Can you recommend good Life Insurance?

Big Joe

Big Joe

New member
Apr 18, 2011
983
11
0
NY
My GFs dad passed away last week @ 59 Yrs old from a stroke. He left my GF with nothing and his $10K insurance policy didn't even cover the funeral.

This is a wake up call to her and I to get our shit in order. We both have very small life policys but getting married by the end of the year and starting a family soon makes it important to us to get adequate coverage.

I figure WF is a great place for advice, recommendations and suggestions because many of you are knee deep in the insurance niche. We're both 30 yrs and think a policy around $250K might be good. What can you guys recommend? Companies, policy types, things to look for, etc?

I was just going to have the Metlife guy come sit with us but I'd like to hear some other options.
 


I own a life insurance agency if you want to get in touch.
 
If either of you work for a decent company, your best rate is going to be through your employer.

A family member of mine had the same sort of realization and was able to get $500k for $240 a month.

Obviously don't sign up for any of the bullshit ones you see on tv that promise $1 mill coverage for $15 a month.

Real life insurance costs money. You will also most likely have to be seen by a doc, have blood taken, urine taken, etc.
 
I have a 725k term life for like 50 a month through northwestern mutual. It all depends on your needs and what your goals would be. mine currently are pay of the 68k on the house have a 200k for the kids. and the rest to help my wife supplement my income if i kick the bucket.
 
Look into a variable universal life policy with a term rider. Dis regard the advice about just having employer covg avg employment is like 7 years if u leave u can't take it with u which will b a problem if u get a medical condition and become rated or uninsurable. Term ins is like wetting the bed sure it's warm and cozy at first but after a while it gets cold and stinky

Now as to the VUL I mentioned earlier you will pay more but the part your over paying goes into a sub account which is invested in mutual funds. Buy as much permant as you can afford and supplement with ther term rider. The term is like car insurance the only way you collect is if you die the advantage is its cheap and locks in your insurability because you can convert it down the road to permant With your permant covg (VUL) you win no matter what live die or quit. If you die the ins is paid. If you live you can cancel and take the cash value as a loan or withdrawal at any time. It's also a great place to dump large aments of cash because it's tax deff erred where's you could take a loan and potentially never pay the tax (if death benefit is paid). And then there is the quit part if you cancel after 5 or 6 years you will prob get all the money you paid in as cash value depending on if your funding it properly and how investment side worked out. If you cancel in first 5 years prob won't get anything back. Also if you over pay its possible to be able to stop paying in and still keep the insurance. With these plans it's important to pay in more than the required minimum payment to get many of the extra benefits. Get an A+ rated company (am best rating). It could matter when you convert the term may help with the rates down the road. One last thought when looking at the projections on these make sure they use a reasonable interest rate like 7 or 8%. A lot will show you like 15% and underfund it to sell you a bigger face amnt (higher commission) and 20 years latter you get fucked and have to pay in a ton to keep the policy goin.

Inb4 tldr. Good luck any other questions let me know
 
dmnEPC said:
Look into a variable universal life policy with a term rider. Dis regard the advice about just having employer covg avg employment is like 7 years if u leave u can't take it with u which will b a problem if u get a medical condition and become rated or uninsurable. Term ins is like wetting the bed sure it's warm and cozy at first but after a while it gets cold and stinky

Now as to the VUL I mentioned earlier you will pay more but the part your over paying goes into a sub account which is invested in mutual funds. Buy as much permant as you can afford and supplement with ther term rider. The term is like car insurance the only way you collect is if you die the advantage is its cheap and locks in your insurability because you can convert it down the road to permant With your permant covg (VUL) you win no matter what live die or quit. If you die the ins is paid. If you live you can cancel and take the cash value as a loan or withdrawal at any time. It's also a great place to dump large aments of cash because it's tax deff erred where's you could take a loan and potentially never pay the tax (if death benefit is paid). And then there is the quit part if you cancel after 5 or 6 years you will prob get all the money you paid in as cash value depending on if your funding it properly and how investment side worked out. If you cancel in first 5 years prob won't get anything back. Also if you over pay its possible to be able to stop paying in and still keep the insurance. With these plans it's important to pay in more than the required minimum payment to get many of the extra benefits. Get an A+ rated company (am best rating). It could matter when you convert the term may help with the rates down the road. One last thought when looking at the projections on these make sure they use a reasonable interest rate like 7 or 8%. A lot will show you like 15% and underfund it to sell you a bigger face amnt (higher commission) and 20 years latter you get fucked and have to pay in a ton to keep the policy goin.

Inb4 tldr. Good luck any other questions let me know
Click to expand...

Thanks for this. Do you like any companies you would recommend?
 
Big Joe said:
Thanks for this. Do you like any companies you would recommend?
Click to expand...

Someone mentioned Northwestern mutual they are a top notch conservative company and I wouldn't think twice about using them. Otherwise pick a big one MetLife prudential. Ive been outta the business for a few years so not sure what's changed so you need to dig around. Just know these proposals will b way different and price doesn't mean shit the agent can make it anything. Ask what the minimum premium is and then find out what the target is and like I said have them all use the same interest rate in the projection it's a balancing act. If you do get a term rider ask a hypothetical of what the conversion would cost at say age 50. Only way to do this is have them quote a 50 year old permant and use this as part of your comparison. The numbers won't mean anything but you will have an idea of what to expect and see who fucks you harder at older age. When you get your proposals I'd b happy to look at them for you
 
Sorry for your loss OP.

I got a 20 year level term policy for $2mm of coverage for $68/mo. from Zander Insurance (Google them) and was very happy with the whole process. The policy was actually underwritten through ING Direct.

I also agree with dmnEPC that NW Mutual is a solid company (so is NY Life IMO)
 
Buy a Term with the longest term and a good cover. 250K term cover isn't much. God for at least a Mill..

Any good companies would do.
Definitely look at the AM Best Rating.. better rating is one of the indicators that they are not too reckless in their investments..

I always advise getting a Term and invest the rest in a Mutual Fund instead of buying a VUL.. Separate your Life Cover and investments unlike the reps and agents would have you believe.
 
blogspotter said:
I always advise getting a Term and invest the rest in a Mutual Fund instead of buying a VUL.. Separate your Life Cover and investments unlike the reps and agents would have you believe.
Click to expand...

Why? Always advising anything is a dangerous thing to do. There is absolutely no advantage to this advice. If you could elaborate I'll give you @ least 2 factual reasons opposed to this plan.

Edit it's funny everybody loves term covg when in there 30s and 40s and it serves a real purpose at this age (mortgage,kids) but when people get to there late 50s and 60s they sing a whole different tune. Did you know that of all the term policy's in force only 2% ever get paid out as a death benefit. The reason? People can't afford it when they need it the most (when there 10 years or less from dying) and they drop it or convert to a policy that's like 10% of what it was. It doesn't have to be this way. Untill you sit in front of someone who has made these mistakes and be the one to tell them how bad they screwed themselves I doubt anyone can understand. Or explaining to a widow that a month ago she woulda got a check for $250k but now it's only $25k or nothing because they couldn't afford to switch after there term ran out. Each and every situation is different and people's needs change. But reckless advice such as to always do something by a the guy who doesn't have to take out the check is foolish IMHO
 
Last edited:
1) Pure term insurance policies cannot be converted to another policy as they don't build cash.
2) Where did you get the 2% figure from? If 2% of all term policies in force ever got paid out as a DB, all Insurers will go out of business?

Insurance companies should be banned from selling anything but Term, they have no business playing wealth manager.. But it is profitable, so they first scare you about death, and then sell you a useless variable policy, whose value can deplete sooner than you can say lolwutt...

If you want investment, go to a professional wealth manager or financial planner.
If you want to buy insurance, get a Term Insurance, because that is what insurance should be all about. To protect your dependents from your untimely demise.

By doing so you get best protection and the best investment advice. This is not a reckless advice. I deal in Mutual funds as well as Insurance. And Insurance pays a much better commission. But I still advice against taking VUL even though it is the best option from a Seller's point of view. I am reckless, from a business point of view, not from a buyer. I was giving a friendly advice.

PPS: I don't like internet arguments, so don't be surprised if I don't reply.
 
Last edited:
blogspotter said:
1) Pure term insurance policies cannot be converted to another policy as they don't build cash.
Click to expand...
any good term policy will have a clause allowing it to be converted to a permant plan a an undisclosed time in the future. Typically when the specific term ends ie.. If a 20 year term meaning rates are fixed for 20 years and then go up on an annual rate for remaining time policy is in force. If your unable to convert, the policy is shit and will likely be dropped long before death due to affordability in latter years. And it has nothing to do with cash value not sure why you bring that up its irrelevant to your point.
2) Where did you get the 2% figure from? If 2% of all term policies in force ever got paid out as a DB, all Insurers will go out of business?
Click to expand...
. This is an industry statistic. A quick google search will show you this. How do they go out of business? It means they kept all the money for 98% of the people that paid in. Do understand that the 2% figure is fundemently flawed because there are a large number of people that convert to permanent covg (if your company doesn't offer this your doin a real disservice to your client
Insurance companies should be banned from selling anything but Term, they have no business playing wealth manager.. But it is profitable, so they first scare you about death, and then sell you a useless variable policy, whose value can deplete sooner than you can say lolwutt...
Click to expand...
spoken like a true investment guy. They scare people about death because it's the one thing people have in common they all do it hurrr durrr. As to the vul depleting see original post with pitfalls

If you want investment, go to a professional wealth manager or financial planner.
If you want to buy insurance, get a Term Insurance, because that is what insurance should be all about. To protect your dependents from your untimely demise.
Click to expand...
. Again this is flawed thinking, what is a term policy? Temporary insurance. But death is a 100% certainty every time. The term policy simply is not going to be in force,long after you got your commission for rolling their 401k over and sold them their shitty no guarantee term plan.
By doing so you get best protection and the best investment advice. This is not a reckless advice. I deal in Mutual funds as well as Insurance. And Insurance pays a much better commission. But I still advice against taking VUL even though it is the best option from a Seller's point of view. I am reckless, from a business point of view, not from a buyer. I was giving a friendly advice.
Click to expand...
how long have you been doin this? My guess is under 3 years. Have you delivered a death claim yet? My guess is you haven't had to deal wit to many of these term policies for people in there latter years so I can understand your perspective. Just a friendly piece of advice these companies brain washed you into thinking this way it happened to me to but experiance and time will show you the real truth just keep an open mind is all I ask.
PPS: I don't like internet arguments, so don't be surprised if I don't reply.
Click to expand...
You don't need to this isn't really an argument more of a tutorial and the OP can make up his own mind and do what works for his family
 
take a term plan rather than taking any insurance cum investment shit. Not sure about US but here in India fucking fat ass robber companies looting entire India with such lucrative insurance cum investment plans.
 
yeah whole life policies end up being a scam, especially later in life. as you get older or have health issues, of course up go your premiums.
 
You must log in or register to reply here.
Top Bottom
Back