Author Topic: LIFE INSURANCE  (Read 68896 times)

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #740 on: November 29, 2022, 09:14:44 PM »
someone offered me a 200k whole life policy for about 200 a month im mid 20 healthy does this make sence to do? i currently have 10 year term 1mill for each me and my wife

A Doctor suggested that I take B12 supplement. I currently take Probiotics. Does this make sense to do?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline yeshivabucher

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Re: LIFE INSURANCE
« Reply #741 on: November 29, 2022, 09:15:56 PM »
A Doctor suggested that I take B12 supplement. I currently take Probiotics. Does this make sense to do?
i dont know sqaut about life insurance which is why i asked. i can afford the 200 investment a month for this im wondering if its a good idea

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #742 on: November 29, 2022, 09:34:21 PM »
i dont know sqaut about life insurance which is why i asked. i can afford the 200 investment a month for this im wondering if its a good idea

How can any stranger know if it's a good idea for you without knowing much about you? Why would you take advice on an anonymous forum from people you don't know?

If you can't trust the advisor that is suggesting you do it, why would you do it? If you trust the advisor, what will an anonymous forum add?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline dm123

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Re: LIFE INSURANCE
« Reply #743 on: November 29, 2022, 09:57:30 PM »
someone offered me a 200k whole life policy for about 200 a month im mid 20 healthy does this make sence to do? i currently have 10 year term 1mill for each me and my wife

Like Exgingi said we need a lot more details to know if it "makes sense". What is your situation, what are your financial goals and needs and what do you already have to achieve those?
You can check out the wiki's and the discussion's at WL vs Term Thread or Life insurance thread

In general Whole Life is a very complex product and triple check the paperwork to make sure you are getting what you are being sold (like any purchase, any time there's added complexity you should be extra diligent on what you're actually buying).

Offline fisherprice

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Re: LIFE INSURANCE
« Reply #744 on: November 30, 2022, 09:19:22 AM »
Im paying for 500k 30 year term, 28$ a month. in my upper 20's perfect health. 50$ not so great, unless you're much older or not preferred health check out rates at https://thirdpartyadvice.com/.  click on compare rates (note: I have no affiliation with them, just an easy way to check out good rates, but you can use lots of brokers)

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #745 on: November 30, 2022, 09:50:19 AM »
Im paying for 500k 30 year term, 28$ a month. in my upper 20's perfect health. 50$ not so great, unless you're much older or not preferred health check out rates at https://thirdpartyadvice.com/.  click on compare rates (note: I have no affiliation with them, just an easy way to check out good rates, but you can use lots of brokers)

How did you pick the 500k figure?

30 year term would end in your 50s. Are you certain you won't need (or want) life insurance at that time?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline yos9694

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Re: LIFE INSURANCE
« Reply #746 on: November 30, 2022, 01:18:41 PM »
$50 is awful compared to most companies. A 29-year old is $30 per month at Haven, Banner, Protective, PacLife, and a dozen other companies. Are you paying 67% extra because of a conversion privilege?

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #747 on: November 30, 2022, 01:32:17 PM »
$50 is awful compared to most companies. A 29-year old is $30 per month at Haven, Banner, Protective, PacLife, and a dozen other companies. Are you paying 67% extra because of a conversion privilege?

At age 29 ALL companies that I can see are under $50/month for 500k (even with Extended Conversion) without riders.

But where did you see that anyone is quoting $50 for 500k 30-year term?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline yos9694

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Re: LIFE INSURANCE
« Reply #748 on: November 30, 2022, 02:24:01 PM »
At age 29 ALL companies that I can see are under $50/month for 500k (even with Extended Conversion) without riders.

But where did you see that anyone is quoting $50 for 500k 30-year term?

Oh I see my mistake. His earlier comment had "50$ not so great" and I misread it, obvious now what the typo was.

Online Yosel

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Re: LIFE INSURANCE
« Reply #749 on: November 30, 2022, 03:19:44 PM »
Im paying for 500k 30 year term, 28$ a month. in my upper 20's perfect health. 50$ not so great, unless you're much older or not preferred health check out rates at https://thirdpartyadvice.com/.  click on compare rates (note: I have no affiliation with them, just an easy way to check out good rates, but you can use lots of brokers)
500k life insurance is a joke, get more............ with conversion privilege 

Offline fisherprice

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Re: LIFE INSURANCE
« Reply #750 on: November 30, 2022, 04:05:35 PM »
How did you pick the 500k figure?

30 year term would end in your 50s. Are you certain you won't need (or want) life insurance at that time?
you are right about that though it would end almost by 60, however my broker got me a plan that i can extend  until age 100when i get to end of term iyh, though the price would be steep then however if need be i can continue then...

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #751 on: November 30, 2022, 05:22:28 PM »
you are right about that though it would end almost by 60, however my broker got me a plan that i can extend  until age 100when i get to end of term iyh, though the price would be steep then however if need be i can continue then...

I don't like to be right (it is much better to be proven wrong, that way I can always be learning). And you didn't answer the question about the 500k amount.

But here are a few more things that I might be right about:
1. You are likely not to keep this plan (as your only coverage) for 30 years.
2. If you do keep it for 30 years you will not extend it unless you are terminally ill at that point.
« Last Edit: November 30, 2022, 05:59:59 PM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline fisherprice

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Re: LIFE INSURANCE
« Reply #752 on: November 30, 2022, 11:10:34 PM »
I don't like to be right (it is much better to be proven wrong, that way I can always be learning). And you didn't answer the question about the 500k amount.

But here are a few more things that I might be right about:
1. You are likely not to keep this plan (as your only coverage) for 30 years.
2. If you do keep it for 30 years you will not extend it unless you are terminally ill at that point.
I also have areivim which would cover another 400k. but this was before this crazy inflationI am thinking of adding higher coverage, and areivim is actually also talking about doing a higher amount.

Online Yosel

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Re: LIFE INSURANCE
« Reply #753 on: December 01, 2022, 11:35:57 AM »
I also have areivim which would cover another 400k. but this was before this crazy inflationI am thinking of adding higher coverage, and areivim is actually also talking about doing a higher amount.
You need to speak to a real life insurance broker.....................

Offline dm123

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Re: LIFE INSURANCE
« Reply #754 on: December 01, 2022, 12:38:35 PM »
I also have areivim which would cover another 400k.

Areivim is not Life Insurance

I am thinking of adding higher coverage

What are you covering against? see for example discussion here:
is there a rule of dumb regarding how to calculate the amount and what plan to take?

Offline ckmk47

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Re: LIFE INSURANCE
« Reply #755 on: December 01, 2022, 02:15:53 PM »
I also have areivim which would cover another 400k. but this was before this crazy inflationI am thinking of adding higher coverage, and areivim is actually also talking about doing a higher amount.
Does Areivim pay if there's other life insurance?
My favorite cause: cssy.org

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #756 on: December 01, 2022, 02:53:23 PM »
I also have areivim which would cover another 400k.

You donít HAVE areivim, you might be a member of areivim.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: LIFE INSURANCE
« Reply #757 on: December 02, 2022, 10:17:15 AM »
You donít HAVE areivim, you might be a member of areivim.
i stopped saying anything (the truth) about areivim, because people here got upset................

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #758 on: December 02, 2022, 10:32:18 AM »
You donít HAVE areivim, you might be a member of areivim.

i stopped saying anything (the truth) about areivim, because people here got upset................

I was just pointing out a fundamental difference.

With life insurance you actually HAVE a legally binding contract.

Members of Areivim (a wonderful organization for giving צדקה in a dignified and supervised way to families that have been struck by tragedy) don't have any legal rights AFAIK.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline fisherprice

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Re: LIFE INSURANCE
« Reply #759 on: December 02, 2022, 11:01:40 AM »
I was just pointing out a fundamental difference.

With life insurance you actually HAVE a legally binding contract.

Members of Areivim (a wonderful organization for giving צדקה in a dignified and supervised way to families that have been struck by tragedy) don't have any legal rights AFAIK.
the main point shoudn't be if you have anything by arevim rather if areivim delivers money or not. no?