Everybody wants to sell me insurance... | TigerDroppings.com

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white perch
LSU Fan
the bright, happy side of hell
Member since Apr 2012
2620 posts
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Everybody wants to sell me insurance...


...which ones do I need?

TIA







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ell_13
USA Fan
Alex Box
Member since Apr 2013
20702 posts
 Online 

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


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makersmark1
Auburn Fan
Member since Oct 2011
1417 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.






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makersmark1
Auburn Fan
Member since Oct 2011
1417 posts

re: Everybody wants to sell me insurance...


I have always had term insurance.







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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
13666 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.






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ell_13
USA Fan
Alex Box
Member since Apr 2013
20702 posts
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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


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white perch
LSU Fan
the bright, happy side of hell
Member since Apr 2012
2620 posts
 Online 

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)






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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
13666 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
Vanderbilt Fan
8,000,000 posts
Member since Nov 2009
747 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?





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LSUregit
LSU Fan
Member since Dec 2013
619 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
67622 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?







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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
67622 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
Alex Box
Member since Apr 2013
20702 posts
 Online 

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


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wasteland
LSU Fan
ya mother
Member since Apr 2011
1934 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!






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ell_13
USA Fan
Alex Box
Member since Apr 2013
20702 posts
 Online 

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
56096 posts

re: Everybody wants to sell me insurance...


My wife is insured more than I am.





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ell_13
USA Fan
Alex Box
Member since Apr 2013
20702 posts
 Online 

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
67622 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


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ell_13
USA Fan
Alex Box
Member since Apr 2013
20702 posts
 Online 

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?





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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
7143 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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