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@columbia1990 It almost seems like you have a better grasp of how life insurance works than your agent does. 🤣.

@delling1000 PennMutual has the best option for you to to convert to permanent insurance in the future should you ever want to do that. Hence I would choose them out of the companies you listed. That being said if you plan to be financially independent in 10 years, Id suggest speaking with...

@jwalk33 Cookingfor6 is right here. Most divorce proceedings mandate keeping life insurance in force for the other. The good news here is that your ex will then need to take out coverage and list you as the beneficiary. Something that struct me about your post, your $330k in equities, IRA...

@cmd Ask your agent to show you the concept of linear asset pay down with and without a permanent death benefit. Plenty of people don’t think they need a death benefit forever, but rarely do they see how much better their life is when they have the permission to spend their other assets down

@cmd If you damaged your liver you might want to consider converting that $250K to permanent. Plenty of carriers will allow you to convert to permanent with no further underwriting if you have place a policy in the last 4 years.

@jeshurun1111 @shadowmoon1503 zzz is completely correct here (as she normally is). Swap the gerber policy out. Any mutual life insurance policy will preform better for a juvenile policy. Further life insurance is actually more expensive on a 1 day year old rather than a 1 or 2 year old. And...

@teey Many of the responses you received are correct, however it seems no one answered your central question: Can someone please explain this to me simply like I am 5. I am happy to do so in some spare time in the coming weeks. Sending you a DM now.

@adoptedwatcher It seems we’re misunderstanding each other here @adoptedwatcher I think we’re both correct just reading the question differently. One cannot form a group or a residence solely for the purpose of purchasing insurance. But if there were other reasons for the person‘s father to be...

@07mateusz Don't listen to @adoptedwatcher, the address 100% matters. Insurance is administered and governed on a state by state basis. It sounds like your father lives in a state that doesn't have a product approved for someone above the age 80, but you do. @hannahjane was correct falsifying...

@ativyl The tax law is based off of the first three actors. For more info, Goodman's Triangle is what governs this: https://cbsbrokerage.net/wp-content/uploads/2020/03/The-Goodman-Triangle.pdf