Life Insurance

[Stradling]

I am thinking of adding another policy, I feel as though I am under insured at the moment.  I was thinking a 20 year term life, but not completely sold on it.  Anyone have suggestions?  Any company that you trust?  Good rates?  I am assuming they are all pretty much the same as far as rates go, right?  

[mp170.6]

I'd like to know too. 

What I've found is there's a shitload of people trying to sell life insurance, including friends and family, but very few who actually understand it.  Even worse are the financial planners who sell it.  Talk about a conflict of interest.

 

[Tank]

don't use primerica.

[yk9001]

I use term life insurance through the aicpa trust.  Since CPAs are nerds who generally lead healthier lifestyles, I get a rebate back (about half) at the end of the year.

My point in this, since most of you aren't CPAs, is to look for something in your career field (trade organizations, etc).

I haven't studied whole life enough, but if it can't be explained in an 'elevator pitch' that I understand, I am going to pass.  I just bite the bullet every year for term insurance.

 

Also, I hope you are all online with the social security administration.  Check out what your spouse would receive in benefits should you die.  Make sure you take that into account when you are deciding how much to pay for life insurance.  DON'T OVERINSURE!  IT IS WASTED MONEY!

[Stradling]

2 minutes ago, yk9001 said:

I use term life insurance through the aicpa trust.  Since CPAs are nerds who generally lead healthier lifestyles, I get a rebate back (about half) at the end of the year.

My point in this, since most of you aren't CPAs, is to look for something in your career field (trade organizations, etc).

I haven't studied whole life enough, but if it can't be explained in an 'elevator pitch' that I understand, I am going to pass.  I just bite the bullet every year for term insurance.

 

Also, I hope you are all online with the social security administration.  Check out what your spouse would receive in benefits should you die.  Make sure you take that into account when you are deciding how much to pay for life insurance.  DON'T OVERINSURE!  IT IS WASTED MONEY!

Thank you.  One of the reasons I am looking for another policy is I have a term life plan that i was suckered into buying 20 years ago is expiring.  I have a decent amount through work, but I need at least one more term life policy for the next 15-20 years.  I am not a CPA.  Good advice on the Social Security Admin, I will check it out.  

[Adam]

Pay me $100/mo and if you die and if I have money, I'll give some to your kin

[Taylor]

According to Dave Ramsey, 20-year term life is the way to go. Because, in theory, after 20 years you won't need life insurance anymore because you'll have enough saved to protect your next of kin, or they'll all be old enough to not be dependent on your money anymore.

zander.com is a free online insurance broker that will connect with with quotes from various insurance providers.

[arch stanton]

I just took a 20 year term to make sure my little one gets through college age comfortably. If I survive the term that’ll be a wrap on life insurance for me 

[IEAngelsfan]

It depends on why you need insurance.  Typically, for middle income earners, it's to replace income should you die while working to provide for your family.  As Taylor mentioned above, term typically provides that protection the most cost effective way.  Look into 20 or 30 year plans.

For the affluent, life insurance can provide a death benefit to pay estate taxes, but that depends on how big your estate is.  Some will purchase a policy to pay for a charitable cause or provide for a child who is disabled.  These plans should be individual/second to die permanent plans such as whole life or universal life policies.  I personally prefer universal plans since they are lower in cost.

I would suggest meeting with a financial planner and get a needs analysis completed.  They will ask you specific questions on your financial situation and determine how much or what type of plans you need to get.  There is a cost for this type of analysis, but it should provide you exactly what you need.

If you have any other questions, let me know.

[mp170.6]

11 hours ago, Tank said:

don't use primerica.

Stay away from World Financial Group as well.

[IEAngelsfan]

One thing I forgot to mention and something I would suggest looking into would be plans that have living benefits or chronic and critical care benefits.  For example, if you have a heart attack, develop cancer or some other chronic or critical condition, the plan will pay out a portion of the death to you while you're still alive.  You can use it to pay for medical expenses or whatever you want.  The companies I remember that have these types of plans are The Hartford, National Life and Transamerica, but there may be more.  These plans do cost a little more, but I think they're worth it. 

By the way, this is not to be confused with an accelerated death benefit where they pay you a portion of the death benefit if you're diagnosed to die within 12 months.  Most life plans have this feature.

[yk9001]

22 minutes ago, IEAngelsfan said:

One thing I forgot to mention and something I would suggest looking into would be plans that have living benefits or chronic and critical care benefits.  For example, if you have a heart attack, develop cancer or some other chronic or critical condition, the plan will pay out a portion of the death to you while you're still alive.  You can use it to pay for medical expenses or whatever you want.  The companies I remember that have these types of plans are The Hartford, National Life and Transamerica, but there may be more.  These plans do cost a little more, but I think they're worth it. 

By the way, this is not to be confused with an accelerated death benefit where they pay you a portion of the death benefit if you're diagnosed to die within 12 months.  Most life plans have this feature.

It is the cynic in me that says if in fact I pay into this, and then become chronically ill, they will F*ck me over.

 

Too cynical?

[IEAngelsfan]

4 minutes ago, yk9001 said:

It is the cynic in me that says if in fact I pay into this, and then become chronically ill, they will F*ck me over.

 

Too cynical?

Yup, its contractual so they have to pay. That being said, it has to be a listed condition.

[Taylor]

8 minutes ago, yk9001 said:

It is the cynic in me that says if in fact I pay into this, and then become chronically ill, they will F*ck me over.

 

Too cynical?

Maybe the Angels should get this kind of insurance to cover the cost of Tommy Johns.

[yk9001]

5 minutes ago, Taylor said:

Maybe the Angels should get this kind of insurance to cover the cost of Tommy Johns.

They needed one to cover the chronic condition of "old" for that POS DH/first baseman

[Adam]

19 hours ago, Taylor said:

Maybe the Angels should get this kind of insurance to cover the cost of Tommy Johns.

Uninsurable 

[Lou]

23 hours ago, Adam said:

Pay me $100/mo and if you die and if I have money, I'll give some to your kin

I'll do it for $93

[Stradling]

2 hours ago, Lou said:

I'll do it for $93

Makes sense

[ten ocho recon scout]

On 8/28/2018 at 7:34 AM, yk9001 said:

Also, I hope you are all online with the social security administration.  Check out what your spouse would receive in benefits should you die. 

Just make sure shes not looking over your shoulder when you find out.