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Life Insurance questions
Posted on 9/28/16 at 7:46 pm
Posted on 9/28/16 at 7:46 pm
Looking into getting Term through NWM and he showed me 20 years for about $32 a month ($300k coverage). $500k would be $45. I am 41. He said they don't do 30 years but he can get me Prudential for about $38 month ($300k).
He mentioned if I did go with NWM I can convert that Term to Whole Life if I wanted within 10 years with no medical check. But at 51 it would be like $9k a year for the $300k or I could convert just some of it. Not sure I get the reason to convert other than if in 10 years I find out I have some disease then I can keep the insurance going even after the Term. But frick it, I'll probably die off in 20-30 if that's the case
My wife has insurance through work but he brought up a good point about her not working there for whatever reason and then losing coverage. She's only 35 so getting her Term now is only $22 a month for $300k for 20 years with NWM. I just looked and she gets $75k free and then we bought her up $225k in Supplemental for $10 month. Total of $300k for $10/month from her job.
Anyway, looking for advice/suggestions. Should I look local or will most insurance agents have close to the same #s with these ins companies? I'm thinking I want to do the 30 year. Should I get for wifey while she's younger and the rates are low or just stick with her work?
TIA
He mentioned if I did go with NWM I can convert that Term to Whole Life if I wanted within 10 years with no medical check. But at 51 it would be like $9k a year for the $300k or I could convert just some of it. Not sure I get the reason to convert other than if in 10 years I find out I have some disease then I can keep the insurance going even after the Term. But frick it, I'll probably die off in 20-30 if that's the case
My wife has insurance through work but he brought up a good point about her not working there for whatever reason and then losing coverage. She's only 35 so getting her Term now is only $22 a month for $300k for 20 years with NWM. I just looked and she gets $75k free and then we bought her up $225k in Supplemental for $10 month. Total of $300k for $10/month from her job.
Anyway, looking for advice/suggestions. Should I look local or will most insurance agents have close to the same #s with these ins companies? I'm thinking I want to do the 30 year. Should I get for wifey while she's younger and the rates are low or just stick with her work?
TIA
8
Posted on 9/28/16 at 9:27 pm to Sho Nuff
I got a million through banner...shopped with Zander. 28 a month. 15 year. Yes, get it while she's young
This post was edited on 9/28/16 at 9:28 pm
Posted on 9/28/16 at 9:27 pm to Sho Nuff
Are those hard numbers? Have they already done the medical check, or is he showing you best case?
Posted on 9/28/16 at 9:37 pm to Sho Nuff
He's showing the best case, so unless you're super healthy, plan on paying a tad more.
If you can afford it, get disability as well.
If you can afford it, get disability as well.
Posted on 9/28/16 at 10:29 pm to BamaCoaster
quote:
Are those hard numbers? Have they already done the medical check, or is he showing you best case?
quote:
He's showing the best case, so unless you're super healthy, plan on paying a tad more.
Yeah, that's best case I'm sure. She's got disability through her work, I'm 1099 so I may get some as well.
Posted on 9/28/16 at 10:33 pm to Gutterman81
quote:
I got a million through banner...shopped with Zander. 28 a month. 15 year.
You're young? Seems low for a $1mm. 15 year I guess too. Does $32 sound high for 20 years $300k? Although I guess it can be more depending on health.
quote:
Yes, get it while she's young
Yeah, I'm thinking of getting it outside now and lock her in for 20-30 years. We can keep her work too since it's cheap and once she leaves, which I think will happen in the next year or two, then she'll still have $300k with what I get her.
Posted on 9/29/16 at 6:16 am to Sho Nuff
Wife's 37, it's actually 29.56 per month for 1 million, 15 year. Went to Zander and banner happened to be the cheapest for US. There were alot more companies to pick from with similar prices. Banner was really easy. A phone interview. Then lady came to my house and took blood and urine samples. Then about 2 weeks, they approved both of us for a mil. Each and told us the premiums. We accepted. Done
This post was edited on 9/29/16 at 6:25 am
Posted on 9/29/16 at 6:26 am to Sho Nuff
I'm currently shopping around too. I got quoted $35/month for $1m for 20 years. This is through Zander and with Banner. I'm 26. So your rate does seem a little high, but then again you're 41 so it may be right in line.
Posted on 9/29/16 at 6:27 am to Sho Nuff
Friend of mine used to work for nwm...the love them some whole life
Posted on 9/29/16 at 8:48 am to Gutterman81
If you think about it longer term, its really not a bad strategy.
Posted on 9/29/16 at 9:30 am to Sho Nuff
I have term 80 thru NWM. $500k for $41/month. I also have Waiver of Premium Rider. Convertible at any time to permanent. Dividends are used to reduce monthly premium (Would be $49/month without this feature).
I am 37.
I am 37.
This post was edited on 9/29/16 at 9:40 am
Posted on 9/29/16 at 9:33 am to Sho Nuff
The benefit of getting Term insurance through NWM is 100 percent in the ability to convert to whole without another medical check. As has been discussed on here, whole life can make some sense in some limited situations where an individual is looking for additional tax-advantaged buckets.
The term conversion feature would be neat if you know you were going to die just after the term was complete. Otherwise, you would have to be in a situation where down the road, you were looking for buckets to put money AND you were less healthy than you are now. That could make the conversion feature have some value.
I know NWM used to sell Term 75, you may want to have your agent run some numbers for you.
Because of the term conversion feature to what is probably the best whole policy on the market (NWM whole and blended whole products), term is going to be somewhat more expensive than going with a provider like Banner.
As for your wife, I would get her some as well. Diversification is not a bad idea in life insurance. Each of us have policies through our work, policies through AAA, and policies through Banner. I have a Level 20 policy from NML as well, that I bought when I was young and had a friend who was trying to make some sales =)
The term conversion feature would be neat if you know you were going to die just after the term was complete. Otherwise, you would have to be in a situation where down the road, you were looking for buckets to put money AND you were less healthy than you are now. That could make the conversion feature have some value.
I know NWM used to sell Term 75, you may want to have your agent run some numbers for you.
Because of the term conversion feature to what is probably the best whole policy on the market (NWM whole and blended whole products), term is going to be somewhat more expensive than going with a provider like Banner.
As for your wife, I would get her some as well. Diversification is not a bad idea in life insurance. Each of us have policies through our work, policies through AAA, and policies through Banner. I have a Level 20 policy from NML as well, that I bought when I was young and had a friend who was trying to make some sales =)
Posted on 9/29/16 at 11:09 am to Sho Nuff
Any time you can take advantage of converting term to perm with no medical check is great. your main thought process needs to be what your finances are going to look like over the next 20-30 years (life of the policy). If you any debts that are in high amount such as homes, 2nd homes, tuition for children, cars and maybe some extra toys then you would want to make sure the amount of debt is covered with your term. If you don't have much debt and/or it won't take long to pay off that debt then that's when the converting to permanent is good.
Depending on NWM's interest rate on their permanent life policies, it may be best to just get the term and look to budget your investment money elsewhere. I am an advocate for the high amount term for less dollars, but not so much for the high permanent that costs quite a bit. Granted, if your OJ Simpson, then putting all your money in untouchable life insurance and annuities is a great idea!
Side note: If you have children who are starting a family of their own, make sure you have them get high dollar term policies while they're young and can afford $30/month. If something unfortunate were to happen to them, you now take responsibility of their finances and your retirement plans could be shredded. Kind of a morbid thought, but then again it is life insurance we are talking about.
Depending on NWM's interest rate on their permanent life policies, it may be best to just get the term and look to budget your investment money elsewhere. I am an advocate for the high amount term for less dollars, but not so much for the high permanent that costs quite a bit. Granted, if your OJ Simpson, then putting all your money in untouchable life insurance and annuities is a great idea!
Side note: If you have children who are starting a family of their own, make sure you have them get high dollar term policies while they're young and can afford $30/month. If something unfortunate were to happen to them, you now take responsibility of their finances and your retirement plans could be shredded. Kind of a morbid thought, but then again it is life insurance we are talking about.
Posted on 9/29/16 at 11:47 am to LSUFanHouston
quote:
The benefit of getting Term insurance through NWM is 100 percent in the ability to convert to whole without another medical check. As has been discussed on here, whole life can make some sense in some limited situations where an individual is looking for additional tax-advantaged buckets.
Yep. Make sure you get the Waiver of Premium benefit as well (If you become disabled, you can convert to permanent and they pay premium). Worth every penny.
quote:
I know NWM used to sell Term 75, you may want to have your agent run some numbers for you.
It is term 80 now IIRC.
Posted on 9/29/16 at 1:16 pm to Gutterman81
quote:
Wife's 37, it's actually 29.56 per month for 1 million, 15 year. Went to Zander and banner happened to be the cheapest for US.
Just checked Zander and got the same rate my guy at NWM quoted me for 30 years through Prudential. It was the cheapest for my age/location.
quote:
Friend of mine used to work for nwm...the love them some whole life
I bought some sort of insurance with him already, I get $125k coverage but it has a guaranteed rate of return. Posted on 9/29/16 at 1:23 pm to ThatsAFactJack
quote:
I have term 80 thru NWM. $500k for $41/month.
That's what he first offered me but it's not $41 ongoing, right? It keeps going up every year or does this
quote:
I also have Waiver of Premium Rider. Convertible at any time to permanent. Dividends are used to reduce monthly premium (Would be $49/month without this feature).
keep that from happening?
Posted on 9/29/16 at 1:28 pm to LSUFanHouston
quote:
The term conversion feature would be neat if you know you were going to die just after the term was complete.
Exactly, so not sure if it's something that's important to me. I have $125k whole or permanent already which cost me $3k a year. quote:
I know NWM used to sell Term 75, you may want to have your agent run some numbers for you.
He ran me T80. The costs go up so much that's why I like the idea of 30 year which brings me to age 72.
The T80 costs $33,951 in 30 years or $10,517 in 20 years vs $14,250 for 30 through Prudential or $7,660 for 20 through NWM. What am I missing on the T80? It doesn't make sense to me.
Posted on 9/29/16 at 1:36 pm to Snoopy04
quote:
Any time you can take advantage of converting term to perm with no medical check is great.
I do like that but he said I need to do it in the first 10 years. Unless it's different with T80 as he was saying that based on the 20 year policy.
quote:
If you any debts that are in high amount such as homes, 2nd homes,
I have 2 properties now and plan on having at least a 3rd and maybe a 4th in the next couple years. But they should be paid off in 15-20 max from now. The ones I own now will definitely be paid off in the next 15.
quote:
tuition for children, cars and maybe some extra toys then you would want to make sure the amount of debt is covered with your term.
No kids, not sure we'll have. Don't have boats or anything. Lease my car as I'm 1099.
quote:
If you don't have much debt and/or it won't take long to pay off that debt then that's when the converting to permanent is good.
Can you explain a little?
As mentioned, I did buy a policy through him before which has $125k coverage and it has a guaranteed rate of return. I got that in 2013 and it's $3k a year. At some point (15 years I think he showed me as an example) I can quit making the premiums but it keeps growing unless of course I take money out. I can also borrow against it. Not sure if I need more or not? Mostly looking to get coverage in case i did suddenly die at least my wife gets $300k or $500k to pay off the new condo we just bought in Waikiki. My condo in Kauai will be paid off in 10 years and it's cash positive anyway. This condo here as well would be cash positive so she doesn't have to sell off/pay off anything really.
Posted on 9/29/16 at 1:39 pm to GoCrazyAuburn
quote:
Yep. Make sure you get the Waiver of Premium benefit as well (If you become disabled, you can convert to permanent and they pay premium). Worth every penny.
We didn't talk about this but since all of you mentioned it I will look into it.
quote:
It is term 80 now IIRC.
It is and I'm trying to understand why get that as opposed to 20 or 30 which is cheaper?
Posted on 9/29/16 at 2:36 pm to Sho Nuff
quote:
Sho Nuff
quote:
That's what he first offered me but it's not $41 ongoing, right? It keeps going up every year or does this
Correct it goes up every year, however I selected the dividends to go toward reducing premium. So I started at $37 a month 8 years ago and today I pay $41 a month
This post was edited on 9/29/16 at 2:42 pm
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