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re: OT Ballers - Life insurance amount and rate?
Posted on 3/10/23 at 3:11 pm to jbgleason
Posted on 3/10/23 at 3:11 pm to jbgleason
$1M, 20-year term that I set up a few years ago. It gets me to 54.
Currently pay $49 per month through Pacific Life. I’m 38 currently.
I figure I’ll re-up in a couple years to re-start a 20 year term and take me to retirement age, knowing I’ll spend a bit more, but I’m comfortable with what I have for now.
Currently pay $49 per month through Pacific Life. I’m 38 currently.
I figure I’ll re-up in a couple years to re-start a 20 year term and take me to retirement age, knowing I’ll spend a bit more, but I’m comfortable with what I have for now.
0
Posted on 3/10/23 at 3:12 pm to tigeraddict
quote:
however, i had cancer which put me into a high risk.
quote:
at 38 i got a 10 year term for $750k for $86/month
What kind of cancer? That rate for that amount of coverage at age 38, had to have just been basal cell or something similar?
Posted on 3/10/23 at 3:16 pm to TDsngumbo
quote:
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
Because, like you, I sell it. I see people weekly that bought into the buy term and invest the rest and guess what? They end up being 60 in poor health and STILL need life insurance. They never invested the difference.
This post was edited on 3/10/23 at 3:18 pm
Posted on 3/10/23 at 3:21 pm to DCtiger1
It is, in my opinion, the best overall strategy IF and only if you actually do invest the rest 
.
I’ve got $165,000 in whole life in addition to my term coverage. Wife has $110,000 of whole life in addition to her term coverage. We bought it when we were in our early 20’s so we’re good on price and we didn’t buy it for the cash value component - I don’t care if it doesn’t have any cash value at all. We bought it for the permanent coverage so we’d each have coverage after the term expires, assuming we’re still alive then. 100% term is a little silly but still not terrible. I just believe everyone needs a mixture of about 90% term and 10% whole life. Not a big fan of UL’s though unless you actually keep up with those through the years. Most people aren’t gonna be disciplined enough for a UL and trying to explain why to them just boggles their mind.
. I’ve got $165,000 in whole life in addition to my term coverage. Wife has $110,000 of whole life in addition to her term coverage. We bought it when we were in our early 20’s so we’re good on price and we didn’t buy it for the cash value component - I don’t care if it doesn’t have any cash value at all. We bought it for the permanent coverage so we’d each have coverage after the term expires, assuming we’re still alive then. 100% term is a little silly but still not terrible. I just believe everyone needs a mixture of about 90% term and 10% whole life. Not a big fan of UL’s though unless you actually keep up with those through the years. Most people aren’t gonna be disciplined enough for a UL and trying to explain why to them just boggles their mind
.This post was edited on 3/10/23 at 3:27 pm
Posted on 3/10/23 at 3:24 pm to jbgleason
$1mm 20 year term
$117/month
45 yr old Overweight non-smoker with colon health issue
Got policy 3 years ago, buddy is a broker so shopped it to 4 different companies
$117/month
45 yr old Overweight non-smoker with colon health issue
Got policy 3 years ago, buddy is a broker so shopped it to 4 different companies
This post was edited on 3/10/23 at 3:29 pm
Posted on 3/10/23 at 3:26 pm to jbgleason
Got a $1M policy for a 20-year term at age 40 for <$100/month. I better be self-insured by the time I'm 60.
Posted on 3/10/23 at 3:28 pm to jbgleason
$750k 30-year term for $90/month with Colonial. Got it when I was 34.
Non-smoker, not obese
Non-smoker, not obese
This post was edited on 3/10/23 at 3:31 pm
Posted on 3/10/23 at 3:30 pm to TDsngumbo
My UL has a LTC component and is funded at the MEC level.
Posted on 3/10/23 at 3:31 pm to DCtiger1
quote:
funded at the MEC level.
Literally the only way a UL works lol. Gotta have the money to be able to do that.
Posted on 3/10/23 at 3:36 pm to TDsngumbo
This is true, but the rates for Joint UL actually work extremely well for couples.
Posted on 3/10/23 at 3:50 pm to DCtiger1
If I die I don’t think insurance is going to help bring me back to life…
Posted on 3/10/23 at 3:51 pm to LSUisBetterthanU
if i die young i assume they'll be ok with the millions of retirement i've worked so hard for
Posted on 3/10/23 at 4:00 pm to nolaks
Taxable and not immediately accessible.
Posted on 3/10/23 at 4:00 pm to LSUisBetterthanU
Yea that’s not the point of life insurance.
Posted on 3/10/23 at 4:11 pm to jbgleason
2 policies. One is term 1.3 million for about $150/month. It’s high cuz I didn’t want to do blood work at the time. To much boozing when I was shopping. The other is $500K term for $60/month. Had it for awhile and did well on the health screens.
Posted on 3/10/23 at 4:43 pm to jbgleason
I'm 50 yrs old. Pretty healthy.
20 yr term policy will end when I'm 63.
Got $750k on me and $250k on my wife.
We pay $130 month. Through the Knights of Columbus.
God bless 'em.
20 yr term policy will end when I'm 63.
Got $750k on me and $250k on my wife.
We pay $130 month. Through the Knights of Columbus.
God bless 'em.
This post was edited on 3/10/23 at 4:59 pm
Posted on 3/10/23 at 4:47 pm to jbgleason
0 and 0
Posted on 3/10/23 at 5:41 pm to DaBeerz
Should be illegal to have children and not have life insurance
Posted on 3/10/23 at 5:46 pm to jbgleason
I have a company provided term life for 1.5 million plus a $500k catastrophic kicker for free. I have an additional 1.5 million with met life for around $170/mo.
Posted on 3/10/23 at 5:50 pm to jbgleason
I just had my annual review w my financial advisor. Have several IRAs and investments outside of work 401k/Roth.
I was concerned about life insurance since I’ve had Whole from about 2016 and pay $450/month. It was pitched to me as another investment bucket with the cash value down the road and automatically gets 5% every year.
The death benefit is only $450k. I also have it through work at $200k. So we made the decision to get supplemental term for 20 yrs for $2M. Premium is cheap if you’re healthy.
I was concerned about life insurance since I’ve had Whole from about 2016 and pay $450/month. It was pitched to me as another investment bucket with the cash value down the road and automatically gets 5% every year.
The death benefit is only $450k. I also have it through work at $200k. So we made the decision to get supplemental term for 20 yrs for $2M. Premium is cheap if you’re healthy.
This post was edited on 3/10/23 at 5:52 pm
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