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Saint5446
New Orleans Saints Fan
Member since Jan 2014
635 posts

Life insurance
Going tomorrow to talk to a guy who was recommended by in-laws. Have first baby on the way this fall so gotta get something but don't m is what's best and want to be somewhat prepared. What say the money board? Whole life/term-life? Also is long/short term disability a good idea?


ell_13
Member since Apr 2013
63823 posts

re: Life insurance
GoCrazyAuburn will be here soon to help...

That being said, it all depends really. You sound young. What other things are you doing to prepare for your future? Unexpected setbacks? How much are you saving for retirement? For emergencies? How much does your family need immediately if you pass away? How long would you like them to live at their current lifestyle? Do you want your children to have school paid for? Is this only for a death benefit or would you like to have this be part of your overall retirement strategy?

Stick to the big three: Northwestern Mutual, New York Life, Met Life
This post was edited on 3/31 at 10:14 pm


jnugz187
LSU Fan
Bay St. Louis
Member since Jan 2009
1318 posts

re: Life insurance
There are so many things that need to be answered before finding the right product mix. Just keep in mind that if your guy isn't asking questions tomorrow then you are probably at the wrong place.


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TDsngumbo
USA Fan
Member since Oct 2011
19999 posts

re: Life insurance
$1M on you and $1M on your wife.
20 or 30 year term.
No whole life or UL.
Get disability if you don't already have it.
You can get all of this for you and the wife for less than $200/month.
Try saving that much each month and see where that gets you in the event of you or your wife's death/disability.
Good luck and congratulations on being a great father and husband!


Saint5446
New Orleans Saints Fan
Member since Jan 2014
635 posts

re: Life insurance
29. Maxing Roth every year and about to start 401k with company match and max up to the matching point. For a solid 20k emergency fund and saving for a 20% home downpayment. I guess if it came down to it is like for them to be taken care of, but I don't think I need to go all out on a plan that would cover every aspect of my child's life as my wife works too.


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ell_13
Member since Apr 2013
63823 posts

re: Life insurance
With NWM, you can get TL and convert to WL at any time without another med exam or questions. Very flexible. WL isn't so bad if it's a portion of the plan and you're very young. It's also nice to be able to use it as collateral instead of cash for big purchases. You can borrow money from yourself. And if you have a good FA/CPA or know what you're doing, there are tax advantages down the road.


TDsngumbo
USA Fan
Member since Oct 2011
19999 posts

re: Life insurance
WL is great if you're wealthy. It will preserve your wealth 10 times better than any other method but for 99% of Americans, term is the better option.


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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
28550 posts
 Online 

re: Life insurance
Without knowing your whole situation, difficult to know whether WL would be good for you or not.

First thing first is to get the correct death benefit number. Have the guy you meet with do a death benefit calculation with you. Everything else beyond that is just semantics really. Apply for that amount in term. Once you know what classification you get and what not, then you can have some more conversations about WL. If you'd like, I can link some posts about WL if you want to educate yourself on it further. Also, figure out what you would need if your wife passed away. If she is currently pregnant, this is a great time to apply for Life Insurance for her, as the medical underwriting is a little easier for her due to the pregnancy.

If you are looking at WL, I would honestly only look at it from Northwestern Mutual, New York Life, and Mass Mutual. They have the best performing policies. Get traditional WL, not UL's. Do you know what company the guy works for?

If you are wanting term, there are really a ton of companies that are more than acceptable. Met is one of the larger term carriers, but damn I hate working with them as a broker, I can only imagine what it is like as a client.

quote:

Also is long/short term disability a good idea?

Long term disability is a great idea for you. If you are young, it is pretty damn cheap, compared to what you are covering. I wouldn't recommend short term. The chances of a male actually needing short term disability is astronomically low. It would make more sense for your wife, but if she is pregnant right now, they would put a rider on anything dealing with this pregnancy.

This post was edited on 4/1 at 9:17 am


GoCrazyAuburn
Auburn Fan
Member since Feb 2010
28550 posts
 Online 

re: Life insurance
quote:

GoCrazyAuburn will be here soon to help...


Am I that predictable???


Saint5446
New Orleans Saints Fan
Member since Jan 2014
635 posts

re: Life insurance
Thanks guys.


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LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
117254 posts
 Online 

re: Life insurance
quote:

Whole life
No.
quote:

/term-life
Yes.


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30
LSUEEAlum
LSU Fan
Member since Oct 2013
662 posts
 Online 

re: Life insurance
When my daughter was born I got a policy with statefarm. I think it's called return of premium. 30 yr policy, 350k, at $54 a month. At the end of the 30 yrs if I'm still alive I get 100% of my money back tax free. Comes out to almost 20k.


CQQ
LSU Fan
Member since Feb 2006
17045 posts

re: Life insurance
Check Zander.com

Got $500,000 term for 30 yrs for $360/yr


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
18222 posts
 Online 

re: Life insurance
Whenever you meet with any sort of professional, such as an attorney, insurance agent, financial planner, CPA, etc, in the first meeting, you should be doing most of the talking... but only in response to their questions. There are tons of options out there. Any professional worth their salt is going to ask you a whole bunch of questions - some personal, some financial, ask about goals, etc. They may spend some time discussing some general ideas or products with you.

Then, they will want to set up a second meeting, where in the interim, they will have reviewed your answers and conversation and will put together a plan, or options of plans, that they think can work for you. They will then explain it all and get you to the place you need to be.

If anyone tries to get you to sign a policy app on the first appointment, run away.


GoCrazyAuburn
Auburn Fan
Member since Feb 2010
28550 posts
 Online 

re: Life insurance
quote:

If anyone tries to get you to sign a policy app on the first appointment, run away.


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30
ell_13
Member since Apr 2013
63823 posts

re: Life insurance
You could have gotten double the benefit at $20 less for term. And used that "extra" $20/month to in a Roth. @ just 6% you'd get 20K after 30 years.


iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
6316 posts

re: Life insurance
Most of the termites don't invest the difference.


Cold Cous Cous
LSU Fan
Bucktown, La.
Member since Oct 2003
14874 posts

re: Life insurance
quote:

Most of the termites don't invest the difference.

This is probably the best argument in favor of WL for most folks. Give us your money to invest because (a) left to your own devices, you're too greedy to actually save instead of just spend it, and (b) even if you do save it, you're too stupid to invest it properly. WL is a product whereby you pay a fee to an insurance company in exchange for them forcing you to save a certain sum of money in sensible, if conservative, investments. It's barely even insurance at all.


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meansonny
Georgia Fan
ATL
Member since Sep 2012
9528 posts

re: Life insurance
quote:

Most of the termites don't invest the difference


That and the responses as to what they should invest into change every 5 to 10 years (i.e. there are trends and fads... but few things that stand the test of time).

There is nothing wrong with term, nothing wrong with WL, and nothing wrong with other options so long as you are looking at guaranties and basing decisions on common sense and budgeting.

I bought no-cash ULs. They are basically permanent term policies paid up in 20 years. The strongest guaranties that my money could buy.
This post was edited on 6/30 at 11:31 pm


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wasteland
LSU Fan
Member since Apr 2011
3653 posts

re: Life insurance
quote:

If anyone tries to get you to sign a policy app on the first appointment, run away.


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