Life insurance

[xypher101]

@amytai Oh look Dave Ramsey finally made it to Reddit.

 

[amytai]

@xypher101 Oh look... just another jerk on the internet. How original.

 

[xypher101]

@amytai Oh look he even yells and calls people names just like Dave too.

Wait….you could be Primerica…that might be worse than Dave.

 

[amytai]

@xypher101 Wow! I did not yell. Your vitriol & judgmentalism is unreal. Do you sell cash value insurance? The only people who defend it like you are are those taking advantage of others by selling it.

 

[xypher101]

@amytai The only one spewing falsehoods here is you. The market hasn't averaged 10% since the 90's. 2000-2010 was the lost decade where the market had a negative return for the entire decade. 2000-2015 the market returned 8%, not per year, but for that entire 15 year period. It took trillions from the fed and stock buy backs to bring the market back. Now it's just as rigged as elections. (see Gamestop)

 

[levnishbar]

@kittyb Need a little more information.

How old are you? What's your sex? Married? Kids? Annual salary? Any debt? Mortgage? How's your health?

 

[kittyb]

@levnishbar I am 32, female , not married 2 kids about 50k no debt no mortgage perfect health work out don’t smoke don’t drink

 

[levnishbar]

@kittyb Your age and health you should be able to get a larger term death benefit for a premium under a hundred lower month. I might think about a larger death benefit if you have younger kids. (Also depends on if father is in the picture and his financial status).

 

[kittyb]

@levnishbar They are 6 and 4 he is not in the picture.

 

[caitlynlovesjesus]

@kittyb Just get a 35 year level term and forgot the other options.

 

[levnishbar]

@kittyb I'd consider a bigger death benefit. You could consider doing two policies: one term with a larger death benefit and one permanent. That's what I did for myself, actually.

 

[lightacandle]

@kittyb Educate yourself by reading great books on the subject Such as Money, Wealth Life Insurance, Look before you Lirp, and The financial pocketknife. (and others)

Ask lots of questions and get the answers in writing from a qualified professional(s) that will sit down with you and go over everything privately according to State Regulations which govern those products.
Depending on your situation that person can guide you through the ins and outs of the different products with different partners companies. You want a comprehensive plan lead by competent teams around you. Think Attorney, CPA, financial advisor, Life insurance agent.

As a side note 300k for $99 that sounds like a juvenile rate. If you are in your 20s and up that seems a bit low.

 

[kittyb]

@lightacandle I have read a few stuff about it but there is so many pros and cons it gets me confused talking to the life insurance people is a hit or miss as well since they r trying to sell me this they will talk negative about the other . I am 32 2 kids good health dont drink or smoke

 

[mykell]

@kittyb Stick with the term

 

[galatea]

@kittyb I'll address each of these individually.

1. IUL- a structured IUL isn't a bad option, when done correctly. I'll say this again WHEN DONE CORRECTLY. When you see the illustration (projection) yes look at the non guaranteed numbers, they are beautiful, but concentrate on the left column and see what the bare minimum guaranteed numbers are. Ask yourself is this worth it? If this is all it ever does, am I going to be ok with it. Also shop around quotes with other brokers and compare. What living benefits come with it, if any or riders?
2. 30 Term- what does that contingency actually say. Not all terms are created equal. Terms are great to lock in that low rate or even coverage a mortgage if the individual passes away. What living benefits come with it? There are a lot of things to figure out still.
3. Other Term- Don't do it, if you feel like it's a bill now then your mentality towards it will always be a bill and dropping it in the future will be horrible for you.

Now for my real advice.
1. Why do you want life insurance? Find a policy that helps accomplish that. Is it to cover final expenses, mortgage protection, savings for retirement, personal bank, paying debt down faster or even your mortgage, or generational weather for the kids or grandkids. There are a lot of options that you can explore. So figure out why you want it thoroughly.

1. Find a broker so they can work with multiple companies at the same time.

 

[jmannramirez]

@kittyb I'm not seeing enough information to give meaningful guidance about options 2 or 3, both could work depending on the details, but the IUL you're talking about in option 1 would be way underfunded at $99 per month. I'd highly recommend against that option. Might look attractive up front... but will almost inevitably cause you heartache later on.

The book Lapsed by Elan Moas does a good job of explaining exactly why underfunded IUL policies are bound to fail. Tons of good content on YouTube that also break down why that is. I put together a 2 hour webinar that breaks down the nuts and bolts of how these things work as well.

If you don't understand it well enough to be able to explain to someone else how an IUL works it's probably best to avoid. They can work under certain circumstances, but not underfunded.

 

[kittyb]

@jmannramirez Is there a way to email you?

 

[lisajaneheath123]

@kittyb Try us, New York life , custom Life Insurances, just what fits you. 9173065550 Kate