 1 newborn. No mortgage and a decent savings for my son's college/future in a 529 plan already. $1mil for 33/m? |
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In scenario 1, I'm converting that term to a permanent policy. Done. Expensive, but done. Quoted:
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Here is a scenario for the term only people. You are 25 years old and married. You buy $1M in term for 20 years. At age 44 you have two kids in school and wife and you have some major health problems. What are you going to do when your term life expires and you can't buy life insurance anymore because of your health. Your family is screwed. Another scenario: You have a business with a partner. If your partner dies, you won't be able to afford to buy them out and you lose the business. You are screwed. What insurance should the both of you have? Talk to multiple licensed professionals. In scenario 1, I'm converting that term to a permanent policy. Done. Expensive, but done. If that option is even available (very doubtful) expensive is an understatement. |
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Jesus H Christ...this subject seems to get more heated than 9mm vs .40. I deal with this shit a lot. What product you want (term vs whole) is going to depend on how much you make, your net worth, if you are maxing out your 401k and IRA options, how old you are, and the status of your dependents. There can be huge tax benefits for wealthy individuals with regards to whole life policies. There can be no benefit to some. it can be a dumb decision for others. YMMV applies a thousand percent here. I concur. 
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