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Life Insurance

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Life Insurance

Post by milspec6 on Tue Jan 28, 2014 8:36 am

Now that it looks like I may be leaving my present employer, I am looking at life insurance policies. Quite frankly, it is very confusing as the advice on-line is going in every direction. How anyone decides on this stuff is beyond me....so why not let real cleaners come to the rescue?

How about it, anyone want to recommend a life insurance policy (term vs whole vs universal) for a middle-aged, balding, single with no kids man?
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Re: Life Insurance

Post by Johnnyone on Tue Jan 28, 2014 8:48 am

The music bar on the cleaners lounge has made my life more relaxed and peaceful. This is a real fix for stress relief which will make my life better.

Thanks

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Re: Life Insurance

Post by ( miller ) gerry on Tue Jan 28, 2014 9:01 am

Term is like an extended warranty on a car.  Last for only a period, probably 20 years.  Do you really need much life insurance?  Who will be receiving this?  Do you have nieces, nephews, organizations that you want to be recipients?  Lots of questions you need to ask yourself.  Ins sales people almost always want to over insure a person.  If you do this, should be soon because rates rise quickly as we age.  My thoughts are a local agency is good.  You can always walk in and talk to them.  You possibly can do investments there too.  Also, potential work from them as well.

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Re: Life Insurance

Post by Ryan S on Tue Jan 28, 2014 4:28 pm

My wife an I have 250K on each of us. I believe it's whole. We have two kids and four dogs, and a ferret. We need to make a will.

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Re: Life Insurance

Post by Freemind1 on Tue Jan 28, 2014 4:46 pm

I have a whole life policy with Farm Bureau insurance.

I also carry my business insurance with them.

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Re: Life Insurance

Post by Pro Touch on Tue Jan 28, 2014 5:29 pm

I was told years ago to price term and whole life and then to buy the term policy and invest the difference between the two policies to get a better return on my money. For example, term is $29.99/ month and whole life is $99.99/ month. Take the $70 and invest in something that will have a better return than whole life on your money. Of course when the term is up, you have to get another policy that will be higher than what you pay now but still less than whole life and you take the difference again and invest it. I have no idea about universal.

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Re: Life Insurance

Post by milspec6 on Tue Jan 28, 2014 5:48 pm

Thanks gang, that is my confusion. I can find lots of sites that say to do just as Pro Touch suggests, but then there are also many sites that support whole life policies for the tax and investment aspects.

I don't carry a lot of risk since I am a one-man show...unless you count the bat nesting in my garage, but that could change at some point in the future. Just trying to rationalize the value of a whole life policy right now.
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Re: Life Insurance

Post by Floorguy on Tue Jan 28, 2014 7:18 pm

like was asked before...

who is it going to and why??

young family, term is better because you can get higher limits for cheaper...which helps the wife out with bills... etc...

whole you get about a 1/4 the coverage for around double the price...but after a while you can loan from it, and the price usually stays put no matter age....
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Re: Life Insurance

Post by milspec6 on Tue Jan 28, 2014 7:47 pm

@Floorguy wrote:like was asked before...

who is it going to and why??

young family, term is better because you can get higher limits for cheaper...which helps the wife out with bills... etc...

whole you get about a 1/4 the coverage for around double the price...but after a while you can loan from it, and the price usually stays put no matter age....

Thanks, that actually helps. I really don't have much need now, but maybe down the road. I guess my concern is insurability later compared to today.

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Re: Life Insurance

Post by ( miller ) gerry on Tue Jan 28, 2014 9:08 pm

I agree. Interview a few companies and get educated by them. I have term policies and a whole life. I want to take care of my wife, son, nieces, nephews and a few organizations if something happens before I am 70. After that, on there own.

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Re: Life Insurance

Post by REALCLEAN on Wed Jan 29, 2014 8:13 am

I bought a universal policy from Lincoln Benefit in 2001. 500k on me and 100k on the wifey. I pay $51 per month.

The problem with it though is that the IRS penalized me for not listing it as an asset because of its accrued value.

I'm of the mindset that all insurance is a rip off!

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Re: Life Insurance

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