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Started By
Message
need direction on a life insurance plan. who has the best coverage?
Posted on 4/24/14 at 1:36 pm
Posted on 4/24/14 at 1:36 pm
ive been slacking on this subject for far too long and need to get off my arse and make sure my family is protected. That being said i have no clue how to go about getting a policy. who's the best agency to go with right now. Im 28 with a mortgage, wife, and baby self employed in perfect health and i work in the fitness industry.
TIA
TIA
3
Posted on 4/24/14 at 1:47 pm to gsvar2004
Posted on 4/24/14 at 1:57 pm to gsvar2004
There have been a few threads on this this year. Do a search. There are a couple posters who know what they're talking about.
ETA: GoCrazyAuburn Helps
ETA: GoCrazyAuburn Helps
This post was edited on 4/24/14 at 1:59 pm
Posted on 4/24/14 at 3:37 pm to gsvar2004
Best to go with is hard to answer.
Are you just looking for the cheapest policy to gain the most death benefit? If that is the case, zander or any of those type sites will be able to run some preliminary quotes of the really cheap term policies, however they may not be with the best companies. Not that they are bad, per say, they just may have solvency issues, less benefits, etc. I would gladly pay some extra premium for a term policy if it has the disability waiver of premium benefit that would convert my term policy to permanent if I become disabled, and I wouldn't have to pay the premium.
Ell linked a good thread that goes into some pro's and con's of WL vs Term. As I always say, death benefit number is most important.
ETA: Here is another thread that goes into i more. LINK
Are you just looking for the cheapest policy to gain the most death benefit? If that is the case, zander or any of those type sites will be able to run some preliminary quotes of the really cheap term policies, however they may not be with the best companies. Not that they are bad, per say, they just may have solvency issues, less benefits, etc. I would gladly pay some extra premium for a term policy if it has the disability waiver of premium benefit that would convert my term policy to permanent if I become disabled, and I wouldn't have to pay the premium.
Ell linked a good thread that goes into some pro's and con's of WL vs Term. As I always say, death benefit number is most important.
ETA: Here is another thread that goes into i more. LINK
This post was edited on 4/24/14 at 3:39 pm
Posted on 4/24/14 at 4:02 pm to GoCrazyAuburn
Curious...what do you think are the best companies? Northwestern, NYL?
Posted on 4/24/14 at 4:03 pm to AUtigerNOLA
For what type of policy?
ETA: also depends on how you want to define best. If we are talking claims paid to policyholders, yea those two are up there. We could talk about financial strength ratings, expense ratios, lapse rate, mortality rate. There are a bunch of different factors looking at just the company alone.
ETA: also depends on how you want to define best. If we are talking claims paid to policyholders, yea those two are up there. We could talk about financial strength ratings, expense ratios, lapse rate, mortality rate. There are a bunch of different factors looking at just the company alone.
This post was edited on 4/24/14 at 4:08 pm
Posted on 4/24/14 at 6:30 pm to GoCrazyAuburn
Term 80
65 to Life
Disability
All with NWM
65 to Life
Disability
All with NWM
Posted on 4/24/14 at 7:53 pm to AUtigerNOLA
I shopped through zander insurance online,
Came out with 500,000 20 yr term, 32 years old, 400 dollars a year
I was happy with process
Came out with 500,000 20 yr term, 32 years old, 400 dollars a year
I was happy with process
Posted on 4/24/14 at 8:13 pm to AUtigerNOLA
As far as the WL, NML is always one I recommend, as it is one of te best performing policies. For the most part, term is term. I assume you got the disability waiver benefit? That is something that separates theirs from others.
Their disability is very strong as well. Contractual language is very favorable.
Their disability is very strong as well. Contractual language is very favorable.
Posted on 4/24/14 at 8:14 pm to tankyank13
Where did you get the $500K number?
Posted on 4/24/14 at 9:23 pm to GoCrazyAuburn
10x your annual salary is what is recommended.
Posted on 4/24/14 at 10:50 pm to Jblac15
That's a very basic recommendation to avoid doing any individualized planning.
Point being, I have plenty of clients who are making over $100K that don't need over $1M of insurance.
Point being, I have plenty of clients who are making over $100K that don't need over $1M of insurance.
Posted on 4/24/14 at 11:11 pm to GoCrazyAuburn
Thanks bro appreciate the insight
Posted on 4/25/14 at 7:42 am to GoCrazyAuburn
I actually went with a higher amount because I'm so young. We're in the first 5 years of a 30 year mortgage (even though it's just a starter). I've got a newborn who may or may not go to private school and who knows about a second child. Then there is cost of living, daycare (my wife isn't working at this time). Plus, we're in the top tier health-wise so we could get a high DB for cheap. Finally, we plan to convert some to whole once my wife goes back to work and we feel comfortable adding that expense. Mine is about 13x my salary and I also have 200k on my wife who's not working.
Point being, so much of these decisions depend on upon each situation. Very few generalizations are relevant.
Point being, so much of these decisions depend on upon each situation. Very few generalizations are relevant.
Posted on 4/25/14 at 8:20 am to ell_13
Exactly. The 10x salary number is nice, but is far from an actual accurate death benefit calculation.
Posted on 4/25/14 at 8:25 am to GoCrazyAuburn
The best life insurance policy is the one that pays.
Posted on 4/25/14 at 9:28 am to iknowmorethanyou
Ding ding ding we have a winner.
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