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Started By
Message
1
Posted on 11/5/14 at 12:31 pm to chryso
At 63, there shouldn't be a need for a large volume of life insurance.
But I always recommend having SOME permanent coverage for final expenses (burial, medical, legal)
But I always recommend having SOME permanent coverage for final expenses (burial, medical, legal)
Posted on 11/5/14 at 12:39 pm to iAmBatman
quote:
term policy is a scam...
there are other policies out there where you gain equity, can borrow against, and you can cash them in. This is where I would go.
More like buying a home vs renting a home.
Posted on 11/5/14 at 12:41 pm to CaptainsWafer
I am thinking you would not ask this question face to face with him
Posted on 11/5/14 at 12:42 pm to Skeeter 79
quote:
500k 30 yr level term at standard non-tobacco rate:
Unless she has some health problems, she should be at least preferred, if not preferred plus.
Posted on 11/5/14 at 12:44 pm to Retrograde
quote:
Buy term, invest the difference.
Universal life is bullshite; all it is is a money maker for the agent. Go straight term though 60-65 (or depending on when your kids will be on their own).
Posted on 11/5/14 at 12:45 pm to HoustonChick86
Agreed. But I don't know any medical history, so I quoted standard non-tobacco.
The reason people see so much variance between company quotes is because preferred rates are often quoted up front.
I don't feel it's fair to present info that may not be accurate
The reason people see so much variance between company quotes is because preferred rates are often quoted up front.
I don't feel it's fair to present info that may not be accurate
Posted on 11/5/14 at 12:56 pm to hardhead
Correct but how do you reconcile the returns on a whole life policy against term when you factor in the difference in premiums? Statistics show the best option is to get a term policy and invest the premium difference in order to maximize growth and maintain a large death benefit
Posted on 11/5/14 at 1:06 pm to Clyde Tipton
Clyde, get the term policy only, and strive to have everything paid off with a nice nest egg set aside for when you die. That will allow your survivors to bury you, and allow them the cash they would have gotten from the insurance policy.
Dave Ramsey son.
Dave Ramsey son.
Posted on 11/5/14 at 1:42 pm to hardhead
quote:
there are other policies out there where you gain equity, can borrow against, and you can cash them in. This is where I would go.
More like buying a home vs renting a home.
quote:
you gain equity
In what way?
quote:
can borrow against
.. your own money. Correct, you can pay someone else interest to use your own money.
quote:
and you can cash them in
Only if you cancel the policy.
The ability for an insurance salesman to base his entire pitch on this being a good thing for normal working Americans baffles me.
Posted on 11/5/14 at 2:18 pm to Beefherinthequeefer
quote:
You're fat?
Technically, yes. At 6'1" I should way 205...
Posted on 11/5/14 at 2:24 pm to TheBoo
(no message)
This post was edited on 10/3/20 at 12:07 am
Posted on 11/5/14 at 2:24 pm to TheBoo
don't forget what happens if you croak, which is the whole purpose of an insurance policy
Posted on 11/5/14 at 2:31 pm to hardhead
quote:
don't forget what happens if you croak, which is the whole purpose of an insurance policy
Which is, you get your death benefit and they keep the cash value you've built up.
Great "investment"
Posted on 11/5/14 at 2:33 pm to Clyde Tipton
All term. You can convert some later. Do 5 100k 30 yr and think of converting 1 later 
Posted on 11/5/14 at 2:41 pm to TheBoo
quote:
Which is, you get your death benefit and they keep the cash value you've built up. Great "investment"
OK
I am pretty sure you are my girlfriend now. Just because you say more crap doesn't make you correct.
How am I going to get my death benefit if I die?
Full Death benefit is the same at day 1 as it is at day last.
Go get your term policy and I'll keep mine.
Posted on 11/5/14 at 2:45 pm to hardhead
My apologies everyone, I meant the beneficiary gets the death benefit.
Scribe, please note my mistake in the minutes along with my correction.
Scribe, please note my mistake in the minutes along with my correction.
Posted on 11/5/14 at 3:05 pm to hardhead
quote:
How am I going to get my death benefit if I die?
"How can cigarette's be harmful? If you're dead, you can't smoke..."
Posted on 11/5/14 at 3:40 pm to Clyde Tipton
Do what you're comfortable doing because there are way too many insurance "professionals" up in here.
I own WL for as much premium that I can purchase and buy term insurance to cover the difference of my maximum insurability. I use my policy equity to make investments; collateral is the death benefit.
This is all the free advice I will ever give you about the value of tax free assets.
I own WL for as much premium that I can purchase and buy term insurance to cover the difference of my maximum insurability. I use my policy equity to make investments; collateral is the death benefit.
This is all the free advice I will ever give you about the value of tax free assets.
Posted on 11/5/14 at 4:01 pm to Clyde Tipton
I've got Protective Life ... term, 30 year, $500,000. Premium is right at $500 per year. Got it at the same age as you and then "redid" the app at like 6 or 8 years to restart the 30 years. Premium remained the same.
Non smoker. Good weight for height.
(I'd try Zander.com .. Dave Ramsey recs it. CHeck it out. No affiliation here.)
Non smoker. Good weight for height.
(I'd try Zander.com .. Dave Ramsey recs it. CHeck it out. No affiliation here.)
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