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re: OT Ballers - Life insurance amount and rate?
Posted on 3/10/23 at 2:12 pm to BilbeauTBaggins
Posted on 3/10/23 at 2:12 pm to BilbeauTBaggins
quote:
Always shop around, the one thing my dad taught me (that I need to do better about) because it will save you in the long run.
Don't know who told your old man that, but life insurance has so many upfront fees, tax consequences of dropping a policy, waiting periods, etc..I get shopping your property&liability because of a rate change but life insurance is an entirely different ballgame.
1
Posted on 3/10/23 at 2:12 pm to DCtiger1
Dangerously close to it being better for my family if I died vs. lived.
Posted on 3/10/23 at 2:13 pm to jbgleason
$1.5M for 30 years, $68/month.
I'm about 15 years into it; bought it when I was actually young and health. Will get me to 65, after which house is paid for and kids out of college. I have enough saved in retirement for them to live comfortably if I kick it after that.
I'm about 15 years into it; bought it when I was actually young and health. Will get me to 65, after which house is paid for and kids out of college. I have enough saved in retirement for them to live comfortably if I kick it after that.
Posted on 3/10/23 at 2:15 pm to Broyota2
quote:
but life insurance has so many upfront fees, tax consequences of dropping a policy, waiting periods, etc..
Can you expand on "TAX CONSEQUECES of dropping a policy" as far as a Term policy goes? Certainly they don't tax you for changing insurance companies? I am hoping your response is "no, that's for whole life".
Posted on 3/10/23 at 2:17 pm to jbgleason
There’s no tax consequences on a term policy. But switching companies mid term isn’t smart
Posted on 3/10/23 at 2:19 pm to jbgleason
3 mil in coverage today dropping by a mil every 10 years.
112 per month today.
112 per month today.
Posted on 3/10/23 at 2:21 pm to DCtiger1
I guess you could ladder policies and maybe save a few bucks, but then that could be a pain for your survivors to figure out.
Figure out what you need to insure for -- house, college, etc. -- and then how long you need it -- age of kids, length of mortgage. If you are trying to build a nest egg, paying less for life insurance and investing the difference in an index fund will probably give a better return.
Also -- you are a farmer, raise timber or own a lot land, you might also figure estate tax consequences. But that's not likely.
Figure out what you need to insure for -- house, college, etc. -- and then how long you need it -- age of kids, length of mortgage. If you are trying to build a nest egg, paying less for life insurance and investing the difference in an index fund will probably give a better return.
Also -- you are a farmer, raise timber or own a lot land, you might also figure estate tax consequences. But that's not likely.
Posted on 3/10/23 at 2:22 pm to jbgleason
If that is a term policy and you are not over 40 you're getting ripped off (assuming you are telling the truth about your health).
Posted on 3/10/23 at 2:24 pm to jbgleason
$1 mil for $38/mo
Posted on 3/10/23 at 2:26 pm to NewBR
quote:
If you are trying to build a nest egg, paying less for life insurance and investing the difference in an index fund will probably give a better return.
I don’t follow Dave Ramsey. I do both. My 401k is maxed, I have funds in an American Funds Growth Fund. The permanent insurance allows me to access the money without tax consequences. It’s essentially the fixed bond portion of my retirement portfolio
Posted on 3/10/23 at 2:36 pm to jbgleason
Your age is important but yes that’s incredibly expensive OP. I have a $1 mil for $31/ month and I could have gotten cheaper. I should get more but my wife would be fine if I died with our savings.
Posted on 3/10/23 at 2:44 pm to jbgleason
2 mil 20 year term, $123/mo, have the potential to drop it to $99/mo with a yearly blood pressure test. The average of my 3 BP readings was 120/81 and needed to be 120/80, fricking horseshite. If I test at or below 120/80 the rate will drop to $99 
Also have 350k through work for something like $5/pay period.
Also have 350k through work for something like $5/pay period.
Posted on 3/10/23 at 2:45 pm to jbgleason
What? You tryin to whack us all, baw?
Posted on 3/10/23 at 2:55 pm to jbgleason
An OT baller is self-insured. Life insurance is for before you accumulate wealth.
Posted on 3/10/23 at 2:57 pm to jbgleason
A smart man once told me, be under-insured. That way, everyone is sad when your gone.
Posted on 3/10/23 at 3:00 pm to VABuckeye
Negative, life insurance is how the wealthy stay wealthy.
Posted on 3/10/23 at 3:04 pm to jbgleason
Now here’s a thread where every single poster is an insurance expert and understands mortality tables, breakpoints, and all of the other multitudes of underwriting ins and outs.
Posted on 3/10/23 at 3:06 pm to DCtiger1
quote:
DCtiger1
You’re seriously one of only one or two others here who actually know what the frick they’re talking about when it comes to life insurance.
Posted on 3/10/23 at 3:07 pm to jbgleason
at 38 i got a 10 year term for $750k for $86/month
however, i had cancer which put me into a high risk.
need your age and term vs life to make a conclusion
however, i had cancer which put me into a high risk.
need your age and term vs life to make a conclusion
Posted on 3/10/23 at 3:08 pm to jbgleason
$3 million for $238/month. It’s a 20-year term that I’m 10 years in on. I’m 50 now and have very low bad cholesterol.
This post was edited on 3/10/23 at 3:10 pm
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