Everybody wants to sell me insurance... | TigerDroppings.com
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white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3617 posts

Everybody wants to sell me insurance...

...which ones do I need?

TIA


ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
I just got a pitch for Whole Life and Disability through Northwestern Mutual during my lunch break today.

I just turned 27 and a completely healthy non-tobacco user. Maybe the MT can sell it to me better than they did?
This post was edited on 2/4 at 3:52 pm


makersmark1
Auburn Fan
Member since Oct 2011
2307 posts

re: Everybody wants to sell me insurance...
Insurance is needed for life changing events:

1. Life insurance: if you die you want your family to have their financial needs met. The amount depends on lifestyle and personal chioce

2. Disability insurance: if you cannot work, you need income.

3. Auto insurance: it's the law and accidents can be very expensive

4. homeowner's/renter's insurance: if you have a mortgage it is required. If you rent a place, you need it to cover your poseessions in the event of fire or other disasters

5. health insurance: if you get real sick, you need it.

These are the big ones. In general, I don't insure small stuff like vacations, appliances, TVs, etc, but everybody gets to choose.


makersmark1
Auburn Fan
Member since Oct 2011
2307 posts

re: Everybody wants to sell me insurance...
I have always had term insurance.



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GoCrazyAuburn
Auburn Fan
Staring up at Vulcan's ass
Member since Feb 2010
16966 posts

re: Everybody wants to sell me insurance...
quote:

I just got a pitch for Whole Life


This will open a can of worms here. Lots of threads about this, so I'll avoid it for now.

quote:

Disability


no brainer.

quote:

just turned 27 and a completely healthy non-tobacco user.

perfect time to go through underwriting.


ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
I have term through work. For myself and supplemental for my wife.

I'm seriously considering WL through an external company though. Can you link me to those threads? Or should I start a new one with my questions?
This post was edited on 2/4 at 4:00 pm


white perch
Northwestern St. Fan
the bright, happy side of hell
Member since Apr 2012
3617 posts

re: Everybody wants to sell me insurance...
I currently have:

1. Term life (if I die, my family's set)
2. Disability (both through NW mutual)
3. Auto
4. Home owners (both through State Farm)
5. Health (blue cross)


GoCrazyAuburn
Auburn Fan
Staring up at Vulcan's ass
Member since Feb 2010
16966 posts

re: Everybody wants to sell me insurance...
quote:

I have term through work. For myself and supplemental for my wife.


1. Do you or the company pay for it? I ask because if the company pays for it and deducts those payments, the benefit would be taxable. just an fyi.

2. Does your company offer group disability? If so, participate. I would look at getting a personal policy first, as its benefit is tax free. Then get the group policy once you max out your personal protection. Disability really is a no brainer. For someone your age and healthy, it would generally cost you 1-2% of income to protect 60-70% of your income. Doesn't make much sense to risk that imo.

quote:

I'm seriously considering WL through an external company though. Can you link me to those threads? Or should I start a new one with my questions?


Feel free to ask the questions here, and I can get to them when I get home. I just didn't want to start a long discussion about it when I don't have a lot of time.
This post was edited on 2/4 at 4:09 pm


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Chaplain
Miami (FL) Fan
8,000,000 posts
Member since Nov 2009
945 posts

re: Everybody wants to sell me insurance...
I just switched my homeowners from State Farm to progressive...State Farm was going to charge me $118 per month INCLUDING discounts for having our car insurance there. Progressive is giving us even better coverage (smaller deductible) for $90 per month including discounts. Why did I wait so long?


LSUregit
LSU Fan
Member since Dec 2013
714 posts

re: Everybody wants to sell me insurance...
sure you dont want to buy? I know a guy.


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75696 posts

re: Everybody wants to sell me insurance...
quote:

I have term through work.


How much though? Enough to support your wife and kids if you die tonight?



yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75696 posts

re: Everybody wants to sell me insurance...
quote:

..State Farm was going to charge me $118 per month INCLUDING discounts for having our car insurance there.


Where do you live? I'm guessing not south Louisiana


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ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
quote:

How much though? Enough to support your wife and kids if you die tonight?
6x salary. It's plenty. I also got supplemental for her if something happens. That's only 40k though and I would use for burial and daycare for our 3-month-old.

ETA: Company pays for 2x salary for Basic life and AD&D. The rest I pay for, but it's very cheap.
This post was edited on 2/4 at 4:49 pm


wasteland
LSU Fan
ya mother
Member since Apr 2011
2045 posts

re: Everybody wants to sell me insurance...
quote:

That's only 40k though and I would use for burial and daycare for our 3-month-old.



that won't last long!


ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
It's not meant to. She doesn't work.


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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
58876 posts
Online

re: Everybody wants to sell me insurance...
My wife is insured more than I am.


ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
jk
This post was edited on 2/4 at 4:58 pm


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75696 posts

re: Everybody wants to sell me insurance...
quote:

6x salary. It's plenty.


you need more than that if you have a 3 month old


ETA: and now I see a wife that doesn't work, you definitely need more
This post was edited on 2/4 at 5:00 pm


ell_13
USA Fan
Member since Apr 2013
32003 posts

re: Everybody wants to sell me insurance...
She only quit for the newborn. She's going back next January. Our only debt is the house and a car. That's $1400/m between the two. How is half a mill not enough?


Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7608 posts

re: Everybody wants to sell me insurance...
Add a million dollar umbrella policy. Super cheap for a lot of peace of mind.


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