- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 2/19/13 at 8:13 pm to adavis
quote:
Don't let anybody talk you into a whole life, universal life, or decreasing term policy.
I'll agree with the universal and decreasing term. But let's not get into that conversation here.
Do you have a term policy on your kids?
Posted on 2/19/13 at 8:46 pm to GoCrazyAuburn
Permanent policy on my kids-simply because I pay on it for 10 years and they own it for life. It increases to $5 per month when they turn 10. They can increase it 6 times during their lifetime without proving insurability, so I think it's totally worth it.
Posted on 2/19/13 at 8:54 pm to GoCrazyAuburn
quote:
The only reason to get insurance on a child is for funeral expenses if u cannot afford that out of pocket..
Could not be more inaccurate.
exactly. I know people that have filed bankruptcy after a child dies. When the unthinkable happens and a child passes away, you are not going back to work right away.
Posted on 2/19/13 at 9:02 pm to MaesterMullen
quote:
I'm 28 and my son is 2
No plans to have more kids, but it's always possible I suppose
You're right in the sweet spot for a 30-year term - I would shoot for about 10x your projected average salary over the next 30 years, and if that's $1 million and you can afford it, so be it.
I assume you have no group available where you work? Anyway, same rule goes for your wife, although you can go as low as about 8x her projected average for 30 year term - that gives you the most protection at the least cost (except group insurance.)
Posted on 2/19/13 at 9:15 pm to Ace Midnight
plan your own insurance and throw group in on top as extra. I would never depend on group insurance for my life insurance planning
Posted on 2/19/13 at 9:15 pm to adavis
I was about to say. Unfortunately I've seen people buy term 20 policies on their kid. I want to slap them.
Posted on 2/19/13 at 9:16 pm to wasteland
Agreed. Group very often is taxable too, o watch out for that.
Posted on 2/19/13 at 9:21 pm to GoCrazyAuburn
quote:
GoCrazyAuburn
you have sound advice. i'm in the industry and agree with most of what you say. there's a lot of misinformation out there regarding insurance planning.
Posted on 2/19/13 at 9:28 pm to wasteland
Thanks man. I am as well, so I know how you feel. Unfortunately much of the bad info out there spurred from bad agents/companies selling terrible stuff, but it is the nature of the beast. Hopefully the small bits of info I've shared on this bored have helped some people.
Posted on 2/19/13 at 9:31 pm to wasteland
quote:
plan your own insurance and throw group in on top as extra. I would never depend on group insurance for my life insurance planning
Whatever - I have ~$1 million in group, for about $40 per month. But, I'm in a relatively unusual situation.
Posted on 2/19/13 at 9:41 pm to Ace Midnight
quote:
Ace Midnight
To each his own.
Posted on 2/19/13 at 9:42 pm to wasteland
quote:
To each his own.
To be fair, I do recommend everyone carry term insurance - I just happen to have access to 2 very good group insurance plans.
Posted on 2/19/13 at 10:04 pm to Ace Midnight
Does your employer pay any of the premium for that term?
Posted on 2/19/13 at 10:05 pm to Ace Midnight
I have 30 year term $1mil for soon to be wife, $500k for me, plus long term disability insurance all for $80 a month.
Posted on 2/19/13 at 10:14 pm to GoCrazyAuburn
quote:
Does your employer pay any of the premium for that term?
Probably. My civilian job (Federal government) has an escalating rate for the group, but it's tiered by age category. SGLI for a military reservist is flat and always been well below term rates. Both are tied to jobs, but SGLI can roll into VGLI when I retire. I should have bought term about 8 to 10 years ago, but I was flat broke.
I should buy term now - like 10 (I'm 45), but I'm flat broke.
This post was edited on 2/19/13 at 10:15 pm
Posted on 2/19/13 at 10:33 pm to Ace Midnight
Gotcha. Military and government stuff works a little different sometimes, but usually for group stuff, if TE employer pays any of TE premiums and tax deducts them, the death benefit over $50K iirc is taxable to the beneficiary (that number may have changed recently, but I believe it is still the same. )
Posted on 2/19/13 at 11:26 pm to Ace Midnight
I'm currently dealing with a couple vgli clients that were shocked at the escalating premiums at age 55. Get some term man.
Posted on 2/20/13 at 6:52 am to MaesterMullen
Just get 1m term on both of you for 30. Doing it under 30 should save you a good bit. We didn't have our first until 32, still only about 1500 through Hartford
You'll sleep better
You'll sleep better
This post was edited on 2/20/13 at 6:54 am
Posted on 2/20/13 at 7:59 am to MaesterMullen
I have my life insurance policy through Alfa for 250,000 I pay 123 a quarter but I get almost all of it back when the policy runs out so its almost like a savings account
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News