stolen fishing gear

I'll agree w/ you there.
 
I'll show some love for insurance. Every time I've had to use it my insurer was friendly, compassionate, understanding, quick, and thorough.
 
I look as insurance as betting.
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Bad, bad, bad agent! LOL. In betting you are not receiving anything in exchange for the bet other than a potential payoff if an event occurs or does not occur, which ever side you took. Insurance provides security, peace of mind, funds the mortgage markets (why they got pounded in last few years), etc.

"Do I need life insurance at my age?"
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As you know the need for life insurance has nothing to do with age. It's obviously ones life situation. Kids, wife, business ownership, etc drive needs for life insurance. For example, Sight, I don't think you need any life insurance. Why would you? You drown in the Delaware (you know since we don't believe in life jackets) your successor liquidates savings, retirement accounts, sells house, etc which pays to put you in the ground. Kramer doesn't really need that much more to live on because he is going to find another owner. I know you don't want to face it but it is true. LOL.

Here is a post I made the other day in another forum regarding life insurance:

Equity Indexed UL, Annuities, etc are all pure garbage. Period. They are not regulated by the securities industry, you have ZERO idea what the vig is on the policy. Though I am not an active selling agent, I happen to hold a life and health license. I am solicited via mail weekly, from companies wanting me to sell equity indexed products for them at 100-200% commission. Wonder how they do that? Wonder how they offer these bonuses? We are all smart enough here to know that money doesn't just appear from nowhere, just as we know that few can beat the market average over time, particularly insurance companies who are required to invest in the most conservative of investments.

If you are 29 and in good health, non-smoking you should be looking at less than $600 per year for $1,000,000 for 25 year level term. 39 should be looking at around $900 per year for $1 million. I like 20 or 25 year term for those in the above age brackets. Obviously your needs are determined by getting kids through school and building up a nest egg in case you go croak. Be realistic in how much you need. Yes, life insurance is relatively cheap, however it is not a lottery. Regardless of how much that wife says she loves you and how you are her only love, within 1 year of your death she is banging and shortly thereafter remarried. Your income is replaced by new man. If you make $75,000 a year, have a $250,000 mortgage and two kids, why give her a million bucks? Remember in the aforementioned case, house is paid off, funeral is paid off, college funds established all with around $500,000. Then she has $4-5000 month in spouse/children survivor benefits from social security until kids are 18.

Go to www.quickquote.com for comparison of many larger, financially stable companies. Instant quotes that are usually dead on if you answer the few preliminary questions correctly and honestly. If you live in a state in which SBLI does business I highly recommend them. They are AM Best A+ rated, conservative mutual insurance company. They are at sbli.com. Do not go to your local agent. They are interested in selling those items which produce the highest commission. You will never find the lowest priced, most secure life policies through a life agent nor your local State Farm, Allstate, Nationwide, etc. If someone tries to sell you any form of permanent life insurance run.
 
I'll disagree with you. If a universal life policy is correctly set up and funded, it's a good product. Paying the min premium will result in bankrupt policy.
 
1% of the population could use a fixed life insurance product for tax purposes. Otherwise 99% of all Americans are better off term and invest the difference. You are right, if you fund the bejebus out of a UL policy it will stay afloat. But why? Why accept a 4% return on the "investment" portion that is subject to 10-15% policy admin, operating expense, etc? I am sure you get solicitations ever single week at home in your mailbox from companies wanting you to sell their equity indexed annuities and life products (which are the worst products in the world) for a nifty 100% first year commission. Where do you think that money comes from? Horrible investment for 99% of Americans and grossly oversold to middle and low income America.
 
35 yr old buys 20 yr term for $800 per year. After 20 yrs, no cash value. If they want to renew the policy (if available) the premium for a 10 yr term might be $2000-6000 per year depending on any health issues that may have been encountered.

Same story w/ a UL and it can be overfunded. It would be paid off by age 55 and no further premiums would be required. Coverage would go to age 90-100 depending on carrier. It has cash value and death benefit. Once you've reached the max funds you can pay in, the level of insurance increase as does the interest/dividends. You can remove money from it or take a loan against the cash value. Is it better than putting the funds into a 401, Roth, bonds, pickle jar? I guess it depends on each individual situation.

Example I did for my dad.... $2500 single prem UL (modified endowment) for my nephew when he was born. I gave him $55k of paid up life insurance right away. Interest, dividends over the next 30 yrs took the benefit to $350k life insurance and 90k in cash value. By age 70, it was nearly 1 mil in insurance and 425k in cash value.

There was some product that if you put 2k in per year for the childs first 7 yrs of his/her life, at age 65 it was over 1 mil in a 401 type of product.

Anyone care to help me fend off this blowhard?
 
35 year old gets $2,000,000 20 year level term for $800 per year. Please advise the premium on said permanent policy. Adequately funded, I would say $25,000. So you are suggesting the UL is worth more in 20 years than $24,000 invested over 20 years? You realize you are suggesting that this 35 year old "invest" $25,000 per year in a policy whose rate of return is based upon a deviated interest rate, i.e. they will be getting 4-5% interest per year subject to the heavy policy administration and expense fees, resulting is a 3% return?

I don't know who sold you the cool aid on this stuff, actually I do, the companies that you sell for obviously.

ryguyfi, you are a financial adviser.
 
In you opinion which of your examples are better policies? The one you did for your Dad or the other one you mentioned?
 
Term life insurance can be a great investment if you die quickly.
 
Wait how does all this work? I got a buddy rides street bikes I dont see him making it past 25 he's 22 now if buy a life insurance policy for him can I get rich off him killing himself?
 
Clearly profitable investment Alpa. You got to get past some of the underwriting questions, such as racing, test pilot, etc. But if it is just a street bike you are good as long as he does not have major violations on his record. You want to be the owner of the policy, which is tricky, as owners normally need an insurable interest in the insured. Some policies have ownership assign ability once in force, so get him to get the policy, then assign ownership to you. Of course if you believe him to be trust worthy he can own the policy and have you listed as beneficiary. All in all probably a bad investment given young stupid peoples resilience.
 
the problem with alot of insurance policys is that the interest on the premiums paid in during the policy period do not amount to enough to pay the policy after it is paid up so the policy actually decreases in value , most agents cant see the future , interests rates went in the tank and alot of people have under funded life ins. policys ..
 
troutslammer, you are explaining a common problem in Universal Life. Permanent policies such as whole life do not have these problems as interest rates, mortality rates, etc are very conservative. Premiums are not flexible or adjustable like the UL policy. Many UL policies were sold in the 80's with assumed interest rates in excess of 10%, thus making it on the most litigated policy forms ever due to sales practices and exaggerated illustrations.
 
thank god i got out of the insurance business.....way to much work and not enough money....or it could of been who i worked for!
 
Hmmmm. Lancaster huh? Didn't happen to work for a insurance company in Lancaster did you?
 
My wife and I argue about this all the time WHEN I choose to kill myself will that void my life insurance policy?


Should I make it look like an accident? If so what kind of accident are the investigators least likely to deem suicide?


Please help I don't want my wife to assist me as I want her to profit handsomely from this and find a new schmuck to bang!


Maybe I should post this on Yahoo Answers.
 
My wife and I argue about this all the time WHEN I choose to kill myself will that void my life insurance policy? Should I make it look like an accident? If so what kind of accident are the investigators least likely to deem suicide? Please help I don't want my wife to assist me as I want her to profit handsomely from this and find a new schmuck to bang! Maybe I should post this on Yahoo Answers.
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The MAXIMUM suicide clause in a life policy is two years. If you want to cut that in half, Northwestern Mutual Life only has a one year suicide clause. Now THAT is a major selling point of a policy in my opinion!

I know a NWML agent in western PA who sold a large $3 million policy to an airline pilot, who promptly shot himself on the 388th day of the policy. That is a damn decent person right there.
 
jdaddy wrote:
My wife and I argue about this all the time WHEN I choose to kill myself will that void my life insurance policy? Should I make it look like an accident? If so what kind of accident are the investigators least likely to deem suicide? Please help I don't want my wife to assist me as I want her to profit handsomely from this and find a new schmuck to bang! Maybe I should post this on Yahoo Answers.
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The MAXIMUM suicide clause in a life policy is two years. If you want to cut that in half, Northwestern Mutual Life only has a one year suicide clause. Now THAT is a major selling point of a policy in my opinion!

I know a NWML agent in western PA who sold a large $3 million policy to an airline pilot, who promptly shot himself on the 388th day of the policy. That is a damn decent person right there.
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Not in that big of a hurry but I will let you know if things change abruptly.
 
Hey, I can't help you out with the insurance part as I don't actively sell insurance, however I can help you with the final exit. Studied it quite a bit in a sociology/philosophy class in college, "Death and Dying".
 
no i work for a company in the harrisburg area...was there a couple of years but my book was in york city...i hated everyday of it but it was tough finding another job that paid better...i still have my lic.
 
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