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I don't have any negatives on the company. Like many have said in this thread, there are a ton of negatives for a UL policy. I won't repeat them as you can reread the thread yourself. Is there a specific reason you chose UL instead of term?
Many people don't, but Jayrod might. I do. http://www.freeby50....whole-life.htmlfrankly, people just don't do this. overall the majority of people just spend the extra money. this comes up or that comes up. you don't have to buy a 1 million permanent policy, but a little fact amount say 100k-200k and throwing a little extra in is nice. again, i'm not a big whole life fan. however, the equity indexed universal life policies are pretty nice.Why not just invest the difference?You want your money to be worthless? That's wierd.I have term, but would switch to either a hybrid or whole life if I had the.
Sounds like an annuity to me. Not the best option.
Don't do this. If you're worried about your wife having trouble budgeting out a lump sum payment, sit with her and go through what you would intend for her to do with the money. (i.e. 1 - pay off all debt, 2 - put away money for kids college, 3 - put x amount in CDs (or some risk free investment) that are staircased so she'll get a constant stream of money, etc)
Couldn't you just put it in a trust with a reliable trustee?
Filled out preliminary application and that is what they quoted me. As it was explained to me for the first 30 years it is "the same as term". As long as I pay the guaranteed rate (about 110/month for 30 year term, I am 40) the policy is set and I can let it go without value like term. At the end of the 30 years, my rate is set for the next 10 years if I chose to pay some rate I don't have yet.I am getting a quote for pure term from metlife to compare.
Sounds good. Just make sure you read up on Universal Life so you understand the negatives. Remember that the insurance salesman are always going to push whole or Universal Life because they make more money on those from your back. Unless you have a very specific situation you are likely to do much better with term.Again, unless you have a specific reason do not mix your insurance and investments.
Is this the going rate if you're completely healthy? I haven't shopped lately but I'm 34 and paying $27/month for $400k. I'm considering adding another $600k but I don't want to tempt my wife.
We just upped and change ours last year.I pay 1400 for my wife and I for 750K on each of us. 20 year term. I guess that's about 117 a month for both of us.
If I were you I would be in the market for a 30 year term for about $2 million.
That sounds about right. I was thinking maybe 2.5M, and no more than 3. A quick online quote tells me I'm looking at about $150 a month or more. That really what folks are paying for life insurance? I had hoped for less.
I called a handful of companies and met life had the best rates. Things will obviously differ in different states, but I would include them on your short list.
FWIW- when I did my research, I ended up with NorthWestern Mutual... can't remember why.
I've been around enough to know that there is a time and place for all types of investments. There is a certain segment of the investment world who sees life insurance as a black hole, but a necessity...so cheap term is their answer. That is a poor and ill-informed opinion fueled by entities who don't do life insurance and lose investment dollars to it 
cough:brokers:cough
. UL's and VUL's are fantastic options for a lot of people. If you have a solid income stream and no reason to expect a decline, why not cover your insurance needs, get a return on that money and a safer place to put it than the market? Including life insurance products in your overall portfolio of investments is a very smart thing to do, IMO and better diversity than the typical Edward Jones portfolio.
Anyone?! I am seriously curious to know why people flat out recommend this over the others in almost every single situation. Thanks!
I am not an expert, but when I did my research Whole life seemed to be best used as an investment vehicle. The problem with it, IIRC, was that the returns weren't typically as high as other investemtns and the rates were brutal ocmpared to Term (of course, the rates paid out were still your money, rather than lost to the insurance company).I wasn't and still am not in a position to invest in something other than the places I'm already investing- I just wanted some coverage for my family in case of my death.
there is no one way, as the variables that go into the equation (including non quantifiable ones like "piece of mind") are pretty broad.There are many different calculators online that can help you. Try out a few different ones to get a feel. here is one example belowhttp://www.bankrate.com/calculators/insurance/life-insurance-calculator.aspx
Something not adding up there. How old are you?I'm 40 and I pay $51/mo for a $1M 20-year term. Banner Life. Got it through select quote.
Don't think it matters about the kids, if you are asking about rate difference.I calculated everything to get them through college. Not having any more kids and did a 20-yr (youngest is about to turn 4).
I'm 40, but the quote was for 30 years, not 20. Big difference in price since most people won't die before they're 60.
I don't think the difference should be that big. Previously I had a 30 which was $67/mo. I missed the top tier because of a slightly high cholesterol. So I spent a year eating oatmeal and doing a lot of running, then switched to this 20yr policy. Are you using selectquote?
The insurance companies WANT to insure you, so you can get a way with a lot. I will tell you, for a healthy guy, the medical is little to worry about. I was drinking a lot when I got mine and it did not affect the results (i.e. the blood work...I did not say how much I was drinking). I was able to get about 17x of what I make, but I really had to push for it. I was turned down once a while ago for premium because I had a speeding ticket within 10 years of when I applied, but I did not go through with it and reapplied a couple years later and was fine. The questions are pretty open-ended when it comes to the "thrill seeking" stuff...I don't do any extreme sports, but was asked stuff like, "do you jet ski", etc. I could honestly answer "no", but the truth is if you did it once, should it count...in my mind it should not. When you say you live life in the fast-lane, what kind of stuff do you do?
i guess i thought honesty was the best policy in case something came up after the fact. i was told payout could be refused should there be any discrepancies. they drug test so kind of hard to lie about the weed. guess i'll detox and re-apply and not say anything about either. Just seems ridiculous that alcoholics and cigarette smokers can get life insurance no problem (albeit at higher rates) but scuba diving (divemaster level certification) and some weed that I have a prescription for is such a huge deal.
My guess is it will be better to go through underwriting after the pregnancy... some women die during childbirth, so that's a risk factor right there, as is the potential for post-partum depression. How do you know it's going to be $100/mo unless you have gone through the process?
FYI, those rates from the websites tend to be the very best, least risk, most healthy rates available from a particular company. Have high blood pressure? You're getting a higher rate... Take prescription med - any prescription med - for a chronic problem? There's probably another risk factor. Any one risk factor can drop you into a less favorable rate class, and depending on the combination of risk factors, may drop you down even farther and, as noted above, if you participate at all in any high-risk activities, such as sky diving or scuba diving, you may not even be able to find insurance that is reasonably priced. Finally, it helps to have an understanding of how each company uses the risk data they collect... Prudential, for example, has only 4 risk classes, and you're only getting the top risk class if your health is pretty much perfect. New York Life, otoh, has 16 different risk classes... they fine tune the process a lot more and, depending upon your situation, may very well result in a better product overall.
Honesty Is the best policy.
