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Any BGOL heads with life insurance?

ugk

ugk

Rising Star
BGOL Investor
I'm 37 with no kids and in good health, but I'm a caretaker to my mother who suffers from early-onset dementia. So I thought about buying a policy that I could leave family members to ensure she gets care if the worst were to happen to me.

I've been looking into term life, but of course, some are trying to push whole life. What do you ya'll have and why? What are some things I should look out for?
 
ugk said:
I'm 37 with no kids and in good health, but I'm a caretaker to my mother who suffers from early-onset dementia. So I thought about buying a policy that I could leave family members to ensure she gets care if the worst were to happen to me.

I've been looking into term life, but of course, some are trying to push whole life. What do you ya'll have and why? What are some things I should look out for?
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Honestly, as someone who prides himself on his financial knowledge, insurance is one of the holes in my toolkit. Interested to see what others say as well.

Right now, I have term life. But I've always wondered is whole life any better. I have investments and such and never really thought about adding whole life insurance.

That reminds me...I need to get my estate planning wrapped up.
 
Get a term policy that is guaranteed renewable. At 37 and healthy there's no promise that you won't need any coverage when you're 67. If your term policy is guaranteed renewable you can renew your TERM policy without taking another medical exam, they will use your health status as a 37 year old.

Cash value policies do not benefit 95% of the population imo
 
I'm 43 and just got a 30 year term policy for a million at $122 a month. I thought about getting whole coverage as well but the cost is 10 times as much. I might wind up getting more coverage. A million seems like a lot but it might not be much 20-30 years from now and I don't want my wife to have to worry about money in her old age( my mother-in-law is going through this now since her husband passed over the summer).
 
Adroit said:
I'm 43 and just got a 30 year term policy for a million at $122 a month. I thought about getting whole coverage as well but the cost is 10 times as much. I might wind up getting more coverage. A million seems like a lot but it might not be much 20-30 years from now and I don't want my wife to have to worry about money in her old age( my mother-in-law is going through this now since her husband passed over the summer).
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Talk to your agent about something called an "Increasing Benefit" rider. You have the option for your death benefit to increase every year 5-10% for the first 10 years of your policy. If you take all of the step ups you will have a 2 million dollar death benefit with 20 years left on your term.
 
doe moe said:
If you got good siblings that you can trust financially, take out a life insurance policy on a family elder. (With the elders knowledge of course)

Each person pays their share cost of the monthly premium.

At the time of their passing, cash in.

Asians and East Indians do this all the time. It's one way they stay debt free and open businesses.

Plus it's all legit!
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This belongs here :cheers:
 
Take it from me, get you a whole life policy. You can used it to build wealth. With term, you get nothing out of it. With a whole life policy you can use it is a financial instrument. If you need more info, hit me up. I work with several companies. At 37 and healthy is a good time to get in.
 
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I suggest you look at it this way. If you want to take advantage of the premium payments yourself, get a whole or universal policy. If your intent is only to benefit those you'll leave behind, get a term policy.
 
I have both whole and term... to get to a certain amount of coverage. I also have whole life policies on my kids. I can borrow against the whole life policy for there education if need be or just pull the money out if they don't need it and use it for something else.

At 37 with no kids for the purpose of ensuring ur mother is cared for, both work. Whole life, however, gives you a chance to build equity. Say your mom passes in 10-12 years (just posing a scenario) and you have a whole life policy (mind you, around age of 50 that puppy jumps up dramatically in price, usually)... you'll be able to convert a substantial amount of money to something else. It's a good simple hedge... whole is the way if your asking bc it helps accomplish two things at once.
 
For the brothers that are pushing the cash value policies, are you cool with borrowing your own money? Are you cool with paying YOURSELF back at an elevated interest rate that the company chooses? Are you ok with your insurance company keeping your cash value when you die? Are you cool with your cash value having zero dollars in it for the first 3 years of your policy?
 
scullydog said:
Take it from me, get you a whole life policy. You can used it to build wealth. With term, you get nothing out of it. With a whole life policy you can use it is a financial instrument. If you need more info, hit me up. I work with several companies. At 37 and healthy is a good time to get in.
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This is the answer. I have term, but that is because I waited so late to get life insurance. Let's talk about what it is. You pay less than whole life to be covered for a term of years. It basically replaces your income to the family if something happens during that term. So for 25 years, if you die they get the payout. You will most likely make that term cover your prime working years. When it is over it is done....that is it.

BUT, whole life accumulates value. My dad had whole life from the time he first began working....so at some point it can make enough interest on the total value that the interest pays the premiums. By the time he was in his 70's, his whole life would pay his yearly premium for the interest accumulated for that year. Term life has no of those advantages.
 
Jumbodicc said:
For the brothers that are pushing the cash value policies, are you cool with borrowing your own money? Are you cool with paying YOURSELF back at an elevated interest rate that the company chooses? Are you ok with your insurance company keeping your cash value when you die? Are you cool with your cash value having zero dollars in it for the first 3 years of your policy?
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Thank you,whole life is a rip off gimmick that only poor people and uninformed people buy. I worked for 2 insurance companies in my early 20s and was shocked at the reality of the insurance industry. I was told by a man who was a multi millionaire to buy term insurance cheap and take whatever budgeted money I had allotted for insurance and invest the difference in mutual funds,stocks,real estate,US Bonds. NEVER NEVER invest in a life insurance policy by definition it is not an investment it is a death benefit. Always remember insurance companies that offer cash value take ur money and invest it and pay u the smallest returns why cant you invest your on money and get the same returns they get?
 
I've had whole life for the past 10 years with a paid up additions rider so I can continue to increase my death benefit. People on here bashing whole life/cash value policies have likely never had one and are speaking on what they've heard.

There are pros and cons and drawbacks and benefits to both. Depends on what you want the policy to do for you, what you can afford, etc.. If you're disciplined enough to invest the difference in cost between a whole life vs term, then term may work. Whole life has worked for me and I have pulled out cash when I needed it. If I decide not to pay back, what I borrowed comes out of my death benefit when I die and my kids keep the rest which would have grown exponentially by taking advantage of my paid up additions.

Anyway look it up and do your research. Good luck on wherever you land.
 
ZuluSam said:
This is the answer. I have term, but that is because I waited so late to get life insurance. Let's talk about what it is. You pay less than whole life to be covered for a term of years. It basically replaces your income to the family if something happens during that term. So for 25 years, if you die they get the payout. You will most likely make that term cover your prime working years. When it is over it is done....that is it.

BUT, whole life accumulates value. My dad had whole life from the time he first began working....so at some point it can make enough interest on the total value that the interest pays the premiums. By the time he was in his 70's, his whole life would pay his yearly premium for the interest accumulated for that year. Term life has no of those advantages.
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you forgot to finish your analogy,what happens to the face value of the policy once the cash value runs out? also what is the guranteed intrest rate paid by insurance companies on that cash value? true story my Grandmother had multiple "paid up"insurance policies the face value of those whole life policies were $5000 she had been paying them for at least 25 years. when I got my license i pulled all her shit and did an analysis of what she had and i came to see she had literally $500 of insurance cause the cash value had run out years earlier and now the premium was being taken from the face value. I cashed those shits in got her a 20 year level term in her mid 60s and that was what was used to bury her when she died 13 years later at 84. had she kept just those bullshit industrial whole life policies I would have had to bury her outta pocket and that is the REAL reality for Black people and unsurance all over this country where white people get generational wealthy from term insurance and investments along with it
 
I just started thinking about this subject this week. Had a coworker die on the way to work this week with his morning coffee in his hand. I had a policy years ago and I let it lapse. Now I'm going to make a few phone calls about term life. I can use the extra I would have to pay for whole to make investments.
 
WHOLE LIFE INSURANCE IS BULLSHIT.

If you recently got Whole Life cancel that shit immediately.

If you have Whole Life Insurance for over 10 years, you are an idiot and just keep it.

However GO GET SOME TERM.
 
ugk said:
I'm 37 with no kids and in good health, but I'm a caretaker to my mother who suffers from early-onset dementia. So I thought about buying a policy that I could leave family members to ensure she gets care if the worst were to happen to me.

I've been looking into term life, but of course, some are trying to push whole life. What do you ya'll have and why? What are some things I should look out for?
Click to expand...
Shidddd moms writing policies right now…

i’m see what she thinks… compared to what our fellows members have expressed
 
A policy from my homie when he started a new job that's worth 500k. And a 200k policy that the job offers for like 4 bucks a month.
 
Term life. And if you’re healthy, get 30 year level while you are. A diagnosis of high blood pressure, high cholesterol, sleep apnea, diabetes…..any and more can kill your chances at reasonably priced term.

Get a policy separate from your job. With some jobs, the life insurance ends if/when your employment ends, with others, you can keep the policy, but the company’s contribution to the premium ends and you have to pay the full cost to keep the policy active. I switched employers not too long ago, had 3X my salary in term paying maybe $10 a paycheck, that policy ballooned to the insurance company wanting $150 a month for a policy where the value was 60% LESS than my standalone policy, which costs me $400 A YEAR.

If you have a pre existing condition, then you’ll have no choice but to keep the employee policy in force at the higher rates should you seperate from the company. Best bet is to shop your own policy. Find a broker in your area, or use a site like Policygenius, Zander Insurance, ReliaQuote or term4sale.com. Try and stick with highly rated companies, search a site like A.M. Best to see.
 
Moms said

“Term is best for her. Long term care/insurance may work for her mom.”

so pretty much that same with what everyone is saying

now if you want a quote, we can work that out tooo…

or do I want my moms info out

:colin: :colin: :colin:

them again…. Naw
 
ugk said:
damn.. did you start them young?
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Young if you consider under 40

10 years ago USAA gave me a deal for a $250k policy for 30 years renewable as long as I'm in good health for $19/month. That one was a no brainer

The one at my job is free for 1xmy salary but I wanted 5x so I they take like $29 out of my check.

The other bank joint I got it out of the military $64/mo for a $400k policy. When I turn 44 the prices go up so I'm going to drop that one for a lower amount with the same premium.
 

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