Life Insurance

[laterallyshaking]

Alright, folks. My wife and I are in the market for life insurance. ALFA, who has my home insurance, has been hounding me about taking out a policy with them, but I figured some of you more financially savvy folk might be able to hook me up with some valuable info.

Who do you guys use?

 

[MalO]

I used to have one but got rid of it.

1. If I'm dead, how do I make sure they pay out?
2. They're going to find any excuse possible to not pay out.
3. They would go bankrupt if they paid out $100,000 to every guy paying them $5 a month

 

[MalO]

The one I had was offered through my credit union. I think they were TruStage.

 

[Chuck 2020]

my wife and I have multiple policies each. All depends on what financial needs you are trying to replace if you die.

 

[Nayat]

I'll start off by stating I am only licensed to sell in the State of NE, but I can answer your questions and make sure you don't get hosed.

Buy enough to pay off your debt, send kids to college etc. Make sure each of you have it, even if one of you stay at home, that shit ain't cheap to replace. Child care alone can run $10k a year per kid.

Term is cheap and is like renting. Its cheap because the claim rate is ridiculously low.

Permanent is where wealthy people transfer wealth, since the proceeds are not taxed. Buy stupid large policy, it'll pay dividends, and then the money is untouched. They also will use life insurance to pay estate taxes and what not.

 

[Rebarcock.]

Alright, folks. My wife and I are in the market for life insurance. ALFA, who has my home insurance, has been hounding me about taking out a policy with them, but I figured some of you more financially savvy folk might be able to hook me up with some valuable info.

Who do you guys use?

If I don't make it past Feb 1st at 1115am what options for I have before them?.I'm being serious not kidding. I had a physical at 1pm est. I'm now at the hospital. I'm thinking about telling a hot nurse 1k for a night. Fuck it. That's why we pay for insurances

 

[Rebarcock.]

My Dr looked at me and Said
"Strike Sickle cell anemia" I laughed a good hoot.
Ekg en route

 

[champsballs]

I'll start off by stating I am only licensed to sell in the State of NE, but I can answer your questions and make sure you don't get hosed.

Buy enough to pay off your debt, send kids to college etc. Make sure each of you have it, even if one of you stay at home, that shit ain't cheap to replace. Child care alone can run $10k a year per kid.

Term is cheap and is like renting. Its cheap because the claim rate is ridiculously low.

Permanent is where wealthy people transfer wealth, since the proceeds are not taxed. Buy stupid large policy, it'll pay dividends, and then the money is untouched. They also will use life insurance to pay estate taxes and what not.

dm sent

 

[Nayat]

dm sent

I did not get any messages. Maybe you were trying to sell to the OP?

 

[ChicagoFats]

Term life ftw

 

[champsballs]

I did not get any messages. Maybe you were trying to sell to the OP?

My bad. Got busy and forgot to send it’s been a wild week.
Let me know if u got the dick pics

 

[Nayat]

My bad. Got busy and forgot to send it’s been a wild week.
Let me know if u got the dick pics

MOAR

 

[laterallyshaking]

I'll start off by stating I am only licensed to sell in the State of NE, but I can answer your questions and make sure you don't get hosed.

Buy enough to pay off your debt, send kids to college etc. Make sure each of you have it, even if one of you stay at home, that shit ain't cheap to replace. Child care alone can run $10k a year per kid.

Term is cheap and is like renting. Its cheap because the claim rate is ridiculously low.

Permanent is where wealthy people transfer wealth, since the proceeds are not taxed. Buy stupid large policy, it'll pay dividends, and then the money is untouched. They also will use life insurance to pay estate taxes and what not.

Nice, dude. Thank you.

Here is one quote I've gotten from ALFA:

LaterallyShaking:
-$250,000- 20 year level term with waiver of premium and guaranteed renewability $29.47 a month
-$500,000- 20 year level term with waiver of premium and guaranteed renewability $50.29 a month

-$250,000- 30 year level term with waiver of premium $37.28 a month
-$500,000- 30 year level term with waiver of premium $65.03 a month

Mrs. LaterallyShaking:
-$250,000- 20 year level term with waiver of premium and guaranteed renewability $24.71 a month
-$500,000- 20 year level term with waiver of premium and guaranteed renewability $41.19 a month

-$250,000- 30 year level term with waiver of premium $31.43 a month
-$500,000- 30 year level term with waiver of premium $52.89 a month

My agent's description of Guaranteed Renewability (I'm sure you know what this means @Nayat but if anybody is following along and is getting info from this as well):

-The Guaranteed Renewability Benefit provides for the renewal of the Level Premium Term policy for the same number of years as the original policy, regardless of health conditions, at the time the original term policy expires.

The premium at time of renewal for the new Level Premium Term policy will be the insured’s attained age. The new policy must be current writing plan for the Same Term Period as the old term.

 

[Nayat]

Nice, dude. Thank you.

Here is one quote I've gotten from ALFA:

LaterallyShaking:
-$250,000- 20 year level term with waiver of premium and guaranteed renewability $29.47 a month
-$500,000- 20 year level term with waiver of premium and guaranteed renewability $50.29 a month

-$250,000- 30 year level term with waiver of premium $37.28 a month
-$500,000- 30 year level term with waiver of premium $65.03 a month

Mrs. LaterallyShaking:
-$250,000- 20 year level term with waiver of premium and guaranteed renewability $24.71 a month
-$500,000- 20 year level term with waiver of premium and guaranteed renewability $41.19 a month

-$250,000- 30 year level term with waiver of premium $31.43 a month
-$500,000- 30 year level term with waiver of premium $52.89 a month

My agent's description of Guaranteed Renewability (I'm sure you know what this means @Nayat but if anybody is following along and is getting info from this as well):

-The Guaranteed Renewability Benefit provides for the renewal of the Level Premium Term policy for the same number of years as the original policy, regardless of health conditions, at the time the original term policy expires.

The premium at time of renewal for the new Level Premium Term policy will be the insured’s attained age. The new policy must be current writing plan for the Same Term Period as the old term.

Those seem reasonably priced and those are fairly common riders for term policies. You can also generally renew year to year at rising rates each year.


Side note: Purchase a 20 pay whole life for your kids when they are born, any insurance agent worth their salt can explain why. TLDR: Not everyone can afford to bury their kid, don't be forced to put a casket on a credit card. Any decent policy will offer the ability to increase coverage at certain ages guaranteed, regardless of health problems.

 

[laterallyshaking]

Those seem reasonably priced and those are fairly common riders for term policies. You can also generally renew year to year at rising rates each year.


Side note: Purchase a 20 pay whole life for your kids when they are born, any insurance agent worth their salt can explain why. TLDR: Not everyone can afford to bury their kid, don't be forced to put a casket on a credit card. Any decent policy will offer the ability to increase coverage at certain ages guaranteed, regardless of health problems.

I really appreciate the help. Thank you!