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Started By
Message
1
Posted on 2/6/14 at 10:04 am to ell_13
quote:
Do you have a recommendation on how to use the dividends? Reinvest? Toward Premium? Or paid out? I understand this answer could change depending on where we are in life.
Personally I use it to purchase additions (basically reinvest into the policy). As you said it can all change depending on where you are in life. Luckily, you can change your dividend at any time, and it will take effect at the next anniversary. These policies offer ultimate flexibility for you.
quote:
The NW people (there were two) mentioned being able to use the capital in the fund as collateral for loans. They gave an example, but could you go into more detail as to how this works?
Basically you would assign ownership of the policy to the bank as long as the loan is outstanding. If you pass away, the death benefit goes to the bank to satisfy whatever is left of the loan, and the rest then goes to your beneficiary of choice. Once the loan is repaid, the bank is legally required to release the assignment back to you.
Posted on 2/6/14 at 10:14 am to ell_13
quote:
Useful information from a CFP not an insurance salesman
Some quick issues when scanning that article. He isn't using Traditional whole Life insurance when he is talking about it. He is using Universal Life insurance as his "standard". I've been very outspoken on my hatred for Universal Life. Secondly, he is using really bad universal life at that.
He criticized whole life for being a bad permanent death benefit provider, and suggest a guaranteed no lapse UL instead, sighting WL would be devastated in eras of high inflation, yet he UL he was recommending has no inflationary protection whatsoever. Hypocritical point there. I can get into the downfalls of the No-Lapse UL's if you want me to.
When he was talking about returns, he still is looking at crap products (which I have mentioned there are a ton of). I'll guarantee he didn't do his analysis based off a NML policy or New York Life or Mass.
Posted on 2/6/14 at 10:20 am to GoCrazyAuburn
You're a saint for what you do here. Most of the uniformed that run to these threads to excitedly post articles trashing it don't realize the articles are looking at the shittiest of the shitty as examples
Posted on 2/6/14 at 10:27 am to BigErn
There is just a bunch of bad information out there mostly out of not understanding what they are looking at. This goes for insurance agents and those who are against the stuff.
Hell, I can design a permanent policy that is going to have a terrible cash value return. It will probably break even over 20 years. Somebody looks at that policy and says it is a terrible investment. They are right. That policy I designed wasn't for cash value growth. It was for Death Benefit maintenance. The premium was significantly lower than a cash value rich policy and is mainly used for Estate Planning.
Its just the nature of the beast.
Hell, I can design a permanent policy that is going to have a terrible cash value return. It will probably break even over 20 years. Somebody looks at that policy and says it is a terrible investment. They are right. That policy I designed wasn't for cash value growth. It was for Death Benefit maintenance. The premium was significantly lower than a cash value rich policy and is mainly used for Estate Planning.
Its just the nature of the beast.
Posted on 2/6/14 at 10:29 am to EA6B
quote:
Useful information from a CFP not an insurance salesman.
I know a lot of CFP's who like whole life insurance. Just because 1 guy who is a CFP wrote an article about it doesn't mean it's crap.
ETA CFP's also sell insurance if they are doing the process properly. It's also a part of the coursework and study material. I can confirm this.
This post was edited on 2/6/14 at 10:34 am
Posted on 2/6/14 at 10:40 am to GoCrazyAuburn
quote:
GoCrazyAuburn
NW sent me forms to fill out to do the DB analysis. I'm meeting with them again next Thursday. If I can think of anything else, I'll ask here.
Posted on 2/6/14 at 10:42 am to ell_13
Sounds good man. Best of luck.
Posted on 2/6/14 at 11:00 am to GoCrazyAuburn
Posted on 2/6/14 at 11:08 am to RebelOP
Posted on 2/6/14 at 1:18 pm to GoCrazyAuburn
I recently added a second life policy (in addition to the one through work) after realizing how much money the family would need. I did not want my legacy (if I died tomorrow) to be a bad financial one or a struggle for my wife.
Also, I got a little paranoid about how easily one could lose their work insurance. Let's say you become disabled tomorrow (some serious illness) and a few months later you are unemployed...then you die. Boom, no insurance. Better to have an independent policy now when you are healthy. Or you could just get laid off.
Crazy talk, I know, but worth being prepared for when 4 other people rely on you.
Also, I got a little paranoid about how easily one could lose their work insurance. Let's say you become disabled tomorrow (some serious illness) and a few months later you are unemployed...then you die. Boom, no insurance. Better to have an independent policy now when you are healthy. Or you could just get laid off.
Crazy talk, I know, but worth being prepared for when 4 other people rely on you.
Posted on 2/6/14 at 3:11 pm to LSUfan20005
quote:
Crazy talk, I know,
That aint no crazy talk son! That's real talk.
Posted on 2/6/14 at 3:17 pm to GoCrazyAuburn
quote:
GoCrazyAuburn
Do you work just in the insurance business or do you do a breadth financial planning service? Just curious.
Posted on 2/6/14 at 3:35 pm to AngryBeavers
Insurance is my specialty, but I do full scale planing.
Posted on 2/6/14 at 3:50 pm to GoCrazyAuburn
quote:
Insurance is my specialty, but I do full scale planing.
I worked for a financial planner in high school through college as kind of a personal assistant/grunt worker getting all the forms and what not together and processing them so he could call on more potential clients. The company was AXA. He has been trying to get me to come work for him I was just wondering what you think about AXA in the landscape of all the companies out their that do life insurance and financial planning? It would be a complete career 180 for me as I am in oil and gas right now.
Posted on 2/6/14 at 4:03 pm to AngryBeavers
As far as insurance goes, I don't hold them in that high regard.
As far as full scale planning, I really don't know anybody that works for them, and have not run into them so I don't know a whole lot about them. I'll be more than happy to look into them more if you'd like.
As far as full scale planning, I really don't know anybody that works for them, and have not run into them so I don't know a whole lot about them. I'll be more than happy to look into them more if you'd like.
Posted on 2/6/14 at 4:15 pm to GoCrazyAuburn
I was always curious how the company's products were perceived in the industry when I worked for them. I will be needing to get life insurance when I get married and am still not sure what constitutes a good policy or not.
Posted on 2/6/14 at 4:22 pm to AngryBeavers
Depends on the type of policy. When it comes to term, price is generally the biggest concern to look at. However, you want the company to be financially strong so they won't be a pain in the arse when it comes to paying claims. Their financial ratings are good, not great. I don't like their universal life products. I've run into them a few times, and was not impressed.
Posted on 2/6/14 at 4:51 pm to GoCrazyAuburn
quote:
When it comes to term, price is generally the biggest concern to look at. However, you want the company to be financially strong so they won't be a pain in the arse when it comes to paying claims.
Hit the nail on the head. I gladly pay a few extra bucks more a month for what I have. I know some of my buddies a while back were scared when the whole AIG thing was going down. Not being able to pay claims? yikes!!!
Posted on 3/20/14 at 3:44 pm to GoCrazyAuburn
quote:I travel for work so it took a while to get through a few meetings. We ended up going with this: FYI I'm 27; wife is 26
GoCrazyAuburn
750k Term-80 on me
200k Term-80 on wife
We'll keep things like this until she goes back to work next year. We just had a kid and while the budget isn't tight, I want to try to put asside enough for WL to see if we can make it work.
So in 8 months we're converting 500k of my TL to WL and all of hers. This can be done with just two signatures; no medical exam, application, etc. The rates don't bump up until we hit 29 so we're only losing some cash value.
Thoughts?
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