Life Insurance

Wild Turkey

Wild Turkey

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So for years, I've have gotten term insurance through a professional organization and I hadn't thought much of it because it was cheap and it came recommended by some of my peers. However the last couple of years I notice the bill has been much higher and I was too busy to really worry about it so I just paid and figured I was getting older. Well this year I decided to shop it just to see and sent the info to a broker I know and I found out a couple of things:

1. The insurance I have been using has age buckets and they go up substantially next year (like almost double) so this stuff has tiers to keep older people off and younger ones on. Pro Tip - Know what your buckets are and when they increase.

2. I found out that by buying an individual policy I can lock my rates in at 10, 15, 20, 25, 30 years, and then I don't have to worry about buckets (we are talking term). The longer the term the more expensive obviously but you are locked in.

3. A good suggestion I got was to put our debt (House note) into a separate term policy that had no waivers so it's cheaper and put the other bulk in insurance with waivers. Pro Tip - The waiver is accidental death and that will double the amount of the payout so you can get to a higher insurance level cheaper but you are betting on not dying of natural causes. This is what I have typically done to get to the 10 times your earnings that is recommended.

It was basically break even this year so I kept what I had so that we can do some more extensive planning for the following year and the pricing shouldn't change much and will be a slam dunk for me.

Life insurance is a pain in the ass and I took out the policy I had 24 years ago and only messed with it really once to increase the amount and just had it on auto-pilot but I should've put more thought and study into it. Luckily I didn't wait too long but I probably would have taken a 30-year option 5 years ago if I had been truly thinking about this and not had it on auto-pilot.

Anyway, I'm putting this out there in case someone is interested and thinks they should take a look at their own policies. Don't ask me for recommendations because I'm not even sure what I'm going to do next year at this point but I'll do the due diligence this time.
 
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Wild Turkey said:
So for years, I've have gotten term insurance through a professional organization and I hadn't thought much of it because it was cheap and it came recommended by some of my peers. However the last couple of years I notice the bill has been much higher and I was too busy to really worry about it so I just paid and figured I was getting older. Well this year I decided to shop it just to see and sent the info to a broker I know and I found out a couple of things:

1. The insurance I have been using has age buckets and they go up substantially next year (like almost double) so this stuff has tiers to keep older people off and younger ones on. Pro Tip - Know what your buckets are and when they increase.

2. I found out that by buying an individual policy I can lock my rates in at 10, 15, 20, 25, 30 years, and then I don't have to worry about buckets (we are talking term). The longer the term the more expensive obviously but you are locked in.

3. A good suggestion I got was to put our debt (House note) into a separate term policy that had no waivers so it's cheaper and put the other bulk in insurance with waivers. Pro Tip - The waiver is accidental death and that will double the amount of the payout so you can get to a higher insurance level cheaper but you are betting on not dying of natural causes. This is what I have typically done to get to the 10 times your earnings that is recommended.

It was basically break even this year so I kept what I had so that we can do some more extensive planning for the following year and the pricing shouldn't change much and will be a slam dunk for me.

Life insurance is a pain in the ass and I took out the policy I had 24 years ago and only messed with it really once to increase the amount and just had it on auto-pilot but I should've put more thought and study into it. Luckily I didn't wait too long but I probably would have taken a 30-year option 5 years ago if I had been truly thinking about this and not had it on auto-pilot.

Anyway, I'm putting this out there in case someone is interested and thinks they should take a look at their own policies. Don't ask me for recommendations because I'm not even sure what I'm going to do next year at this point but I'll do the due diligence this time.
Click to expand...
my ex sells that primerica scam stuff
 
Rock Strongo said:
my ex sells that primerica scam stuff
Click to expand...
That's why I've been avoiding dealing with this shit but I should've paid more attention and done some research.

I'm lucky because I'm in charge of all the insurance in my company and the broker I use for that also has all my personal policies (except for life) so I know I won't get screwed because that would be a massive mistake that would cost them a ton of business. I do the same thing with the banking so if I call on a personal matter I'm first in line and don't have to deal with tellers or branch managers.
 
Wild Turkey said:
So for years, I've have gotten term insurance through a professional organization and I hadn't thought much of it because it was cheap and it came recommended by some of my peers. However the last couple of years I notice the bill has been much higher and I was too busy to really worry about it so I just paid and figured I was getting older. Well this year I decided to shop it just to see and sent the info to a broker I know and I found out a couple of things:

1. The insurance I have been using has age buckets and they go up substantially next year (like almost double) so this stuff has tiers to keep older people off and younger ones on. Pro Tip - Know what your buckets are and when they increase.

2. I found out that by buying an individual policy I can lock my rates in at 10, 15, 20, 25, 30 years, and then I don't have to worry about buckets (we are talking term). The longer the term the more expensive obviously but you are locked in.

3. A good suggestion I got was to put our debt (House note) into a separate term policy that had no waivers so it's cheaper and put the other bulk in insurance with waivers. Pro Tip - The waiver is accidental death and that will double the amount of the payout so you can get to a higher insurance level cheaper but you are betting on not dying of natural causes. This is what I have typically done to get to the 10 times your earnings that is recommended.

It was basically break even this year so I kept what I had so that we can do some more extensive planning for the following year and the pricing shouldn't change much and will be a slam dunk for me.

Life insurance is a pain in the ass and I took out the policy I had 24 years ago and only messed with it really once to increase the amount and just had it on auto-pilot but I should've put more thought and study into it. Luckily I didn't wait too long but I probably would have taken a 30-year option 5 years ago if I had been truly thinking about this and not had it on auto-pilot.

Anyway, I'm putting this out there in case someone is interested and thinks they should take a look at their own policies. Don't ask me for recommendations because I'm not even sure what I'm going to do next year at this point but I'll do the due diligence this time.
Click to expand...

Ask @Win TWINS!!!. He’s an insurance guy.
 
Wild Turkey said:
That's why I've been avoiding dealing with this shit but I should've paid more attention and done some research.

I'm lucky because I'm in charge of all the insurance in my company and the broker I use for that also has all my personal policies (except for life) so I know I won't get screwed because that would be a massive mistake that would cost them a ton of business. I do the same thing with the banking so if I call on a personal matter I'm first in line and don't have to deal with tellers or branch managers.
Click to expand...
primerica is a 100% scam.

and my ex, who.,..lets say nearly put me in jail...called me and asked me "to help promote her business to my friends and fam,..."

click
 
Rock Strongo said:
primerica is a 100% scam.

and my ex, who.,..lets say nearly put me in jail...called me and asked me "to help promote her business to my friends and fam,..."

click
Click to expand...
It's a pyramid scheme as well. That's their gimmick. Enroll an agent, get them to hit up their friends and family ("natural market"), knowing that they'll burn out in 6 months. Maybe you recruit a person or 2.... but doubtful. But they'll never have to pay residuals or trails.









Term insurance is straight profit to the company. Approximately 2% ever pay out a benefit.

People need a blend of insurance, including short, long and permanent. There is no one size fits all. No one wants to go through the planning (until it's almost too late)... just like the OP.

10x your income, 7x your income.... all these approaches are wrong, and are meant to keep it simple, stupid. Work with someone and build a plan that fits around YOUR need and budget.
 
Wild Turkey said:
So for years, I've have gotten term insurance through a professional organization and I hadn't thought much of it because it was cheap and it came recommended by some of my peers. However the last couple of years I notice the bill has been much higher and I was too busy to really worry about it so I just paid and figured I was getting older. Well this year I decided to shop it just to see and sent the info to a broker I know and I found out a couple of things:

1. The insurance I have been using has age buckets and they go up substantially next year (like almost double) so this stuff has tiers to keep older people off and younger ones on. Pro Tip - Know what your buckets are and when they increase.

2. I found out that by buying an individual policy I can lock my rates in at 10, 15, 20, 25, 30 years, and then I don't have to worry about buckets (we are talking term). The longer the term the more expensive obviously but you are locked in.

3. A good suggestion I got was to put our debt (House note) into a separate term policy that had no waivers so it's cheaper and put the other bulk in insurance with waivers. Pro Tip - The waiver is accidental death and that will double the amount of the payout so you can get to a higher insurance level cheaper but you are betting on not dying of natural causes. This is what I have typically done to get to the 10 times your earnings that is recommended.

It was basically break even this year so I kept what I had so that we can do some more extensive planning for the following year and the pricing shouldn't change much and will be a slam dunk for me.

Life insurance is a pain in the ass and I took out the policy I had 24 years ago and only messed with it really once to increase the amount and just had it on auto-pilot but I should've put more thought and study into it. Luckily I didn't wait too long but I probably would have taken a 30-year option 5 years ago if I had been truly thinking about this and not had it on auto-pilot.

Anyway, I'm putting this out there in case someone is interested and thinks they should take a look at their own policies. Don't ask me for recommendations because I'm not even sure what I'm going to do next year at this point but I'll do the due diligence this time.
Click to expand...
At least you're putting some thought into it....
 
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Shouldn't it be called death insurance?
 
My plan is to remain insured through my work (life, AD&D, short and long term dis) and when I retire then I won't need it anymore. My retirement account would then cover my wife's expenses if something happened to me or it will serve as a nice bonus for my kid. Don't really see the need to have life insurance when I'm 60+ because it will be crazy expensive and the purpose is to make sure my family is taken care of.
 
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fordman84 said:
My plan is to remain insured through my work (life, AD&D, short and long term dis) and when I retire then I won't need it anymore. My retirement account would then cover my wife's expenses if something happened to me or it will serve as a nice bonus for my kid. Don't really see the need to have life insurance when I'm 60+ because it will be crazy expensive and the purpose is to make sure my family is taken care of.
Click to expand...
I agree with this on one had on the other my mortgage is 30 years since I just moved and that means I'll be 78 when it pays off. So I'm going to get something long term that will be there for that.
 
Win TWINS!!! said:
It's a pyramid scheme as well. That's their gimmick. Enroll an agent, get them to hit up their friends and family ("natural market"), knowing that they'll burn out in 6 months. Maybe you recruit a person or 2.... but doubtful. But they'll never have to pay residuals or trails.









Term insurance is straight profit to the company. Approximately 2% ever pay out a benefit.

People need a blend of insurance, including short, long and permanent. There is no one size fits all. No one wants to go through the planning (until it's almost too late)... just like the OP.

10x your income, 7x your income.... all these approaches are wrong, and are meant to keep it simple, stupid. Work with someone and build a plan that fits around YOUR need and budget.
Click to expand...

Agreed. You are insuring your life, but insurance is a way of protecting your assets from interruption of your debt service. i.e. If your house is paid off, the only insurance you need on it is standard house insurance. Insurance to cover children's education is covering assumed debt for college. Providing for one's spouse can be taken care of by long term health insurance. Life insurance to me is a waste of assets.

And always check that your coverage is doing what you need. Notice I said need, not want.

I always look at insurance as something necessary until it wasn't.
 
Wild Turkey said:
I agree with this on one had on the other my mortgage is 30 years since I just moved and that means I'll be 78 when it pays off. So I'm going to get something long term that will be there for that.
Click to expand...

My wife and I talked that over since we still have 17 years to go on our mortgage. We have both decided that the day either of us dies, the house goes on the market. The house was bought for 2, not for 1.
 
Win TWINS!!! said:
People need a blend of insurance, including short, long and permanent. There is no one size fits all. No one wants to go through the planning (until it's almost too late)... just like the OP.
Click to expand...
This is the thing I'm coming to realize most and what I want time to explore to get it right and then be done.
 
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