Term life insurance - do you have it, brehs?

[xXOGLEGENDXx]

I have term through a company called amicable. I want to cancel my policy and switch to another more reputable company.

Looking at their reviews online people have all types of issues with them.

Look at Legal & General Banner.
Very reputable and simple and straight to the point.

 

[chineebai]

Got a term life policy a few years ago for 20 years. Someone came to my house and did some vitals. It’s worth that peace of mind to me.

 

[Sad Bunny]

@jdubnyce if you are single and have no children do I need to get it? Is it still recommended?

Yes. So your family can bury you and they can get a leg up finically like these cacs do.

$25 a month and your family can get 100-150K.

 

[Sad Bunny]

I'm not mixing them up. I don't want to put money into something that will only pay out if I die within a certain time frame. At least with whole life I know someone is gonna get paid one day. Whole life isn't necessarily expensive either depending on the policy.

Whole life is a rip off. Do the research.

 

[Sad Bunny]

You are mixing them up. Term is cheapest and the one majority of people should get. It doesn’t build the cash value and is only for a certain amount of years.

Whole life is a permanent life insurance policy that’s more expensive. It builds a cash value that you can borrow against once you have enough.

My suggestion for most would be to get term and save the difference in a high yield savings or index fund depending on your needs.

Agreed.

 

[Sad Bunny]

Just through the job. I have whole life. Wouldn't get a term life policy on my own. Almost seems like a scam. If I'm paying x amount of dollars a month to pay for my kids college if I pass away then goddammit I want my ROI. Imma have to find a way to die

You’re backwards. Whole life is the scam.

I pay $37 a month for 300K term policy for forty years. Easily worth.

 

[feelosofer]

Yes. If something should happen to me my wife and children are set. But I have a savings fund as well just in case.

 

[Mikeatris]

Whole life is a rip off. Do the research.

No it is not. I have whole and have been paying for it for 8 years with 12 left to go. Term is only good if you have a large purchase and want to pay it off like a house as term life expires. Whole stays with you forever. I am paying for my funeral out of pocket and will leave my kids the whole life insurance amount. I do not have term as my house will be paid off in less than two years and I have no need for it after that

 

[Mikeatris]

You’re backwards. Whole life is the scam.

I pay $37 a month for 300K term policy for forty years. Easily worth.

And what if you are still living when that policy expires? I never count money like that as my plan is to live as long as possible and not die early and leave people with money to burn on my expense. Make it make sense please

 

[Sad Bunny]

And what if you are still living when that policy expires? I never count money like that as my plan is to live as long as possible and not die early and leave people with money to burn on my expense. Make it make sense please

These policies go until 80 years old lol

You’re better off getting a cheaper policy and investing the difference breh

 

[Mikeatris]

These policies go until 80 years old lol

You’re better off getting a cheaper policy and investing the difference breh

These policies go until 80 years old lol

You’re better off getting a cheaper policy and investing the difference breh

Ahh I see where you coming at with this

 

[Booker Carver]

I'm not mixing them up. I don't want to put money into something that will only pay out if I die within a certain time frame. At least with whole life I know someone is gonna get paid one day. Whole life isn't necessarily expensive either depending on the policy.

Ahh, my apologies, I see what you’re saying. And understand why you’d use it that way.

From what I’ve seen, those costs can be between $400-$600 a month. I’m sure there are cheaper policies, but I pay $745 a year. That aside, the average rate of return on your cash value is 1-3.5% a year. Not even keeping up with inflation. You could put that money in a 529 for your kid and get much greater returns (tax free). Sure, there’s a “floor”, but there’s a short ceiling too.

I get the idea of a permanent life insurance policy and the security of it and why someone would choose it. Like only investing in CDs for some people.

 

[The God Poster]

Well depends on what type of liabilities you'd have if you passed. Typically if you don't have dependants you don't need to have life insurance.

Life insurance is a way for your dependants to maintain a similar quality of life (financial wise) if you were to pass.

Kids or no kids get a policy. Enough years pass that policy surrender may be needed while living

 

[kaldurahm]

I've got term. Considered whole life but the payments I got quoted for... To me, it made more sense to take the remaining amount and invest it

 

[DeuceZ]

I've got a 20 yr term 750k pay like 40/month. If I make bank I would convert to a whole life to get cash value but for most of us term should be more than fine.

to the brehs thinking about the future generations