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Life insurance, what kind, how much?

  • I took out a 5 milly on my wife. She always walks down the stairs first. lol

    Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. - Groucho Marx

    tGreenWay ●

  • Bob Sakimano said...

    wait.. Trevor is gonna be a dad? someone should've said something...!!

    Quick. Someone start a name the baby thread.

    Posting member of tRCMB since 1997. It is ALWAYS a great day to be a Spartan!!!!

    Raytooth Morgan

  • My life insurance is mandatory. I pay a set amount every 3 months. I can't remember the exact amount.

    I don't have a wife or kids yet. I don't pay attention to it.

    This post was edited by Spartan8Ball on 6/19/2012 at 6:13 PM

    signature image

    Spartan8Ball

  • Spartan8Ball said...

    My life insurance is mandatory. I pay a set amount every 3 months. I can't remember the exact amount.

    I don't have a wife or kids yet. I don't pay attention to it.

    Mandated by who?

    "People don't care how much you know until they know how much you care." - Mark Dantonio.

    JMSparty08

  • Used to have 250k but now raised it to 500k. The more kids you have the more money you should have IMO.

    Question: who has a living trust? Heard that you should especially if you want to keep your $$ out of probate and not take 5% of the total for legal fees.

    xwing

  • JMSparty08 said...

    Mandated by who?

    I work as a firefighter/paramedic. It's not technically "mandatory" but, everybody has it.

    signature image

    Spartan8Ball

  • Indexed universal life.

    Look into it Trevor.

    This country was built by people who worked hard then went home and had just a few too many every night. Then went back to work.

    SBSpartan

  • Spartan8Ball said...

    I work as a firefighter/paramedic. It's not technically "mandatory" but, everybody has it.

    Ok. I was going to say, wait a minute someone is forcing you to purchase a product? WTF? So it's not mandatory, you just feel compelled to because everyone else does? If you have no wife or kids, I really don't see a reason why you would need to have it. As for the job "requiring" it, I don't know why they would. They get nothing from it.

    "People don't care how much you know until they know how much you care." - Mark Dantonio.

    JMSparty08

  • Everyone should have a trust or will. Most attorneys will prefer trusts over wills. Also more important is to have a health care power of attorney and a financial power of attorney.

    Rook

  • JMSparty08 said...

    Ok. I was going to say, wait a minute someone is forcing you to purchase a product? WTF?

    Yeah, someone tried that with health care, and the Supreme Court is about to shoot it down.

    Rodeo Burger

  • JMSparty08 said...

    Ok. I was going to say, wait a minute someone is forcing you to purchase a product? WTF? So it's not mandatory, you just feel compelled to because everyone else does? If you have no wife or kids, I really don't see a reason why you would need to have it. As for the job 'requiring' it, I don't know why they would. They get nothing from it.

    I should of cleared that up. They give us top of the market rates, I can't complain. I think mine is at $800,000 right now. It will increase if I ever get married or have kids. My benefactors are my brothers kids at the moment. If I die it automatically goes into their education trust.

    I could understand people wanting that peace of mind. If I didn't have a dangerous job I wouldn't bother with it.

    This post was edited by Spartan8Ball on 6/19/2012 at 9:24 PM

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    Spartan8Ball

  • Sparty Time said...

    Traditionally 3 to 5 times income. I like to base clients on outstanding debt, future expenses in case of debt. many people take out traditional whole life policies for lower amounts $25-50G for burial and other expenses, then use term riders for the outstanding debt. Like a $100G for a mortgage, $250G for college expenses etc. It keeps the cost inline with a budget. IF you are very good with budgeting expense you can go with a larger term only policy but the term will have a time limit. A spouse rider or a separate policy depends on the % of income they contribute to the family income. PM me I am in the area and still make house calls!

    I followed your advice years ago, before I saw it.

    I bought enough to pay off the house, fund the college educations. Since then my company paid for life has grown 5 times based off salary, so I am good.

    Worth much more dead than alive. I don't share that with the wife.

    signature image signature image signature image

    Ron Jeremy

  • SBSpartan said...

    Indexed universal life.

    Look into it Trevor.

    Find out what your "cost of insurance" is when you are 65, 75 etc. Under funding UL policies are in my opinion as an agent the least effect use of funds for life insurance. Just an opinion, but we do get paid well for them.

    I had a client today that is 70 that has a $75G UL that she has been paying $60 a month for 30 years, she has $11,000 cash value, to date she has met her cost of insurance. BUT now her cost of insurance has grown to $170 a month, will increase at least 10% a year. Using her cash value (the structure of UL's) and maintaining the $60 a month that she can afford, her policy will lapse in 7 years.

    If you want the best policies available, ask the agent what they have purchased themselves
    .

    signature image

    RIP RCMB

    Sparty Time

  • Sparty Time said...

    Find out what your "cost of insurance" is when you are 65, 75 etc. Under funding UL policies are in my opinion as an agent the least effect use of funds for life insurance. Just an opinion, but we do get paid well for them.

    I had a client today that is 70 that has a $75G UL that she has been paying $60 a month for 30 years, she has $11,000 cash value, to date she has met her cost of insurance. BUT now her cost of insurance has grown to $170 a month, will increase at least 10% a year. Using her cash value (the structure of UL's) and maintaining the $60 a month that she can afford, her policy will lapse in 7 years.

    If you want the best policies available, ask the agent what they have purchased themselves
    .

    Over fund that shit. It's more than just a death benefit that way.

    This country was built by people who worked hard then went home and had just a few too many every night. Then went back to work.

    SBSpartan

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