Life Insurance

Got married this year and figured I need to get some life insurance for me and my wife. Looks like there is a lot of options out there. I have it through my work but it is only about 400k. I would like to get at least a million plus.

 

Anyone have any great recommendations? I will be the big 30 in 2014 so I have a few things on my list to do this year. This being one of them.

 

 

You want to go cheap or expensive?

 

The younger you get get your life insurance, the better your rates will be locked in.

 

Cheap = term life

Middle = variable universal

Expensive = whole life (universal) - savings component, money grows, increases your policy value as the years go by

 

 

You want to go cheap or expensive?

 

The younger you get get your life insurance, the better your rates will be locked in.

 

Cheap = term life

Middle = variable universal

Expensive = whole life (universal) - savings component, money grows, increases your policy value as the years go by

 

Yeah I am really liking the whole life. Just need to do some more looking into it. Can't you cash them out later in life as well? I would want to set something to where my wife wouldn't have to work again if something ever happen to me.

pm sent

Thanks!

Whole life is a scam.. get term life.

 

 

The reason why I say that is if you invest the difference amount that whole life costs vs term, then the amount you would have will be much larger than the amount you could cash out from the whole life policy.

 

Get term for 20+ years.

 

If you die after 50, you should have enough investments saved up that the wife could live happily without you.

 

 

Whole life is a scam.. get term life.

 

what do you do in 20 or 30 years when the term is over and you cant pass a new insurance exam?

now your 65 with no insurance.

 

hopefully the investments will do well and if so don't forget about uncle sam/estate taxes etc...

the life insurance death benefit is 100% tax free.

 

also they have a few products that are not as expensive as WL that are also guaranteed until death (no matter what age)

Mac-n-it knows more about this subject than probably anyone. :icon_thumleft:

I started out with term life when I was dental student. When I graduated, then I converted my term life to whole life.

 

Soon, my policy will pay for it self. Watching the money grow every year is pretty cool.

 

When I signed up 8-9 years ago, Northwestern Mutual and Guardian/Berkshire were the best two companies.

 

If you had the money to get into a whole life. Do whole life. But make sure you exhaust your 401K investment first ($175000/year).

 

They say Whole Life savings component is just another supplement vehicle for retirement, shouldn't be the main vehicle for retirement.

Mac-n-it knows more about this subject than probably anyone. :icon_thumleft:

this is all I have done for the last 17 years. I don't know how to put air in my tires, but I know life insurance lol

 

toofdoc, that was a very smart move. now you are locked in forever...

If you had the money to get into a whole life. Do whole life. But make sure you exhaust your 401K investment first ($175000/year).

You have one too many zeros on the annual contribution!

Oh fcuk that, no life insurance. I want everybody to do whatever is humanly possible to keep me alive

Oh fcuk that, no life insurance. I want everybody to do whatever is humanly possible to keep me alive

 

Lulz. Btw, what's five or ten million in term life insurance cost for a healthy 42 year old (ugh)?

You have one too many zeros on the annual contribution!

That one zero makes a huge difference!!

My $0.02 from the "child's perspective" -- my father passed relatively suddenly when I was 16. He had bought more life insurance than my mom had realized at the time and it has since allowed her to work four days a week, keep the house, make home improvements, replace her car when it was time, etc. I can't tell you how much of a relief it has been for her to know that he provided for us in that way and she wouldn't have to give up the house, etc. It was one of my dad's final lessons to me and one that I will always follow closely. So, to put it cynically, if you think you have enough, or if you think you're "healthy and don't need it yet," sorry, but you don't, and you do.

 

Edit: For your reference, Dad was 46 when he passed.

My $0.02 from the "child's perspective" -- my father passed relatively suddenly when I was 16. He had bought more life insurance than my mom had realized at the time and it has since allowed her to work four days a week, keep the house, make home improvements, replace her car when it was time, etc. I can't tell you how much of a relief it has been for her to know that he provided for us in that way and she wouldn't have to give up the house, etc. It was one of my dad's final lessons to me and one that I will always follow closely. So, to put it cynically, if you think you have enough, or if you think you're "healthy and don't need it yet," sorry, but you don't, and you do.

 

Edit: For your reference, Dad was 46 when he passed.

Thanks for sharing your story Paul. Sorry to hear about your loss.

 

My story is on the other side of the token. My father passed last year and he had zero life insurance! He never believed in it. Not that my mother, my brother, and I need any, but it would've been nice to have some funds to help pay for the unexpected expenses of his funeral arrangements and for my mother.

My $0.02 from the "child's perspective" -- my father passed relatively suddenly when I was 16. He had bought more life insurance than my mom had realized at the time and it has since allowed her to work four days a week, keep the house, make home improvements, replace her car when it was time, etc. I can't tell you how much of a relief it has been for her to know that he provided for us in that way and she wouldn't have to give up the house, etc. It was one of my dad's final lessons to me and one that I will always follow closely. So, to put it cynically, if you think you have enough, or if you think you're "healthy and don't need it yet," sorry, but you don't, and you do.

 

Edit: For your reference, Dad was 46 when he passed.

 

thank you for sharing. this is real life guys. it doesn't matter if you have term, UL, WL, or VUL but you need to have something in place that is GUARANTEED. (especially if you have children or plan on it soon)

 

quick story. a great friend of mine recently died a few months ago on a motorcycle. 38 years old with a 8 year old son. all the creditors sent letters demanding payment, funeral expenses adding up, attorney fees, mother of the little boy worked for him, so shes freaking out. and here comes a "tax free" life insurance check for millions that no one knew about. does it make everything ok, absolutely not. but that check will change that little boys life forever and he will always know that his father was responsible and bought a policy for $90 a month.

 

unfortunately most people wait until they are sick or much older and premiums sky rocket. but if you are healthy and plan on starting a family this really is a no brainer. get locked in while your young and healthy and premiums will stay level or vanish (depending on what type of policy)

Lulz. Btw, what's five or ten million in term life insurance cost for a healthy 42 year old (ugh)?

 

5mil guaranteed

10 years $160 per mo.

15 years $218

20 years $327

30 years $582

Is there a point in getting life insurance if you have no one that depends on you? Like benefits of getting it now vs later? Or should you wait till you have a wife/kids?

Is there a point in getting life insurance if you have no one that depends on you? Like benefits of getting it now vs later? Or should you wait till you have a wife/kids?

Only point is you lock in at a low premium. The older you get, the more expensive it is, doesn't matter what type of life insurance you buy.

Is there a point in getting life insurance if you have no one that depends on you? Like benefits of getting it now vs later? Or should you wait till you have a wife/kids?

IMO if I was in your shoes I would lock in now while its dirt cheap. you can always change beneficiaries later. even if your not married and don't have children. you can use a policy as a buy/sell, key man, partnership etc.. in the business world. and premiums could be a write off (depending on your cpa's advice)

it would be ashame if someone was married with kids and decided on life insurance at 45 after they were just diagnosed with cancer, diabetes, disease etc and premiums were 10-20x higher or even worse your app is declined.

I picked up Life insurance 2 years ago...this thread is going to make me do an extensive review of my policy...That's LP for you, helping us set Life Priorities

5mil guaranteed

10 years $160 per mo.

15 years $218

20 years $327

30 years $582

 

Ok, so I'm a total idiot when it come to this.

 

I even hate dealing with my car insurance, I just get the highest possible and then I feel like I'm protected.

 

What does the 10 years, 15 years mean? Is that the age that you start paying for the insurance or the length of the payment or? And how does it work? Will the 5 mill always get paid out upon your death no matter how long you have paid?

 

Please educate me!

 

By they way, I'm 40 and get life insurance through my job, but I think its only a couple of 100k. Should I go out and get more and how much will that cost for a healthy 40 year old?

 

Thanks!

Ok, so I'm a total idiot when it come to this.

 

I even hate dealing with my car insurance, I just get the highest possible and then I feel like I'm protected.

 

What does the 10 years, 15 years mean? Is that the age that you start paying for the insurance or the length of the payment or? And how does it work? Will the 5 mill always get paid out upon your death no matter how long you have paid?

 

Please educate me!

 

By they way, I'm 40 and get life insurance through my job, but I think its only a couple of 100k. Should I go out and get more and how much will that cost for a healthy 40 year old?

 

Thanks!

yes the problem with insurance through your job is if you quit or get fired, its gone.

lets say you buy the 20 year term above. you pay the premiums every month for 20 years no matter what. if you were to pass on, your beneficiary receives the 5mil. death benefit even if your only a month into the term.

every policy has a 2yr contestability period where if you die within the first 24 months, the company has the right to investigate to make sure you weren't planning on committing suicide, lying on the application etc (to prevent fraud).. after 2 years anything goes, so they have to pay the claim no matter what happens (even suicide)

pm me the info and ill send you the quote.