Any BGOL heads with life insurance?

[Mask]

Can someone explain what the benefit of term is if you outlive the policy?

hell I don’t think there’s a benefit, I think you have to start over….
But I’m not an expert

 

[bxclark]

hell I don’t think there’s a benefit, I think you have to start over….
But I’m not an expert

It was sarcasm and you are correct. There is literally zero benefit if you don't die during the term. ZERO.

 

[Mask]

It was sarcasm and you are correct. There is literally zero benefit if you don't die during the term. ZERO.

My bad I didn’t catch that

But the shit is funny now i know

 

[scullydog]

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?

Sure, you giving it away with a term. You use it as a hedge and pay the shit back. IT AIN'T FOR YOU IN THE FIRST PLACE, BUT IF YOU CAN BUILD MORE WEALTH FROM THE JUMP, WHY NOT.

 

[scullydog]

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?

You have more than one investment vehicle in your portfolio. Insurance won't be your only investment. However, whole life allows you to use the money while you are here. It may take a few years, but you can use it to build wealth. A lot of your very rich real estate investors use their whole life policies as equity to build their business. Don't sleep on whole life. I worked at a large insurance company and most of their policies we sold were whole life.

 

[scullydog]

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

Okay, more than likely it was a burial policy, those are bullshit, policies in the first place. I am sorry your grandmother went through that. Most of our people got suckered into that. The reason major insurance companies weren't service black folk. So, the low grade companies offered a service. They would come into the neighborhood with their rate book and briefcase and sale to our grandmothers. So, the whole life policies we are talking about ain't that. Frankly, what if your grand mother would have died outside of the term limit? You would've still be out of pocket. Whole life you build wealth with for yourself on the come up, then term is used at the end of life for others. Both gives death benefits but whole life allows you to use it as a wealth maker while you are young.

 

[Jack Spade]

I have 1mill at 65$ a month
Term insurance
My wife has 250k at 15$ a month

Who is your policy with? I pay double that for half the amount of coverage.

...nevermind, I saw your other post.

 

[Bounty Killah]

Term. I'l let others elaborate on why WHOLE LIFE IS BULLSHIT.

 

[Rah]

I recently talked to my father about life insurance. I’m leaning towards a 25 yr term 300K policy for like 25 a month. I’m 38 with a 500K networth (mutual funds/stocks); I just need that insurance to cover that term if anything happens. My goal is to be a multi-millionaire with a 5-7K a month military pension in the next 20 yrs, so I’m thinking I don’t need whole (plus it’s too expensive).

 

[bxclark]

I recently talked to my father about life insurance. I’m leaning towards a 25 yr term 300K policy for like 25 a month. I’m 38 with a 500K networth (mutual funds/stocks); I just need that insurance to cover that term if anything happens. My goal is to be a multi-millionaire with a 5-7K a month military pension in the next 20 yrs, so I’m thinking I don’t need whole (plus it’s too expensive).

Highlighted why most people don't want to go with whole life. Trick is to start as early as possible. It is def a vehicle to build generational wealth if you're intentional.

 

[kinfolk]

Term life for me. I got asthma and my rates are double what most my age pay but I got a million. For the cost difference in what a whole life would cost, I’d much rather invest the difference in the VOO myself which I do. Still generating returns and can cash it out when I’d like. This policy covers me until I’m 69, by that time my kids will be in their mid 30s and most debt should be gone so the full Molly won’t be needed. I plan to stack another smaller policy on top of this one in a few years maybe 300K or so just to cover the wife.

 

[Jumbodicc]

Sure, you giving it away with a term. You use it as a hedge and pay the shit back. IT AIN'T FOR YOU IN THE FIRST PLACE, BUT IF YOU CAN BUILD MORE WEALTH FROM THE JUMP, WHY NOT.

Because you’re getting ripped off by the insurance company. You can get a better rate of return from any index fund, and a lower cost per thousand from any term policy. An insurance policy is NOT an investment vehicle.

 

[Coldchi]

Both me and my wife have 1 million dollar policies.

 

[Jumbodicc]

Can someone explain what the benefit of term is if you outlive the policy?

There is none typically, especially if there’s no guaranteed renewal option. Term insurance is supposed to be used in conjunction with a tax deferred savings option, like a Roth IRA or SEP. That way in 30 years when your policy is up you’ll be “self-insured” because you will have 7 figures in your IRA

 

[Sloboogie]

I have coverage for me, my wife and my son. In the process of exploring a family trust, and have my entire family covered.

 

[scullydog]

Because you’re getting ripped off by the insurance company. You can get a better rate of return from any index fund, and a lower cost per thousand from any term policy. An insurance policy is NOT an investment vehicle.

Yo, we live how we live.

 

[scullydog]

 

[scullydog]

 

[Mask]

I have 1mill at 65$ a month
Term insurance
My wife has 250k at 15$ a month

interesting

 

[Mask]

Anyone still looking…