[2011CrazE89]

Rule of thumb is you want to take out enough to cover all expenses should one of you pass right? Based on our debt I decided to take out $400K on myself $400K on my wife and $25K on my son.

Three years ago I took out a 20 year term through Primerica. Are there any advantages to a whole vs a term policy? I can't borrow against it. And after 20 years if we're still alive and kicking I'm out $41K. At $171.00 a month I feel that I’m getting hosed.

[upstatedoc]

subscribed.

I don't have traditional life insurance per se. If I kick the bucket while working my wife gets a million dollars. I probably need something to supplement that.

[kscarrol]

Like all the insurance threads on this forum, there is no right answer. Premiums are based on a lot of individual characteristics of the policy holder. I will say I think your premium is awfully high. I realize the $171 per month is for all three policies but I pay $116 per month for my $1.5 million, 20-year term life policy. But because the $1.5 million is single policy as opposed to three separate policies, that likely drives some of the lower premium.

And the $1.5 million is not based just on our debt but instead it is to provide for my wife and kids should that bus take me out one day!

As for whole life, I am no expert but I'd rather save and invest for myself. Whole life is costly when compared to term but it is in effect forced savings...

[2011CrazE89]

Originally Posted by kscarrol

Like all the insurance threads on this forum, there is no right answer. Premiums are based on a lot of individual characteristics of the policy holder. I will say I think your premium is awfully high. I realize the $171 per month is for all three policies but I pay $116 per month for my $1.5 million, 20-year term life policy. But because the $1.5 million is single policy as opposed to three separate policies, that likely drives some of the lower premium.

And the $1.5 million is not based just on our debt but instead it is to provide for my wife and kids should that bus take me out one day!

As for whole life, I am no expert but I'd rather save and invest for myself. Whole life is costly when compared to term but it is in effect forced savings...

I feel I’m paying way too much. I think my rate was based on age and health (43 and healthy) everything checked out ok. They wouldn’t let my wife who’s a nurse draw my blood for the physical.

[kevinbahnz]

I just turned 38 and I'm paying $46/mth for 30 year term-$500k. I've been paying for 4 years now, is there a better option? I have 2 kids, 1 on the way and maybe another.

[kscarrol]

Originally Posted by 2011CrazE89

I feel I’m paying way too much. I think my rate was based on age and health (43 and healthy) everything checked out ok. They wouldn’t let my wife who’s a nurse draw my blood for the physical.

I'm 50 and healthy as well. I've had the policy for around ten years now...

[M_Six]

I have a small whole life policy I got way back when I was young and dumb. Over the past 30 years it's averaged a whopping 4% return. There were good years and bad years, but overall I'd have been better off buying a few MS or Apple shares every year and just have a term policy. Whole life is, as mentioned above, forced savings. It is NOT a good investment unless you die early on.

We have minimal debt (just a few years left on the house) and Wifey gets 4x my salary through the term plan at work.

[DSB335d]

I have $600K in coverage whole life and term combined. 32 & healthy non-smoker $84/mo.

[bimmerfrk]

Originally Posted by DSB335d

I have $600K in coverage whole life and term combined. 32 & healthy non-smoker $84/mo.

82 a month for 600k in whole life. I don't think that's possible. Are u sure its not term that can be converted to whole? With what company?

I have 200k whole and 1 mil term and its costs me 250 a month with north western mutual one of the highest rated life companies with highest dividend return on whole life.....

[DSB335d]

Only 25K is whole life, 575K term... I plan on converting more to whole life, and my policies are through State Farm.

[upstatedoc]

There's got to be some insurance salesman on this forum. Show yourselves!

[DSB335d]

Originally Posted by upstatedoc

There's got to be some insurance salesman on this forum. Show yourselves!

My fiance is.

[MrPrena]

I personally do not like life insurance even for estate planning. The term can be helpful, but they only have 10-15-20-x terms. I seriously would not like to get whole/universal.

Commission for whole/universal are awesome.

[kscarrol]

Originally Posted by MrPrena

I personally do not like life insurance even for estate planning. The term can be helpful, but they only have 10-15-20-x terms. I seriously would not like to get whole/universal.

Commission for whole/universal are awesome.

And I personally don't like insurance on my car either but I have it! That's why I got 20 year term. It will cover the family until the kids are finished college. After that I/my wife won't need it...

[M_Six]

My cheapy WL policy was a graduated whole/term policy that continued to buy "paid up" whole life. It started at 10/40 and worked its way to 40/10 before I had them kill the term part.

[UncleWede]

I get 100K on me, 10 on wife and (my) kid for free from work. That would just about cover paying off the house.

Wife pays about $50/month for 250K on both of us, 25K each on the three kids (she has 2 from previous)

Now I have to go get a living trust so they can all get the stuff if both me/wife die in a single crash.

[bkM3]

i never understood why people take out life insurance on their kids. its not like your children are supporting and god forbid if something happens to them your left without an income. am i missing something?

[2011CrazE89]

Originally Posted by bkM3

i never understood why people take out life insurance on their kids. its not like your children are supporting and god forbid if something happens to them your left without an income. am i missing something?

The way it was explained to me was to cover funeral costs. As if it wasn’t traumatizing enough at least it takes the financial burden away.

[UncleWede]

I wouldn't BUY it for my kids. Since all I want for myself is a pine box, he kids box will be even smaller. We don't have a family plot in the local cemetery either, so no biggie. We paid about 2500 to put great-grandma in a hole a few years back.

I would think most of the balance of the money I get I would use for counseling.

[grimlock]

I told what I truly felt about insurance to my friend and now he is no longer my friend - at the time I didn't know his fiancee sold insurance

Good: on yourself if your kids are penniless if you get randomly taken out
just Weird: on your kids.. I dunno, maybe get a new car will take away some of the pain...ahhh

[Hawkeye]

Someone isn't your friend because you told them what you thought about insurance? Sounds like they were just looking for an excuse.

Are you guys including your work provided life insurance in any of these figures? I know it is not a certainty going forward but it definitely helps as long as you keep the job!

Personally I think anyone who doesn't think the idea of insurance at it's core is a good thing, is just an idiot. Not liking the insurance companies and forced insurance is a whole different thing.

[bimmerfrk]

Originally Posted by Hawkeye

Someone isn't your friend because you told them what you thought about insurance? Sounds like they were just looking for an excuse.

Are you guys including your work provided life insurance in any of these figures? I know it is not a certainty going forward but it definitely helps as long as you keep the job!

Personally I think anyone who doesn't think the idea of insurance at it's core is a good thing, is just an idiot. Not liking the insurance companies and forced insurance is a whole different thing.

yea usually its the cheapest form of life insurance. I work IT for an architecture firm and am able to get 50k for like $5.25 a month pre tax (I think). It seems the insurance companies feel less liability because people switch jobs often and what are the chance of you having a heart attack in this position if you are only going to be there a year or two. Law of numbers type of thing I guess.