IBTG81 Posted October 25, 2006 Share Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance. Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 25, 2006 Share Posted October 25, 2006 I'm not sure you getting married requires you geting life insurance. What is your fiance doing now? If somethign happened to you, would she be okay? To me this is the big question. The purpose of life insurance is for those you left behind to be able to support themselves financially and maintain a certain quality of life in your absense. Until you start having kids (or perhaps buy a house), im not sure life insurance is that important. Now if your family would have difficult covering your final expenses, you at least need to address that with a life insurance policy now. Just my 0.02. Link to comment Share on other sites More sharing options...
bills_fan Posted October 25, 2006 Share Posted October 25, 2006 See if your company offers it as a benefit, many do. My life insurance is thru my company. Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 I'm not sure you getting married requires you geting life insurance. What is your fiance doing now? If somethign happened to you, would she be okay? To me this is the big question. The purpose of life insurance is for those you left behind to be able to support themselves financially and maintain a certain quality of life in your absense. Until you start having kids (or perhaps buy a house), im not sure life insurance is that important. Now if your family would have difficult covering your final expenses, you at least need to address that with a life insurance policy now. Just my 0.02. 817085[/snapback] She's a college Professor. We're planning on kids in a few years. You think it would be best to wait? Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 25, 2006 Share Posted October 25, 2006 I suppose I should pontificate here a bit more in case you do decide to get insurance. 1) Check out your employers offerings. These tend to be pretty good cheap policies. 2) Shop around. Call your homeowners insurance company, your auto insurance company, any compay you have a relationship with first. 3) Go for term insurance. Stay away from what is called "whole life" insurance. Don't be swayed by the "cash value" these can have. Once insurance rates start rising you could be in a world of hurt....and even if rates werent rising, its still a bad idea. 4) Consult a financial advisor. Seriously. This is much more a financial decision than most people realize. A good financial planner will point you in a much better direction than your run of the mill insurance agent/salesperson. Besides, you should have on anyway. 5) Research Research Research. Learn all you can. The more informed you are the better. Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 25, 2006 Share Posted October 25, 2006 She's a college Professor.We're planning on kids in a few years. You think it would be best to wait? 817092[/snapback] I think I would in your case...Sounds like your wife would be in okay shape (financially) if somethign happened to you. Natrually I cant know all the intricate details of your financial situation...hence why you should probably consult a financial advisor. But it begs the question, if she works for a university, chances are she gets some kind of life insurance policy. And chances are once you are married, you can be added to her policy. Something else to check out. Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 I suppose I should pontificate here a bit more in case you do decide to get insurance. 1) Check out your employers offerings. These tend to be pretty good cheap policies. 2) Shop around. Call your homeowners insurance company, your auto insurance company, any compay you have a relationship with first. 3) Go for term insurance. Stay away from what is called "whole life" insurance. Don't be swayed by the "cash value" these can have. Once insurance rates start rising you could be in a world of hurt....and even if rates werent rising, its still a bad idea. 4) Consult a financial advisor. Seriously. This is much more a financial decision than most people realize. A good financial planner will point you in a much better direction than your run of the mill insurance agent/salesperson. Besides, you should have on anyway. 5) Research Research Research. Learn all you can. The more informed you are the better. 817097[/snapback] Thanks! Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] Hmmmm, should I help him? Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 Hmmmm, should I help him? 817106[/snapback] After all this, are you really an insurance salesman? Link to comment Share on other sites More sharing options...
meazza Posted October 25, 2006 Share Posted October 25, 2006 Hmmmm, should I help him? 817106[/snapback] He's too stupid to understand your advice. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 25, 2006 Share Posted October 25, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] Look into whole life rather than term life. A term policy, you pay for it, and after the end of the term you have nothing. Whole life acts more like an asset; it annuitizes, and you can actually draw against it later in life before you die (e.g. you can borrow $100k against a $500k policy that you've fully paid up). Whole life costs more than term...but it'll only get more expensive as you get older, and as young as you are you might actually be able to afford it. I don't know ALL the details - it's been a while since I looked into it - but it's something to at least research. Or, if you want to go REALLY cheap, just pretend you have life insurance. Just like you pretend a woman's interested in you. Link to comment Share on other sites More sharing options...
VABills Posted October 25, 2006 Share Posted October 25, 2006 After all this, are you really an insurance salesman? 817108[/snapback] Actually James is a poor chef who took up life insurance because noone wanted to buy his ratatta. Seems the only call for it came from those in the bottom 25% percent of the class in one of the best high school in a certain county in the state of Indiana. of course James lives in Iowa, so the market really was bad. But dammit he makes the best damn batch in less then an hour. Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 Look into whole life rather than term life. A term policy, you pay for it, and after the end of the term you have nothing. Whole life acts more like an asset; it annuitizes, and you can actually draw against it later in life before you die (e.g. you can borrow $100k against a $500k policy that you've fully paid up). Whole life costs more than term...but it'll only get more expensive as you get older, and as young as you are you might actually be able to afford it. I don't know ALL the details - it's been a while since I looked into it - but it's something to at least research. Or, if you want to go REALLY cheap, just pretend you have life insurance. Just like you pretend a woman's interested in you. 817131[/snapback] Thanks, ass! Seriously, Jim is going to help me with everything. Thanks for your advice. Link to comment Share on other sites More sharing options...
SDS Posted October 25, 2006 Share Posted October 25, 2006 Actually, disability insurance is probably more valuable, since there is a much greater chance you will become disabled during your working years than to die (thus the HIGHER premiums. They are higher because people USE it.) Your greatest asset is your ability to work - disability guards against losing that asset. Link to comment Share on other sites More sharing options...
daquixers_is_back Posted October 25, 2006 Share Posted October 25, 2006 Great law website I use http://library.findlaw.com/1999/Dec/1/126810.html Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 Actually, disability insurance is probably more valuable, since there is a much greater chance you will become disabled during your working years than to die (thus the HIGHER premiums. They are higher because people USE it.) Your greatest asset is your ability to work - disability guards against losing that asset. 817155[/snapback] Is there a combo? Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 Great law website I use http://library.findlaw.com/1999/Dec/1/126810.html 817156[/snapback] How far are you in law school. A buddy of mine is in his first semester, and I can't believe the amount of reading that is required. Link to comment Share on other sites More sharing options...
SDS Posted October 25, 2006 Share Posted October 25, 2006 Read this: http://ricedelman.com/planning/insurance/disability.asp he is my FP... Other insurance articles: http://ricedelman.com/planning/insurance/default.asp Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 25, 2006 Share Posted October 25, 2006 Thanks, ass! Seriously, Jim is going to help me with everything. Thanks for your advice. 817148[/snapback] Honestly, look into whole life, cant hurt. The product woudlnt be out there if it wasnt right for someone...but I dont like it and would never buy it. My problem with whole life is this.... Premiums are higher for the same coverage. This is because you are basically buying a term policy, and paying to develop a "cash value". The "cash value" eventually generates enough income of its own to continue paying the premium, and thus you can stop paying and still keep insurance (hence whole life). They promote your ability to borrow against this money. WHY WOULD YOU DO THIS? You pay extra to develop a cash value, then borrow against your own money? Not sure why this is a perk. In addition, that 100k you have in "cash value", you have no control over. The insurance company invests it as they see fit. So instead of earning 10% on your 100k ($10,000/year), you wind up investing this in a safe and secure 4% government bond or somethign to cover your premiums. And lastly, (i think i mispoke earlier), in an environment with lowering interest rates, you have to be extremely careful because low interest rates mean the cash value of your account isnt earning enough to cover the premium, and you could suffer a deficit...and have to cut a check for the difference. Term life is much cleaner. Link to comment Share on other sites More sharing options...
taterhill Posted October 25, 2006 Share Posted October 25, 2006 in Jersey..30 Year 250K age 25...between 215-250 per year....you can do much better than HSBC..avoid Whole Life if you are putting money away for your self in retirement accounts etc...younger people should almost always buy a convertible term policy and invest the difference.... Link to comment Share on other sites More sharing options...
daquixers_is_back Posted October 25, 2006 Share Posted October 25, 2006 How far are you in law school. A buddy of mine is in his first semester, and I can't believe the amount of reading that is required. 817158[/snapback] Im currently still in my bachelors (Business) degree with interim classes of Law related and corresponding with law school. Unfortunately, I have to wait until I have officialy graduated with my bachelors in business to officially begin law school. That being said, we are hoping that those credits from my current intermin law classes (quite a few) will transfer. (highly improbable) Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 Is there a combo? 817157[/snapback] Yes Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 Honestly, look into whole life, cant hurt. The product woudlnt be out there if it wasnt right for someone...but I dont like it and would never buy it. My problem with whole life is this.... Premiums are higher for the same coverage. This is because you are basically buying a term policy, and paying to develop a "cash value". The "cash value" eventually generates enough income of its own to continue paying the premium, and thus you can stop paying and still keep insurance (hence whole life). They promote your ability to borrow against this money. WHY WOULD YOU DO THIS? You pay extra to develop a cash value, then borrow against your own money? Not sure why this is a perk. In addition, that 100k you have in "cash value", you have no control over. The insurance company invests it as they see fit. So instead of earning 10% on your 100k ($10,000/year), you wind up investing this in a safe and secure 4% government bond or somethign to cover your premiums. And lastly, (i think i mispoke earlier), in an environment with lowering interest rates, you have to be extremely careful because low interest rates mean the cash value of your account isnt earning enough to cover the premium, and you could suffer a deficit...and have to cut a check for the difference. Term life is much cleaner. 817169[/snapback] Borrowing from your cash value is a great way to draw income without paying taxes. Term is good, Universal (not Whole) is good. Both together in a blend is best. Link to comment Share on other sites More sharing options...
Marv's Neighbor Posted October 25, 2006 Share Posted October 25, 2006 If she's a college professor she may soon figure out that you're worth more dead than alive! Link to comment Share on other sites More sharing options...
VABills Posted October 25, 2006 Share Posted October 25, 2006 If she's a college professor she may soon figure out that you're worth more dead than alive! 817198[/snapback] Maybe she already has, hence he is now looking for Life Insurance. Link to comment Share on other sites More sharing options...
IBTG81 Posted October 25, 2006 Author Share Posted October 25, 2006 If she's a college professor she may soon figure out that you're worth more dead than alive! 817198[/snapback] I joked about that with her. I told her that if she's going to off me, do it the quickest and least painful way possible. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 I joked about that with her. I told her that if she's going to off me, do it the quickest and least painful way possible. 817205[/snapback] I hear baseball bats do a pretty good job. Link to comment Share on other sites More sharing options...
VABills Posted October 25, 2006 Share Posted October 25, 2006 I hear baseball bats do a pretty good job. 817207[/snapback] Yeah she wouldn't want to use the rope they don't usually pay for what appears to be suicide the first couple of years right? Link to comment Share on other sites More sharing options...
bills_fan Posted October 25, 2006 Share Posted October 25, 2006 But it begs the question, if she works for a university, chances are she gets some kind of life insurance policy. And chances are once you are married, you can be added to her policy. Something else to check out. Not in every instance. I can't add my wife to my policy through my employer. I took a separate policy through my job for her, but its max is only 20k. Compared to my $1 mil, it would do very little in the event something happened. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 Yeah she wouldn't want to use the rope they don't usually pay for what appears to be suicide the first couple of years right? 817209[/snapback] Correct. There however would be a challenge with murder as well. Everything is challenged in the first two years. Even cancer. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 25, 2006 Share Posted October 25, 2006 Not in every instance. I can't add my wife to my policy through my employer. I took a separate policy through my job for her, but its max is only 20k. Compared to my $1 mil, it would do very little in the event something happened. 817212[/snapback] About as much as she'd get if you lost your job due to illness that you eventually died from. Zero! Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 26, 2006 Share Posted October 26, 2006 Borrowing from your cash value is a great way to draw income without paying taxes. Term is good, Universal (not Whole) is good. Both together in a blend is best. 817193[/snapback] Yeah, its tax free....but so would be taking the cash and stuffing it in your mattress and then pulling it out 10 years later. Except in this case you pay extra per month for the privlage. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 Yeah, its tax free....but so would be taking the cash and stuffing it in your mattress and then pulling it out 10 years later. Except in this case you pay extra per month for the privlage. 817226[/snapback] How much interest does the money under your matress earn? Link to comment Share on other sites More sharing options...
erynthered Posted October 26, 2006 Share Posted October 26, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] Good post, Ed. Who says you never post anything good. Link to comment Share on other sites More sharing options...
VABills Posted October 26, 2006 Share Posted October 26, 2006 Good post, Ed. Who says you never post anything good. 817238[/snapback] Oh sure you get slapped around by you know who and now you are sucking up to Ed. Probably ask him to go on a fishing trip next. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 How much interest does the money under your matress earn? 817229[/snapback] Mine earns between -3% and -5%, depending on the current inflation rate... Link to comment Share on other sites More sharing options...
JimBob2232 Posted October 26, 2006 Share Posted October 26, 2006 How much interest does the money under your matress earn? 817229[/snapback] Point is, you pay 100/mo extra for a whole life policy. Invested at 5% in whole life policy. Borrow the money for 10% interest tax free & start making additional payments to pay back the borrow.... or.... Save $100 per month for the same coverge. Invest the money as you see fit and (presumably) earn more than 5%. Use that money to for college education for your kids or whatever... far better option IMO. But like I said, whole life policies are obviously used, so they must have a spot for someone, they just dont make alot of financial sense to me. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 Oh sure you get slapped around by you know who and now you are sucking up to Ed. Probably ask him to go on a fishing trip next. 817239[/snapback] No hiking in the Adirondack mountains. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 Point is, you pay 100/mo extra for a whole life policy. Invested at 5% in whole life policy. Borrow the money for 10% interest tax free & start making additional payments to pay back the borrow.... or.... Save $100 per month for the same coverge. Invest the money as you see fit and (presumably) earn more than 5%. Use that money to for college education for your kids or whatever... far better option IMO. But like I said, whole life policies are obviously used, so they must have a spot for someone, they just dont make alot of financial sense to me. 817248[/snapback] How about a policy with wash loan policy? Meaning they credit the interest on the loan back to your cash value. Gee this is almost as much fun as arguing cooking with a certain someone. Link to comment Share on other sites More sharing options...
VABills Posted October 26, 2006 Share Posted October 26, 2006 No hiking in the Adirondack mountains. 817249[/snapback] Reminds me of the joke, my old boss would say to new employees. Of course he wound up getting fired: Always went something like this: Boss: Do you like camping? New Employee: Sure Boss: Would you tell anyone if you went camping and woke up with a used rubber in your ass? NE: Umm.... No Boss: Wanna go camping? Link to comment Share on other sites More sharing options...
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