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  1. #21
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    He may try to sell you some Yeezy's though! Also Tyven, send me anything you'd like for info regarding product, sales, etc. I appreciate it and will go over all of it.`

  2. #22
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    I have some through work. iirc, they basically keep paying my wages for 2 years after I croak, with the option to tack onto that, which I did (I added I think 100k on top, which barely made a dent in my paycheck) it's one of those things that I only really remember how it works when I brush up on it to make changes. I haven't done that in a while so I don't really remember all the details. anyway, I know my parents have some on themselves, plus some on me, since for a long time they were supporting me.

    honestly, as you say, the single biggest reason I see people NOT take advantage of benefits like this when it is available is actually just two sides of the same coin: Living paycheck to paycheck and not fully understanding how it works.

    I tacked that extra stuff on because I know that if I croak, it's likely to be in the middle of the Mayo Clinic after some horrifically expensive surgery went wrong, making it even MORE expensive. That's gonna come home to roost with a vengeance, since I may or may not have insurance coverage by the time my health gets to that point. Plus, people depend on my income now. Not to live, but if my income up and vanished, my GF could not afford to rent this place from my parents by herself, and they can't afford to own it without the minimal amount of rent we're paying. So right off the bat, I croak, my GF needs a new place to live and my parents are selling this house. Honestly, once I'm more stable and hopefully moving up a bit in pay, I'll probably take advantage of open enrollment to tack on even more. I'm not really at much higher risk of death than anyone else with a similar lifestyle, but the manner of my death is so much more likely to be a drawn out medical crisis that it's that much more worth it for me.

    Still, not sure what I can do as far as leveraging it into other assets. I'll have to pull it up and read about the exact type of plan it is but you guys make it sound like you can borrow against your own policy. Could I somehow leverage a life insurance policy into a down payment on a house?


    edit: also, as far as selling goes, be very, very careful how you phrase things. my mom used to be an agent, and was sitting in when the last salesman was here to reup her policy on me. he used the phrase "it's like we're paying you to have it" and she did not appreciate it. I knew what he was getting at and knew the distinction between what he was saying and the actual case, but I am much more placid than my mother. He could very easily have lost a customer right there.

  3. #23
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    Home from work so I'd like to reply to some other posts in this thread.

    Quote Originally Posted by Nesssie View Post
    1: Yes


    3: How much do you have? How did you come to that figure? (If not wanting specifics, just say something like a lot or what we need and like, mortgage, college, etc). What type of policy(s) do you have? My work offers a life insurance policy that I don't have to pay for and it equals my annual income. They also offer a supplemental life insurance which I pay for. My husband and I each have a $200K supplemental life insurance which cost about $260 total every year. We have about $100K left on our mortgage so if either one of us dies, it can be paid off and have some left over for other expenses. I also have an option to increase the policy every year which I have been doing ($30K increments).

    4: Have it through work. Do you know what type of policy you have? No? Why? What happens if work drops the benefit, goes out of business, etc? I have it through my work and it is handled through Hartford Life Insurance. The policy is only good if I'm still working for the company but I have an option to keep the insurance if I quit.
    Your plan sounds pretty solid. I've worked with Hartford before and they at least seem to be a stand up company. My only comment would be to have a whole life so after the term (or employee provided ends, depending on options available) something is available. Or, finding an agent that has a return of premium policy so when you retire there is money regardless if someone passes or you and your partner are heading towards your twilight years.

    Quote Originally Posted by Boyiee View Post
    Wife and I both have return of premium term life's, and we have very above average life insurance though work since we're in higher risk fields.

    Would like a longer term as well that takes us into older age because if we wait till we're older it'll be higher cost. We're in our 20s, homeowners, healthy as fuck so we are at the highest tier with lowest cost, it would be silly not to have it. Shits gonna cash out nice at the end too.

    My parents had whole on all of us kids, I'll have it on mine. It's more important to have at least some form of insurance regardless of income and flex or cut back elsewhere. It can be quite inexpensive.

    Guess I'll mention we have it through state farm. Our agent is a great salesman and extremely intelligent. Having a conversation with him is like talking to myself because he is so prepared for what I'm going to ask and it catches me off guard because I come up with some tough questions and really drill him.
    Sounds like you and your parents had done their done their due diligence regarding the topic. Since you are a State Farm client, I highly suggest inquiring about the Return of Premium policy. I think it's an incredible option since it helps if someone does pass, or, it gives a fat retirement check.

  4. #24
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    Quote Originally Posted by Kalmado View Post
    Home from work so I'd like to reply to some other posts in this thread.

    Your plan sounds pretty solid. I've worked with Hartford before and they at least seem to be a stand up company. My only comment would be to have a whole life so after the term (or employee provided ends, depending on options available) something is available. Or, finding an agent that has a return of premium policy so when you retire there is money regardless if someone passes or you and your partner are heading towards your twilight years.



    Sounds like you and your parents had done their done their due diligence regarding the topic. Since you are a State Farm client, I highly suggest inquiring about the Return of Premium policy. I think it's an incredible option since it helps if someone does pass, or, it gives a fat retirement check.
    We got it, it's great. Was debating more $$$ or a second policy for longer.

  5. #25
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    Quote Originally Posted by BaneTheBrawler View Post
    I have some through work. iirc, they basically keep paying my wages for 2 years after I croak, with the option to tack onto that, which I did (I added I think 100k on top, which barely made a dent in my paycheck) it's one of those things that I only really remember how it works when I brush up on it to make changes. I haven't done that in a while so I don't really remember all the details. anyway, I know my parents have some on themselves, plus some on me, since for a long time they were supporting me.

    honestly, as you say, the single biggest reason I see people NOT take advantage of benefits like this when it is available is actually just two sides of the same coin: Living paycheck to paycheck and not fully understanding how it works.

    I tacked that extra stuff on because I know that if I croak, it's likely to be in the middle of the Mayo Clinic after some horrifically expensive surgery went wrong, making it even MORE expensive. That's gonna come home to roost with a vengeance, since I may or may not have insurance coverage by the time my health gets to that point. Plus, people depend on my income now. Not to live, but if my income up and vanished, my GF could not afford to rent this place from my parents by herself, and they can't afford to own it without the minimal amount of rent we're paying. So right off the bat, I croak, my GF needs a new place to live and my parents are selling this house. Honestly, once I'm more stable and hopefully moving up a bit in pay, I'll probably take advantage of open enrollment to tack on even more. I'm not really at much higher risk of death than anyone else with a similar lifestyle, but the manner of my death is so much more likely to be a drawn out medical crisis that it's that much more worth it for me.

    Still, not sure what I can do as far as leveraging it into other assets. I'll have to pull it up and read about the exact type of plan it is but you guys make it sound like you can borrow against your own policy. Could I somehow leverage a life insurance policy into a down payment on a house?


    edit: also, as far as selling goes, be very, very careful how you phrase things. my mom used to be an agent, and was sitting in when the last salesman was here to reup her policy on me. he used the phrase "it's like we're paying you to have it" and she did not appreciate it. I knew what he was getting at and knew the distinction between what he was saying and the actual case, but I am much more placid than my mother. He could very easily have lost a customer right there.
    Life insurance through work is basically if a catastrophe happens, the beneficiary is getting a decent check. I say this because so many work places that have benefits deal with their HR rep, or someone else, who has no business talking about such things. If you want something strong for your family and beneficiaries, I'd highly suggest an individual agent who specializes in such manners. That doesn't mean "life insurance only". I say that because many good agents also deal with auto and home. Like I said about Ksan, talk with people you trust and who they deal with. Or, do a tour and just be up front with them that your gathering information so they don't spam you with calls and emails.

  6. #26
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    Quote Originally Posted by Boyiee View Post
    We got it, it's great. Was debating more $$$ or a second policy for longer.
    When examining a client, it always depends on age. This is important because certain terms are not available after a certain age. If in the mid to late 20s, whole life 20 pay. Expense isn't horrible and is guaranteed. Plus, it grows cash value.

  7. #27

    Life insurance is paying money for a service I will never collect. I don't have a spouse or progeny who could stand to gain from it, so for me it's basically throwing money away for no goddamn reason. I'd be interested to know how they plan to sell life insurance to someone like me.

  8. #28
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    Quote Originally Posted by Kalmado View Post
    Life insurance through work is basically if a catastrophe happens, the beneficiary is getting a decent check. I say this because so many work places that have benefits deal with their HR rep, or someone else, who has no business talking about such things. If you want something strong for your family and beneficiaries, I'd highly suggest an individual agent who specializes in such manners. That doesn't mean "life insurance only". I say that because many good agents also deal with auto and home. Like I said about Ksan, talk with people you trust and who they deal with. Or, do a tour and just be up front with them that your gathering information so they don't spam you with calls and emails.
    honestly at this point i'm probably not to a stage where I want to actually move on anything yet anyway. still building up my emergency fund. only have $1700.10 (yay 10 cents of interest!) in it so far, but given that I've only been saving (or employed) since mid-December I think i'm doing pretty well. still, I want to be at at least $12,000 in savings before I start opening up less liquid forms of saving, and $20,000 before I'd really start considering it a completed emergency fund.

  9. #29
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    Quote Originally Posted by GoggleHead View Post
    Life insurance is paying money for a service I will never collect. I don't have a spouse or progeny who could stand to gain from it, so for me it's basically throwing money away for no goddamn reason. I'd be interested to know how they plan to sell life insurance to someone like me.
    They don't. No reason without a beneficiary

  10. #30
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    Quote Originally Posted by BaneTheBrawler View Post
    Still, not sure what I can do as far as leveraging it into other assets. I'll have to pull it up and read about the exact type of plan it is but you guys make it sound like you can borrow against your own policy. Could I somehow leverage a life insurance policy into a down payment on a house?
    You don't borrow against LI. You can borrow FROM the cash value of a permanent life insurance policy. This is the investment made by the life insurance company from your monthly premium, which builds up over time. Not generally a good vehicle for a down payment unless its been building up for a decade or two or three in which case you would probably cash it out, not borrow from.

  11. #31

    1. Yes, offered through work
    2. See above, but prior to work offering it I never thought about it
    3. 200k, company offers 2x salary
    4. Life/AD&D, don't know details, so not sure what happens if they drop it. Doubt we'll go out of business but who knows?

  12. #32
    You wouldn't know that though because you've demonstrably never picked up a book nor educated yourself on the matter. Let me guess, overweight housewife?
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    I don't mind talking to someone but I am highly skeptical about it. You guys judge, but seeing my mom loose everything was just god awful. She'll never get her money back. And for what?

    And yes he got his plan probably late 80s/early 90s. The price went up each time after his two heart attacks. It was like car insurance. These companies have to get their money somewhere. I do put into a retirement fund, and put money into lending club, so it's not like I'm not saving. I just don't trust them. But yes if you want me to talk to them I can. My school offers Aflac policies, but I didn't trust those either.

  13. #33
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    Aflac is supplemental even though (I think) they still offer life. It sucks what happened to your parents. It really sounds like a predatory agent took advantage. As I mentioned before, life insurance does not go up during the term (this is for term life insurance or whole life). Universal life can have the monthly cost fluctuate, but that's when taking money from the cash value (I'm not a fan of universal as it's a somewhat strange beast).

    I was skeptical to go back into the insurance industry because I've worked for some very bad people. I know most hate insurance people because they feel like it's a scam or insurance agents are trying to take advantage of them. I don't blame people for thinking that way because it happens. I do believe there are many agents trying to help people with insurance since it's somewhat confusing at times, can be annoying to deal with, and people feel like they are throwing their money away. This is exactly why I wanted to start this topic so I could hear what people think and what would help them see the value.

  14. #34
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    Quote Originally Posted by GoggleHead View Post
    Life insurance is paying money for a service I will never collect. I don't have a spouse or progeny who could stand to gain from it, so for me it's basically throwing money away for no goddamn reason. I'd be interested to know how they plan to sell life insurance to someone like me.
    If you truly have no one you'd like to leave a benefit to then as said, I wouldn't hound you about it because you could invest elsewhere. The only thing that I think would be good for you, depending on age, would be a return of premium policy. The reason would be if you do meet someone down the line or you later on would like to leave something for any person or even an organization, charity, etc you can already have a policy in place at a younger age thus ensuring a cheaper monthly cost. E.g. your 30 now and don't feel like you'll get married, meet someone, etc. But at 42 things change. Life insurance just got a lot more expensive.

    But Kal, I just feel like it won't happen! OK, so you got that return of premium policy just in case but thirty years go by and it's just you. Guess what?! Incoming big check! For simplicity let's say your policy was $100 a month and the policy was for thirty years. When that policy ends you would receive a check for $36,000. Best part, it's tax free.

    That is the best case scenario for a person like you. I definitely wouldn't be pushing on you because I wouldn't want to come off as being demanding or trying to force you to buy something you feel you don't need. However, and this is how I feel about everyone, I would at least like to pass along the information and answer any questions or clear up any misunderstandings regarding life insurance and what it really does. Once the person has that information it's up to them.

  15. #35
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    Quote Originally Posted by Ksandra View Post
    These companies have to get their money somewhere.
    Fucking lol.

  16. #36
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    1: Do you have it? Why? Why not?
    Nope. I can't afford it, but even if I could, I have no dependents or anyone whose life would be seriously effected in case I die,
    2: Have you just never looked into it?
    Haven't ever had the need

    3: How much do you have? How did you come to that figure? (If not wanting specifics, just say something like a lot or what we need and like, mortgage, college, etc). What type of policy(s) do you have?
    n/a

    4: Have it through work. Do you know what type of policy you have? No? Why? What happens if work drops the benefit, goes out of business, etc?
    n/a

  17. #37
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    Really need to clarify between 'Term' and 'Whole Life' insurance in these posts.

    Term has it's uses, like all the people suggesting getting it for mortgage with kids situation. You pay a little money a month for X years to make sure if you die during that time your family is taken care of. It has it's purpose. It isn't for everyone, but for some it can be very useful. Generally a single income household should look into at least covering the breadwinner.

    Whole Life is honestly a joke and people would do much better to just manage their money themselves if they even had half a brain. It tried to combine the concept of insurance with the concept of retirement savings and does poorly for both considering the expenses and red tape with locking you in, rules, and actual interest rates. I hear "you could do alot worse!" when people talk about that, but I also hear that with 401K type options with 2%+ fees. People do not know any better so they select a very mediocre option. Is it better than spending your savings trying all the flavors of top halo ice cream? Sure. It is better than almost any other reasonable investment vehicle? Nope.

    In the end though, do not listen to salesmen telling you that either is an amazing fit for you. Research both kinds (maybe even 'Supplemental' insurance if you feel so bold) and decide yourself.

  18. #38
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    Quote Originally Posted by Seraph View Post
    Is it better than spending your savings trying all the flavors of top halo ice cream? Sure. It is better than almost any other reasonable investment vehicle? Nope.
    You shut your whore mouth.

  19. #39
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    Quote Originally Posted by Zetanio View Post
    You shut your whore mouth.
    Like whole life insurance, Halo Top is far from the optimal choice. People need to get educated. =)

  20. #40
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    Whole life is far from a joke. It just needs to be applied to the right situation. For instance, it would be asinine to put term insurance on a newborn. My company offers a 15 pay (pay for 15 years. after that you pay nothing for the rest of the policyholders life and you keep the policy). For a newborn with $50,000 benefit (lowest option for 15 pay) it is $45/month. So over the entire policy it's $8100, but that newborn has a guaranteed $50,000 life policy forever. At age 18 there would be $6266 of cash value built up into the policy that could be used for college expenses, a car, etc while still having that $50k benefit. Say this newborn lives a healthy life and is set to retire at 63 and they didn't touch the cash value from the policy. At age 63 that cash value has jumped to $26,213 and again, still have that $50k benefit.

    Now, I can see some thinking any life insurance on a child is stupid and that's because no one expects a kid to die. However, in the case a tragedy happens would parents really want to worry about the cost that also comes with having to bury a child? And if that child lives a regular healthy life then the parents are able to pass along something incredible to their child that they get to keep forever.

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