Is there anybody who understands life insurance???

big in vegas

big in vegas

MuscleChemistry Registered Member
I've got some life insurance, but couldn't tell you anything about it. The agent that came to my house was hot and could've talked me into anything and now I'm not sure what I've gotten myself into. I remember her saying something about comprehensive, whole term or something like that, but I'm still trying to figure out what I've committed to
 
Term life is a Waste IMO.

I would invest in Whole life. The money invested in whole life can be borrowed against in the future if you need it.

There is a financial system called Be Your Own Banker and the way to get ahead is to invest in whole life and when you need to make a major purchase you barrow the money from yourself and pay yourself back plus interest instead of a bank. Very interesting concept. I once asked a VERY rich person on how he got rich. His answer was never to pay interest to a bank. There is a video of this guy explaining the system using whole life insurance if I can find it.
 
big n wv said:
I've got some life insurance, but couldn't tell you anything about it. The agent that came to my house was hot and could've talked me into anything and now I'm not sure what I've gotten myself into. I remember her saying something about comprehensive, whole term or something like that, but I'm still trying to figure out what I've committed to
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I was a life insurance broker for a few years. First, what company did this hot life insurance agent work for, I may want to buy some life insurance again..just joking. Really, what company did she work for and can you look at the paperwork and tell us exactly what it says for the type of product (we're looking to see if you have Whole life, Universal Life, or some type of Term policy and what the term length is..) If you can get that off your application paperwork she left, I can google it to find out exactly what you have and see what some of the features are of the policy are. Will you have to take a medical exam, cotton swab of the mouth, or nothing?? Did she mention if they will be ordering your medical records?? Most importantly, why did you buy it (besides she was hot..haha) because theres usually some sort of emotional hot button that makes someone buy life insurance. The common emotional hot buttons are you just got married; have kids; girlfriend/wife (or both) are pregnant; near death experience for you or a loved; did someone you know just pass away without insurance..(I'm sure get where this is going)??

CH3NO2 said:
Term life is a Waste IMO. I would invest in Whole life. The money invested in whole life can be borrowed against in the future if you need it. Be Your Own Banker There is a video of this guy explaining the system using whole life insurance if I can find it.
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Term is very beneficial if used the right way. It's coverage for things in your life that are only temporary, but necessary..like a mortgage. If you have a homemaker mom and kids at home, still owe $400k on your house with 29yrs left on your mortgage..term is great, cuz it's cheap. Sure negatives are you get nothing back, when the term is up..it ends. The whole goal with life insurance is that it's suppose to be a vehicle that's used to get you to your golden years, where in a perfect world we all saved our money and will live on that. Our life insurance protection at that point because your nest egg which consists of pension, savings, stocks or investments, interest, and of course equity (because your home should be paid off by then). Life insurance is only to protect you while your building your nest egg.
What you sounds about right with Whole, but I was no expert on whole because people just don't want to buy it. It usually cost too much. I would love to see the link to that video. sounds like an interesting watch for an insurance geek like myself. :thumbsup:
 
Check out wjat Dave Ramsey has to say about whole and term insurance. He is very successful and gets down to the grit with what is best. Like Rama said, life insurance is only supposed to be needed until that nest egg is built to insure yourself. And everything being paid off of course. Dave has some great insight on this and how to achieve the wealthy life style you might be looking for If your willing to sacrifce or give up a few things Iin order to pay off and build wealth quick.
 
fstr03svtcobra said:
If you have no dependents, you do not need life insurance. That's about the only thing that hasn't been covered.
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Even if you only have a wife or significant other, or if you're just single, life insurance is still a good idea because the costs for things such as funerals, unpaid bills, etc., will fall to a spouse oftentimes or other family members (I'm sure this depends on state law). I have life insurance if just to protect my wife if something happens to me, and vice versa so does she.
 
BigZ said:
Even if you only have a wife or significant other, or if you're just single, life insurance is still a good idea because the costs for things such as funerals, unpaid bills, etc., will fall to a spouse oftentimes or other family members (I'm sure this depends on state law). I have life insurance if just to protect my wife if something happens to me, and vice versa so does she.
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Agreed 100% plus 10 more for good measure!!!! :D
Only exception being if your single and you have enough money to cover your final expenses and to cover the cost of a friend or family taking time off to handle estate, burial, and property issues. Remember, death at is core.., is a massive inconvenience to those who care about you.
 
BigZ said:
Even if you only have a wife or significant other, or if you're just single, life insurance is still a good idea because the costs for things such as funerals, unpaid bills, etc., will fall to a spouse oftentimes or other family members (I'm sure this depends on state law). I have life insurance if just to protect my wife if something happens to me, and vice versa so does she.
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Wife or significant other is a dependent. I mean like if you have no family, relationships at all.
 
dorian123 said:
just wondering how much you guys think a person should have in life insurance?
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Sorry in delay getting back to you bro. The main thing to keep in mind, is you want to make the transition of losing your income (for your wife and/or ur kids if u have any), as painless as possible. So, think how much of your income do ur loved ones absolutely depend on to pay the bills every year. In a perfect world, you'd multiply that necessary amount of that annual income by 10x. This is your minimum amount of insurance you need (some only do 5x this income due to cost if you have health issues). This won't make them rich. It's just enough to keep them afloat and paying the bills until . Now, if you wanna take care of everything, you factor in if you want a mortgage paid off (and how many years left on mortgage), car note paid off (and how many years left to payoff), and money for college tuition for your kids etc (which you don't have to worry about past age 24 of each kid). You don't have to lump all these needs into 1 policy. You can get a term policy that ends in 10, 15, 20, 25, & 30 years. The shorter the term (ie 10yr vs 30yr), the lower the payment. Most importantly, how much coverage you carry, depends on what you can afford. You don't wanna be life insurance rich!!!
 
BigZ said:
Even if you only have a wife or significant other, or if you're just single, life insurance is still a good idea because the costs for things such as funerals, unpaid bills, etc., will fall to a spouse oftentimes or other family members (I'm sure this depends on state law). I have life insurance if just to protect my wife if something happens to me, and vice versa so does she.
Click to expand...

I agree life insurance is a good thing. There isn't one good thing that comes out of a funeral. And after losing a loved one. They hit you with a 15,000 -20,000 dollar bill.
 
Yup..and quality of life for those who depend on your income to pay bills and put food on the table, usually takes a huge hit if you don't have life insurance to cushion the fall.
 
Rama1214 said:
I was a life insurance broker for a few years. First, what company did this hot life insurance agent work for, I may want to buy some life insurance again..just joking. Really, what company did she work for and can you look at the paperwork and tell us exactly what it says for the type of product (we're looking to see if you have Whole life, Universal Life, or some type of Term policy and what the term length is..) If you can get that off your application paperwork she left, I can google it to find out exactly what you have and see what some of the features are of the policy are. Will you have to take a medical exam, cotton swab of the mouth, or nothing?? Did she mention if they will be ordering your medical records?? Most importantly, why did you buy it (besides she was hot..haha) because theres usually some sort of emotional hot button that makes someone buy life insurance. The common emotional hot buttons are you just got married; have kids; girlfriend/wife (or both) are pregnant; near death experience for you or a loved; did someone you know just pass away without insurance..(I'm sure get where this is going)??



Term is very beneficial if used the right way. It's coverage for things in your life that are only temporary, but necessary..like a mortgage. If you have a homemaker mom and kids at home, still owe $400k on your house with 29yrs left on your mortgage..term is great, cuz it's cheap. Sure negatives are you get nothing back, when the term is up..it ends. The whole goal with life insurance is that it's suppose to be a vehicle that's used to get you to your golden years, where in a perfect world we all saved our money and will live on that. Our life insurance protection at that point because your nest egg which consists of pension, savings, stocks or investments, interest, and of course equity (because your home should be paid off by then). Life insurance is only to protect you while your building your nest egg.
What you sounds about right with Whole, but I was no expert on whole because people just don't want to buy it. It usually cost too much. I would love to see the link to that video. sounds like an interesting watch for an insurance geek like myself. :thumbsup:
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Sorry for the delay bro, but I'll get all the info for you tomorrow when I can find my policy. I know she worked for American Income Life because they deal with union employees and that's actually how I met this woman. I'm in the Teamsters Union at work and they came to work and got in touch with a bunch of us to set up some meetings to talk to us and I fell for this woman's good looks lol.

I'm pretty sure I got whole life on myself and term life on my girlfriend, but I'll have to double check for sure.
 
big n wv said:
Sorry for the delay bro, but I'll get all the info for you tomorrow when I can find my policy. I know she worked for American Income Life because they deal with union employees and that's actually how I met this woman. I'm in the Teamsters Union at work and they came to work and got in touch with a bunch of us to set up some meetings to talk to us and I fell for this woman's good looks lol.

I'm pretty sure I got whole life on myself and term life on my girlfriend, but I'll have to double check for sure.
Click to expand...

In your situation I would do whatever Whole Life fits into your budget. When and if you marry your girl and develop an innate need to care for her after you pass, look into upping it. Term is useful in few situations maybe as an add on. Her happiness is my number 1 mission in life. I don't have Whole Life at the moment as I have other things working. Our lives are about to change dramatically which will force me to change my Policies. Right now should I pass Silk would receive roughly 1.7 million in a lump sum.
 
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The Dude said:
In your situation I would do whatever Whole Life fits into your budget. When and if you marry your girl and develop an innate need to care for her after you pass, look into upping it. Term is useful in few situations maybe as an add on. I both on me for Silk. Her happiness is my number 1 mission in life. I don't have Whole Life at the moment as I have other things working. Our lives are about to change dramatically which will force me to change my Policies. Right now should I pass Silk would receive roughly 1.7 million in a lump sum.
Click to expand...

I'm sad to say The Dude is no longer with us. I'll be mourning his loss on the white sandy beaches in Bora Bora.

RIP The Dude

Hehe : )
 
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