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Started By
Message
re: Life Insurance
Posted on 10/30/14 at 2:25 pm to CherryGarciaMan
Posted on 10/30/14 at 2:25 pm to CherryGarciaMan
quote:
Wrote him a $750,000 WL for 15 years (in 15 yrs, it will be paid off).
He's paying $13,500 a year.
Get the frick out. Who pays that for life insurance.
2
Posted on 10/30/14 at 2:26 pm to pooponsaban
Wife and I have $750k each. Have a 9 month old son. We pay less than $70 combined
Posted on 10/30/14 at 2:27 pm to BoogerOrchard
quote:Assuming accurate dividend projections, which of course they never are.
(in 15 yrs, it will be paid off).
Posted on 10/30/14 at 2:29 pm to Count Chocula
~$300K through work, another $750K in addition.
3 kids, minimal debt
3 kids, minimal debt
Posted on 10/30/14 at 2:29 pm to Count Chocula
Someone needs to give a break down of Term vs. Whole Life for this crowd.
I know whole life has a cash value after a certain point that can be borrowed against or be counted as an asset?
Term is a strict term limit, premium payment. No cash value.
I know whole life has a cash value after a certain point that can be borrowed against or be counted as an asset?
Term is a strict term limit, premium payment. No cash value.
Posted on 10/30/14 at 2:30 pm to BoogerOrchard
quote:
Get the frick out. Who pays that for life insurance.
A very well off doctor.
He is making more money than he knows what to do with (obviously).
He built a 1.3 million dollar home complete with a $30,000 secret door.
Posted on 10/30/14 at 2:30 pm to Golfer
quote:
Wife and I each have $500k Term...no kids.
Agent keeps wanting us to switch it to a whole policy, but I'm not stupid.
why anyone would have this much insurance without kids is beyond me, unless work subsidizes it.
I have like 500k for me, and 250k for the wife but work pays for most of it.
If you don't have kids, you are way better off investing your premiums.
Posted on 10/30/14 at 2:32 pm to Count Chocula
quote:
Assuming accurate dividend projections, which of course they never are.
Nope man.
It's in the contract. Very simple.
Posted on 10/30/14 at 2:32 pm to BoogerOrchard
quote:Im a stockbroker but know a little bit about it. Sounds like Garcia is a life insurance agent and can give you the details.
Someone needs to give a break down of Term vs. Whole Life for this crowd.
Posted on 10/30/14 at 2:33 pm to Count Chocula
Why is this anchored?
Posted on 10/30/14 at 2:34 pm to LSUfan20005
quote:
Jerry Glanville, former coach of Houston Oilers and Atlanta Falcons.* He said he did not have any life insurance, cause when he died, he wanted his wife and kids to say how much they missed him -really missed him, and* he knew they would mean it.
He was a colorful character.
Posted on 10/30/14 at 2:35 pm to Hawkeye95
quote:
why anyone would have this much insurance without kids is beyond me, unless work subsidizes it.
A few things
#1 We have ~$150k in student loan debt
#2 We have ~$180k in outstanding mortgage and other debts.
Should I go this afternoon, that leaves her with $170k...which isn't really that much.
Posted on 10/30/14 at 2:40 pm to Count Chocula
quote:
Garcia is a life insurance agent and can give you the details.
I sell it all amigo.
Term- for short term needs (debt)
least amount of money for the most coverage
if your term runs out, you will (most likely be renewed) bat a much higher premium
recommended if you are youn with debt and/or beginning a family
Whole- generally like 3 or 4 times higher than term
guaranteed DB (death benefit-when you die, you people get paid. Unlike term, where if the term of 10-30 years is up and you survive, your money is wasted)
Normally get paid much more than you put in.
Posted on 10/30/14 at 2:41 pm to lsujro
quote:
how much are people paying /mo for the million and up policies? i have no clue what life insurance goes for
That is totally dependent on your age, health, what kind of insurance (term, WL, UL).
Posted on 10/30/14 at 2:42 pm to TechDawg2007
Change your title to get the thread unanchored
Dawg
Dawg
Posted on 10/30/14 at 2:42 pm to CherryGarciaMan
Bet you made bank on that commission.
Posted on 10/30/14 at 2:44 pm to pooponsaban
quote:
And if he doesn't die he is out $200,000? Or is some portion of that vested at 15 years?
No. The DB (death benefit) is guaranteed. We could write the policy today, and he could die tomorrow. His family would get it all...tax free.
$750,000.
Posted on 10/30/14 at 2:45 pm to yellowfin
quote:
Bet you made bank on that commission.
Left my agency as soon as I got that check.
Posted on 10/30/14 at 2:45 pm to CherryGarciaMan
Seems like term to me is the way to go. I have employer sponsored. I'm not seeing the down side here.
$15 a month for $600K.
$15 a month for $600K.
Posted on 10/30/14 at 2:47 pm to CherryGarciaMan
quote:Scared it was going to lapse and you'd have to repay the commission?
Left my agency as soon as I got that check
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