Lets talk Life insurance

[Cloaca du jour 2,064]

My daughter..in nursing school was asking about life insurance...i dont know dickabout it.

Any ideas on types of plans...good for retirement planning.  

Oh...34C

[IGotWorms 3,315]

I know that generally you want term life insurance. That’s what we’ve got. Basically long enough so the kids are taken care of and perhaps your spouse as well. So cover til your kids are like 20 and your spouse is 65ish. The amount of insurance depends on what’s necessary to replace your income to some extent and maybe make sure the mortgage could be paid off or stuff like that. Basically the idea is if you die early your family isn’t totally left in the lurch.

[Patriotsfatboy1 1,432]

Depends on what/who you want to protect in the event you die.

Me 10 years ago - I needed to ensure my wife and kids would be taken care of in the event of my death (college, House, standard of living, etc.), so I have $1m policy of term.

Me now - winding down with any needs. College is covered, House is covered and we have enough in savings that my wife can do well without my income moving forward. Within the next 5 years, my term will end and I won’t renew.

My oldest is 18 and starting to work. People are trying to sell him life insurance. I told him to skip it for now and look at disability. 

There is no “one size fits all” answer.

[Bier Meister 1,514]

the hook up is with ned ryerson

[The PosterFormerlyKnownAs 61]

I also have term for the reasons outlined.  However, whole life policies have benefits that are worth considering ...  some allow you to use to borrow against for expenses like buying a house.  Other can meet needs for long term care or end of life care.  You can also sell them if you need money rather than wanting to keep paying premiums.  
 

Try consulting a financial advisor who is not tied to a specific insurance company to peer about options  and make a decision in your integrated planning

[RaiderHaters Revenge 3,584]

just ask Ben Shapiro

 

[Cloaca du jour 2,064]

My daughter wants to buy it for her future...we as parents have already insured our kids and ourselves

[IGotWorms 3,315]

45 minutes ago, Cloaca du jour said:

My daughter wants to buy it for her future...we as parents have already insured our kids and ourselves

What are you insuring your kids for?

What “future” would your daughter be insuring.

Look, if you’re dead you’re dead. Life insurance doesn’t change a damn thing. It’s just if you have dependents who need to be provided for in your absence.

[RaiderHaters Revenge 3,584]

I can stick my head up the ass of a cow, but I would rather take the butchers word on it

 

[Cloaca du jour 2,064]

52 minutes ago, IGotWorms said:

What are you insuring your kids for?

What “future” would your daughter be insuring.

Look, if you’re dead you’re dead. Life insurance doesn’t change a damn thing. It’s just if you have dependents who need to be provided for in your absence.

Arent their insurance policies that are almost like investments where they accumulate value you can cash in?

[Patriotsfatboy1 1,432]

9 hours ago, Cloaca du jour said:

Arent their insurance policies that are almost like investments where they accumulate value you can cash in?

I would wager that the only people saying insurance is a good investment for young people with no dependents are people that sell insurance.

[IGotWorms 3,315]

9 hours ago, Cloaca du jour said:

Arent their insurance policies that are almost like investments where they accumulate value you can cash in?

Look, the point is if you die then your dependents gets $ to replace (at least in part) what you would have been providing.

If that shoe doesn’t fit, you do not need life insurance. You may be in the market for something else, but it ain’t life insurance.

[TimmySmith 2,782]

2 minutes ago, IGotWorms said:

Look, the point is if you die then your dependents gets $ to replace (at least in part) what you would have been providing.

If that shoe doesn’t fit, you do not need life insurance. You may be in the market for something else, but it ain’t life insurance.

There are different types of life insurance. And there is a component to replacing what you will have during the term. There is a benefit for a young upwardly mobile person who is in great health to get it early. The average person, not so much.

[IGotWorms 3,315]

24 minutes ago, TimmySmith said:

There are different types of life insurance. And there is a component to replacing what you will have during the term. There is a benefit for a young upwardly mobile person who is in great health to get it early. The average person, not so much.

I’m by no means an expert, though you’ve really got to be careful of the experts trying to sell you something you don’t need in this arena. So I’m going to say this then bow out.

Some plans do accrue a cash value but it’s a terrible investment standing alone. The idea behind life insurance is you may die early and if you do your dependents should not be totally screwed. That costs a lot of money one way or the other. A plan that gets you cash value is just going to be more expensive and/or not as good (in death benefits) as a term life insurance plan.

If your concern isn’t leaving behind dependents if you die early (either because you don’t have em or you’re a damn kid—why the fock would they EVER sell life insurance policies for kids???), then what you’re really looking for is just your standard investment vehicle. Should max out 401k and/or whatever other tax advantaged accounts you may have at your disposal. Then you can invest in the stock market or real estate or whatever else beyond that.

I’m not going to say there is NEVER an instance where whole life insurance makes sense, but by and large if someone’s trying to sell it to you you should probably be very wary and most likely they’re just trying to take your money.

[Alias Detective 1,179]

1 hour ago, Patriotsfatboy1 said:

I would wager that the only people saying insurance is a good investment for young people with no dependents are people that sell insurance.

For a wealthy guy like you I would have assumed you would be a bit smarter.  I think you are the person who has all their retirement accounts maxed AND make to much money for a ROTH.  Right?

[Fireballer 2,383]

23 minutes ago, IGotWorms said:

I’m by no means an expert, though you’ve really got to be careful of the experts trying to sell you something you don’t need in this arena. So I’m going to say this then bow out.

Some plans do accrue a cash value but it’s a terrible investment standing alone. The idea behind life insurance is you may die early and if you do your dependents should not be totally screwed. That costs a lot of money one way or the other. A plan that gets you cash value is just going to be more expensive and/or not as good (in death benefits) as a term life insurance plan.

If your concern isn’t leaving behind dependents if you die early (either because you don’t have em or you’re a damn kid—why the fock would they EVER sell life insurance policies for kids???), then what you’re really looking for is just your standard investment vehicle. Should max out 401k and/or whatever other tax advantaged accounts you may have at your disposal. Then you can invest in the stock market or real estate or whatever else beyond that.

I’m not going to say there is NEVER an instance where whole life insurance makes sense, but by and large if someone’s trying to sell it to you you should probably be very wary and most likely they’re just trying to take your money.

Yes. I cringe when I see those commercials for the Gerber whole life policy for toddlers.

I used to do term insurance on the side.  I wouldnt even sell whole life.  Whole life is great for the ins guy.  There are much better investments than whole life. The smart saying goes "buy term and invest the rest".

[Cloaca du jour 2,064]

Thanks for all the info..!!!

No one is selling or trying to sell us insurance.  I think one of my daughters friends or maybe one of her nursing instructors mentioned its a good time to get life insurance because its cheap at a young age.  She was just asking us about it.

[Fireballer 2,383]

1 minute ago, Cloaca du jour said:

Thanks for all the info..!!!

No one is selling or trying to sell us insurance.  I think one of my daughters friends or maybe one of her nursing instructors mentioned its a good time to get life insurance because its cheap at a young age.  She was just asking us about it.

If they need it.  Best thing is just get a term policy to meet their needs and invest the premium savings elsewhere.

[tubby_mcgee 686]

11 hours ago, IGotWorms said:

What are you insuring your kids for?

What “future” would your daughter be insuring.

Look, if you’re dead you’re dead. Life insurance doesn’t change a damn thing. It’s just if you have dependents who need to be provided for in your absence.

Bingo.

And I'll add that life insurance shouldn't be to pad anyone's pockets when you die, IMO.  

[Alias Detective 1,179]

13 minutes ago, Fireballer said:

Yes. I cringe when I see those commercials for the Gerber whole life policy for toddlers.

I used to do term insurance on the side.  I wouldnt even sell whole life.  Whole life is great for the ins guy.  There are much better investments than whole life. The smart saying goes "buy term and invest the rest".

Stick to policing.  You don’t want insurance agents advising you how to police.  Right?  And as a part time term insurance slinger, you were hardly an expert.  Would you agree?

[Patriotsfatboy1 1,432]

18 minutes ago, Alias Detective said:

For a wealthy guy like you I would have assumed you would be a bit smarter.  I think you are the person who has all their retirement accounts maxed AND make to much money for a ROTH.  Right?

And I have life insurance. Both term and whole. The whole life was purchased a long time ago before I had kids, but it was purchased by my mother who worked for an insurance company. Otherwise, I would not use it as an investment vehicle.

[Fireballer 2,383]

36 minutes ago, Alias Detective said:

Stick to policing.  You don’t want insurance agents advising you how to police.  Right?  And as a part time term insurance slinger, you were hardly an expert.  Would you agree?

Lmao...prove me wrong.

[Alias Detective 1,179]

1 hour ago, Fireballer said:

Lmao...prove me wrong.

I don’t need to.  There are many reasons to own permanent insurance.  You lose.

[Alias Detective 1,179]

1 hour ago, Patriotsfatboy1 said:

And I have life insurance. Both term and whole. The whole life was purchased a long time ago before I had kids, but it was purchased by my mother who worked for an insurance company. Otherwise, I would not use it as an investment vehicle.

Maybe mom didn’t set it up right....

[Baker Boy 1,485]

14 hours ago, Cloaca du jour said:

Arent their insurance policies that are almost like investments where they accumulate value you can cash in?

Life Insurance is a terrible retirement tool. 

[Baker Boy 1,485]

3 hours ago, Fireballer said:

Yes. I cringe when I see those commercials for the Gerber whole life policy for toddlers.

I used to do term insurance on the side.  I wouldnt even sell whole life.  Whole life is great for the ins guy.  There are much better investments than whole life. The smart saying goes "buy term and invest the rest".

Term is not needed today, it has been replaced with Godundme.com.

[Patriotsfatboy1 1,432]

4 hours ago, Alias Detective said:

Maybe mom didn’t set it up right....

It pays for itself now. Has for a while. It is set up perfectly. Still not a good investment.

[Alias Detective 1,179]

51 minutes ago, Patriotsfatboy1 said:

It pays for itself now. Has for a while. It is set up perfectly. Still not a good investment.

If you are maxed out on retirement contributions and can’t contribute to a Roth, life insurance can be an exceptional investment.

Knowing you fall into the category above, you shouldn’t be so against what you have.  You can borrow the cash value to supplement your income in a tax free manner when you don’t need the life insurance.  Had you passed during those “important” years, when you did I need life insurance, well, you were covered.

 

 

 

 

[Djgb13 2,338]

Me and my wife don’t have any. I’m only 31 and she’s 26. Should I even worry about it right now? 

[Hardcore troubadour 12,652]

1 minute ago, Djgb13 said:

Me and my wife don’t have any. I’m only 31 and she’s 26. Should I even worry about it right now? 

Nope. You have no kids, no home and very little income. Your wife ought to load up though. You would need to be taken care of. Someone has to pay for those video games and superhero figurines. 

[Djgb13 2,338]

5 minutes ago, Hardcore troubadour said:

Nope. You have no kids, no home and very little income. Your wife ought to load up though. You would need to be taken care of. Someone has to pay for those video games and superhero figurines. 

I think you might be talking about yourself. My income is pretty good. HTH

[Alias Detective 1,179]

19 minutes ago, Djgb13 said:

Me and my wife don’t have any. I’m only 31 and she’s 26. Should I even worry about it right now? 

When you have debts or children that rely on you will you be healthy enough to get the life insurance?  Answer that question and I’ll tell you if you should buy it for pennies on the hundreds of dollars now.

 

Seems to be a whole lot or lucky sones of biatches who haven’t had someone die out of sequence in here.

[IGotWorms 3,315]

1 hour ago, Alias Detective said:

If you are maxed out on retirement contributions and can’t contribute to a Roth, life insurance can be an exceptional investment.

Knowing you fall into the category above, you shouldn’t be so against what you have.  You can borrow the cash value to supplement your income in a tax free manner when you don’t need the life insurance.  Had you passed during those “important” years, when you did I need life insurance, well, you were covered.

 

 

 

 

Remember how we were talking about those salesmen trying to sell you a sh1t product?

Case in point.

[Alias Detective 1,179]

1 hour ago, IGotWorms said:

Remember how we were talking about those salesmen trying to sell you a sh1t product?

Case in point.

I’m not trying to sell anyone anything.  I’m explaining what those above your pay grade are doing.

[TimmySmith 2,782]

35 minutes ago, Alias Detective said:

I’m not trying to sell anyone anything.  I’m explaining what those above your pay grade are doing.

Mom and Dad are worms life insurance.  

[IGotWorms 3,315]

9 hours ago, Alias Detective said:

I don’t need to.  There are many reasons to own permanent insurance.  You lose.

An actual answer to fireballer’s inquiry would help. But you don’t have one.

 

This article gets way down in the weeds but bottom line: it’s a sh1tty “investment” as far as investments go and entirely unnecessary since there’s term life insurance and plenty of other true investment vehicles for the surplus 

https://momanddadmoney.com/why-whole-life-insurance-is-a-bad-investment/

[Patriotsfatboy1 1,432]

3 hours ago, Alias Detective said:

If you are maxed out on retirement contributions and can’t contribute to a Roth, life insurance can be an exceptional investment.

Knowing you fall into the category above, you shouldn’t be so against what you have.  You can borrow the cash value to supplement your income in a tax free manner when you don’t need the life insurance.  Had you passed during those “important” years, when you did I need life insurance, well, you were covered.

 

 

 

 

Do you sell insurance?

[Alias Detective 1,179]

10 hours ago, Patriotsfatboy1 said:

Do you sell insurance?

Yes.  As a part of an over all financial plan I often recommend many types of insurance.  Life insurance being one of them.

[Alias Detective 1,179]

11 hours ago, IGotWorms said:

An actual answer to fireballer’s inquiry would help. But you don’t have one.

 

This article gets way down in the weeds but bottom line: it’s a sh1tty “investment” as far as investments go and entirely unnecessary since there’s term life insurance and plenty of other true investment vehicles for the surplus 

https://momanddadmoney.com/why-whole-life-insurance-is-a-bad-investment/

Mom and dad money.  Bwahahahahahah

[sderk 1,040]

I never had it. My daughter is on her own now and self supporting with success. My GF makes more than me even though I make a very good salary and she is my beneficiary to a big lump of cash. Glad I was able to escape paying for that crap insurance.