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re: Can someone give me Life Insurance Advice?
Posted on 2/20/13 at 8:51 am to wasteland
Posted on 2/20/13 at 8:51 am to wasteland
quote:
I'm currently dealing with a couple vgli clients that were shocked at the escalating premiums at age 55. Get some term man.
I'm going to deal with the same thing at work - realistically - over the life of the policy, it is still a good deal - I used to pay $4 per month for $50k (which was nothing), now I pay $27 for $400k, plus work it is multiples tied to my salary. Yeah, VGLI rockets up to $268 at 55 - nearly double the already high $144 for 50 somethings.
Like I said, I'm broke as hell. I should have gotten term before I was diagnosed with hypertension and hyperlipidemia. You pays your money and you takes your chances (or not).
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Posted on 2/20/13 at 9:24 am to MaesterMullen
I'll add one more thing. I would NOT buy 30 year term. I know that's he popular line of thinking here but statistics show its a bad move. You're going to over pay for something that you probably will not keep 30 years.
I usually write 10-15 yr term on clients.
I usually write 10-15 yr term on clients.
Posted on 2/20/13 at 10:37 am to wasteland
Over pay is sort of relative with factoring in life insurance. Selling a 10 or 15 term to a 25 or 30 year old is pretty worthless in my opinion. 50 or 60 not so much, but for someone who is young, it is more of a disservice to them IMO.
Posted on 2/20/13 at 5:37 pm to GoCrazyAuburn
Need to bump this because I just want to make sure I'm doing this the right way.
I said earlier in the thread that I have 30 year term: $1mil for wife, $500k for me, long term disability for $80 a month. Is this too much? What can I do to make this work better for me in the long run? I heard someone else say they can make their policy work for them like savings account.
I said earlier in the thread that I have 30 year term: $1mil for wife, $500k for me, long term disability for $80 a month. Is this too much? What can I do to make this work better for me in the long run? I heard someone else say they can make their policy work for them like savings account.
This post was edited on 2/20/13 at 5:38 pm
Posted on 2/20/13 at 6:00 pm to AUtigerNOLA
If you are paying $80 a month for all that, you probably aren't paying too much.
I honest cant say if you have too much or little insurance, because I don't know your situation, but it doesn't sound like it. I don't have a problem with term 30 policies, as far as term is concerned. For some people it is the best option, others it isn't.
Is there a specific reason you have double on your wife? (Not to get too personal)
Regardless, if you are asking if having $1M of insurance on her is too much, I don't think so, and you won't think so if anything happens to her.
The guy talking about the savings account was talking about the return of premium term policies. I'm not a big fan of these, as they have some funky wording in their contracts, but that is a much longer conversation to be had. The other option to have it work for you is to do a permanent policy, properly structured one, do that you own it and it becomes an asset and you dont rent it anymore. Again, that is a hard thing to have a fair conversation about on here.
I honest cant say if you have too much or little insurance, because I don't know your situation, but it doesn't sound like it. I don't have a problem with term 30 policies, as far as term is concerned. For some people it is the best option, others it isn't.
Is there a specific reason you have double on your wife? (Not to get too personal)
Regardless, if you are asking if having $1M of insurance on her is too much, I don't think so, and you won't think so if anything happens to her.
The guy talking about the savings account was talking about the return of premium term policies. I'm not a big fan of these, as they have some funky wording in their contracts, but that is a much longer conversation to be had. The other option to have it work for you is to do a permanent policy, properly structured one, do that you own it and it becomes an asset and you dont rent it anymore. Again, that is a hard thing to have a fair conversation about on here.
This post was edited on 2/20/13 at 6:05 pm
Posted on 2/20/13 at 6:26 pm to GoCrazyAuburn
It seems that GoCrazyAuburn is giving good advice to me. My advice and I own a Insurance and Financial planning firm is to sit down with someone and let them show all of the pros and cons about the various forms of insurance coverages.
Don't listen to people that tell you to absolutely not do or to do only one kind of planning. All circumstances are unique and should be treated as such.
I have clients worth over 50 million that buy permanent insurance and spend over 240k/yr for it and I have regular hard working families that buy term. Different reasons for different results, one is not right and the other wrong they are right for their particular needs.
In addition I have had a spouse pass away while she was young from cancer. It didn't run in her family and came out of nowhere. I was absolutely depressed for over a year and my own income suffered because I didn't want to work. Take this conversation very seriously and sit down with a reputable person and solve the problems that are specific to you and your family.
Don't listen to people that tell you to absolutely not do or to do only one kind of planning. All circumstances are unique and should be treated as such.
I have clients worth over 50 million that buy permanent insurance and spend over 240k/yr for it and I have regular hard working families that buy term. Different reasons for different results, one is not right and the other wrong they are right for their particular needs.
In addition I have had a spouse pass away while she was young from cancer. It didn't run in her family and came out of nowhere. I was absolutely depressed for over a year and my own income suffered because I didn't want to work. Take this conversation very seriously and sit down with a reputable person and solve the problems that are specific to you and your family.
This post was edited on 2/20/13 at 6:28 pm
Posted on 2/20/13 at 6:40 pm to GoCrazyAuburn
quote:
Is there a specific reason you have double on your wife? (Not to get too personal)
It was only $10 or 13 bucks more to get the $1mil rather than $500k. It would of been a little more expensive for me to get the $1mil.
They also think I will be making more over time and wont need it as much. I feel comfortable with the policies but I always have a problem understanding them fully and I always feel I am getting hustled.
The policy I have is Term 80, if you are familiar with it.
Posted on 2/20/13 at 7:45 pm to AUtigerNOLA
Yea, I know the term 80 well. Without looking at your contract, I can't say for sure you aren't getting hustled, but for $80 per month your family has $1.5M of insurance coverage as well as disability income coverage, so I would say you are doing plenty fine. If you have your stuff through a well known and respected company, you probably have very strong stuff, and I think I know who it is with, so I wouldn't worry if I were you.
Posted on 2/20/13 at 7:47 pm to toots-N-scoots
quote:
toots-N-scoots
quote:
Don't listen to people that tell you to absolutely not do or to do only one kind of planning. All circumstances are unique and should be treated as such.
Amen. I've started to sway a few on this board to at least concede this point. Nice to see somebody else understand it
Posted on 2/20/13 at 8:07 pm to GoCrazyAuburn
Thanks man I appreciate your insight.
BTW: I don't think I'm getting hustled. The guy who got me to do this went to Auburn and I knew him pretty well already. Once he found out I was living near him he said, "Lets grab some lunch or some beers man I'd love to talk to you about what I do" I knew right then he was going to get me to buy some life insurance.
I appreciate your insight. BTW: I don't think I'm getting hustled. The guy who got me to do this went to Auburn and I knew him pretty well already. Once he found out I was living near him he said, "Lets grab some lunch or some beers man I'd love to talk to you about what I do"
I knew right then he was going to get me to buy some life insurance.Posted on 2/20/13 at 8:10 pm to AUtigerNOLA
Yep. I learned early on to tell my friends that once a year I will be calling them about work. The rest of the time it is to go get beers and Philly cheesesteaks
Posted on 2/20/13 at 9:09 pm to GoCrazyAuburn
Well I do write a few 30 yr policies each year, just not a fan. I would love for clients to keep it in force for the entire term but they just won't always do that.
Posted on 2/20/13 at 9:37 pm to MaesterMullen
Get rid of credit card debt.
If you are a catholic in good standing, then join the Knights of Columbus and get their life insurance.
If you are a catholic in good standing, then join the Knights of Columbus and get their life insurance.
Posted on 2/20/13 at 11:53 pm to MaesterMullen
quote:
How much coverage would the Money board advise?
Enough that your wife will marry again for love.......not money.
Posted on 2/21/13 at 12:41 am to GoCrazyAuburn
quote:
If you are recently graduating, I'll almost guaratnee you know at least one person who has started to sell life insurance
Dare I say the most accurate post in MT history?
Posted on 2/21/13 at 8:55 am to jso0003
I bring THE TRUTH to this board
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