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Started By
Message
Buying Life Insurance
Posted on 1/9/18 at 4:53 pm
Posted on 1/9/18 at 4:53 pm
I'm looking into getting Life Insurance. Any expert suggestions for a lay man
This post was edited on 1/9/18 at 11:02 pm
8
Posted on 1/9/18 at 4:56 pm to glorymanutdtiger
I have a meeting tomorrow with an insurance broker (who is also a very close friend) to discuss options. I will report back here any valuable bits of information. I am married, in my 20s with no kids so not sure how applicable it will be to others here.
Posted on 1/9/18 at 7:16 pm to Drunken Crawfish
Thanks
Posted on 1/9/18 at 7:20 pm to glorymanutdtiger
Get term life. Amount depends on your income, number of kids, age of kids, wife’s work situation.
Posted on 1/9/18 at 7:21 pm to glorymanutdtiger
Look at and listen intently to IUL options he has.
Posted on 1/9/18 at 7:52 pm to glorymanutdtiger
All depends on your personal situation and what you want it to do.
As far as coverage / term
Avg person does debt + 5 years income or
70% income x how many years you want to replace it.
Lmao at the downvotes.
I'm also a big fan of VUL
As far as coverage / term
Avg person does debt + 5 years income or
70% income x how many years you want to replace it.
Lmao at the downvotes.
I'm also a big fan of VUL
This post was edited on 1/11/18 at 3:03 pm
Posted on 1/9/18 at 8:05 pm to bstew3006
quote:
70% income x how many years you want to replace it.
Do I just take the age I want to retire minus the age I will die?
Posted on 1/9/18 at 8:50 pm to OysterPoBoy
The number of years is up to you and what you and surviving spouse are comfortable with.
When I wrote my insurance, I replaced 16 years of income. Bc I had a 2 year old and wanted to replace my income until my son was 18.
If I made 100k and used the 70% method.
100,000 X 70% = $70,000
$70,000 X 16 years = 1.1mm
When I wrote my insurance, I replaced 16 years of income. Bc I had a 2 year old and wanted to replace my income until my son was 18.
If I made 100k and used the 70% method.
100,000 X 70% = $70,000
$70,000 X 16 years = 1.1mm
Posted on 1/9/18 at 8:55 pm to bstew3006
That makes sense.
Posted on 1/9/18 at 9:55 pm to OysterPoBoy
Depends on what your goals are with the policy.
Ask a lot of questions. The agent should ask more questions than you though. There’s hundreds of options out there and no one policy is right for everyone’s situation or wants.
Ask a lot of questions. The agent should ask more questions than you though. There’s hundreds of options out there and no one policy is right for everyone’s situation or wants.
Posted on 1/9/18 at 11:03 pm to glorymanutdtiger
I would suggest Term insurance. Make it so that the term ends when you are set to retire.
Posted on 1/10/18 at 1:46 pm to Chicken
quote:
I would suggest Term insurance
Just out of curiosity why would y'all suggest term? I was looking heavily in going with a universal life policy and treating it as a type of savings for either my wife or my future children when I die. Especially because my monthly premiums were so low and those rates are locked in. My thinking was is that I will pay significantly less over the course of my life than the amount that will be withheld.
Did I miss something?
Posted on 1/10/18 at 4:03 pm to glorymanutdtiger
Get as big of a TERM policy as you can afford. Got 1 $250k right after college and a $500k policy this past year. Total cash outflow for both is less than $40 a month for the next 4 years. Through Northwest mutual. Friend of mine works for them and sent the nurse to my house at my convenience. Took 15 minutes.
ETA: Under 30, no kids, wife on the way, 504 resident.
ETA: Under 30, no kids, wife on the way, 504 resident.
This post was edited on 1/10/18 at 4:06 pm
Posted on 1/10/18 at 4:16 pm to Drunken Crawfish
quote:
My thinking was is that I will pay significantly less over the course of my life than the amount that will be withheld.
If that works for you, that's great. Nothing really wrong with it.
The general disagreement is that you shouldn't invest with your insurance agent. Get term insurance as insurance to protect your family in case of your death when they still need you financially. Then invest or save the rest elsewhere with someone else. If you save the difference and invest it on your own in even poor investments the money remains your own the entire time, you can use it for anything you please, but furthermore it will grow to be much more than your Universal Policy.
Posted on 1/10/18 at 4:30 pm to Drunken Crawfish
quote:
Just out of curiosity why would y'all suggest term? I was looking heavily in going with a universal life policy and treating it as a type of savings for either my wife or my future children when I die. Especially because my monthly premiums were so low and those rates are locked in
Your Premium is not locked in on UL, Premium is locked in WL. Im a huge fan of WL, Custom WL and Variable UL. If you like the savings aspect, look into a Custom Whole life or a Variable UL.
Suggest Term to cover your Insurance need! Before you do anything, you need to find that Need.
Posted on 1/11/18 at 5:25 am to glorymanutdtiger
Only buy term life insurance.
Posted on 1/11/18 at 1:05 pm to glorymanutdtiger
L - Loans/Debt: add up your big debts (student loans, car loans, mortgage, credit card if substantial)
I - Income: multiple your income by how many years you'd like leave behind. If you're a two income household, losing one of them is detrimental to maintaining the same lifestyle
F - Funeral/Final expense: figure cost of funeral/medical services
E - Education. how much you want to set aside for your future child/children's college
add up all the figures and boom. 20 or 30 year term for that amount.
I - Income: multiple your income by how many years you'd like leave behind. If you're a two income household, losing one of them is detrimental to maintaining the same lifestyle
F - Funeral/Final expense: figure cost of funeral/medical services
E - Education. how much you want to set aside for your future child/children's college
add up all the figures and boom. 20 or 30 year term for that amount.
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