What is everyones opinion on Life Insurance?

[NatiboyB]

It's a hustle same as vehicle insurance. You pay it every month and don't get anything for it. But I have to have it because the moment you no longer have it is when you will need it.

 

[Truefan31]

Integral part of wealth transfer, estate structures and the ultimate accumulation of generational wealth. Whole life gets a bad rep because of the historically poor growth they offer, but when you look to shield a lot of liquidity from estate taxes, taxes in general, etc. it's the best way to go.

Term is good, but only when used properly. There are plenty of great products that people can buy in their 20's and 30's that offer permanent solutions and are best paired w/ term to cover a certain period when there are kids in the mix, etc.

My firm uses whole life/permanent products all of the time to fund retirement. The death benefit is just that, a death benefit.

No offense. But whole life gets a bad rep because they're overall terrible products aimed to make higher commissions for the insurance companies. Its costs aren't worth it for the coverage needed. There's ways around taxes like Roth accounts, spousal gifts, trusts etc.

 

[The Bilingual Gringo]

No offense. But whole life gets a bad rep because they're overall terrible products aimed to make higher commissions for the insurance companies. Its costs aren't worth it for the coverage needed. There's ways around taxes like Roth accounts, spousal gifts, trusts etc.

Tough call. I do agree with your view, but again, at times. Each product represents a different need. My firm produces quite a bit of both but again, every person is different. Our cash heavy clients prefer the permanent only because of estate tax implications. Others like the idea of term.

Definitely two sides to the coin but I just want people to have it regardless.

 

[Truefan31]

Tough call. I do agree with your view, but again, at times. Each product represents a different need. My firm produces quite a bit of both but again, every person is different. Our cash heavy clients prefer the permanent only because of estate tax implications. Others like the idea of term.

Definitely two sides to the coin but I just want people to have it regardless.

Hey I understand where you're coming from. But yeah them whole life policies are overwhelmingly poor decisions. It tries to do multiple things, so it's not good at either. They cost too much for the amount of coverage that's typically recommended by experts.

I understand estate taxes are a bytch but there's more effective vehicles for reducing it. Like spousal gifts each year, personal gifts each year, using Roth accounts, living trusts, etc.

But breh do you, it's your life. Nothing personal, we all educate each other.

 

[sayyestothis]

Can we get a thread started on this. Some people say its not worth it, some say it is. Whats the coli opinion?

You married?
You have children?
Anyone that depends on you?

Or

Are making north of 300k a yr?

 

[DrBanneker]

Get 10x your annual salary if you have dependents relying on you in coverage. More if you can afford it. You can get $1M on 20 yr term for less than $100/mo if you are healthy and have a good driving record.

 

[Pressure]

It's a good deal. It'll cover my debts if I pass away early and provide coverage for my funeral expenses.

If nothing else it will continue to provide fukkery for my family once I'm gone.

Seriously, I see no reason not to.

 

[Rawtid]

Get it.

 

[patscorpio]

Get it.

this..got one through the company and one i pay on my own..its worth it

 

[CASHAPP]

Worth it. Buy term life insurance. Usually less than $30/month if you're reasonably healthy with no life threatening conditions.

If anybody stays in/near STL, I can get you a good deal on a State Farm policy. I have a guy.

I'm in NY but i had a question about State Farm. I plan to try and take out a $1 million term life insurance policy....

Is it possible to get that much without a medical exam? And if not, can the whole thing be done fast especially if i have the annual fee ready? We in 2018 now and i really hope its not some bullshyt about having to wait weeks to verify everything.

I was hoping to have it ready by Christmas to surprise them


But speaking of NY this keeps confusing me

Life insurance can do more than help protect your family's financial future, in case you can't be there. State Farm Life Insurance Company (Not licensed in MA, NY or WI) and State Farm Life and Accident Assurance Company (Licensed in New York and Wisconsin) offer policies that can help you live today–with confidence.

So ....are they don't give life insurance in NY? But then they say a life and accident assurance is in NY? Please help me with this breh lol

 

[Dave24]

Bump

 

[Akae Beka]

Primeamerica lady wants me to pay $88 a month for term life.. told me the price is high because most insurances dont cover accidental death. Meaning if u get in a car accident and dont die on the spot but die later, your family wont receive anything.
I dunno if that's

I know I can get it cheaper tho and since she's kinda been hunting me down, I'm not that quick to respond tbh.

 

[DeuceZ]

Term life typically the cheaper option but doesn't build cash value.

Whole life more expensive but you can borrow against the cash value typically at a low int rate (not so much now) and tax free

 

[chineebai]

Term life is the way to go. If you have a family then it’s really a no brainer.