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Buying term life insurance

Bill Clay

By Bill Clay
in Can You Help Me With This?

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NeverMarryAStripper

NeverMarryAStripper 22,054

Posted
Posted (edited)

From what I hear on the radio if you're on meds, have the diabeetus, are a fat tub of lard, or your future 3rd ex wants you to buy a $1 million policy so she can fuck you to death  you should call big Lou.

 

https://www.bigloulife.com/getquotegoogle?gclid=EAIaIQobChMI0N7o3c2m8AIVcgytBh32DQH7EAAYASAAEgK8wfD_BwE

Edited by NeverMarryAStripper
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hornbri

hornbri 1,476

Posted
Posted
20 minutes ago, NeverMarryAStripper said:

From what I hear on the radio if you're on meds, have the diabeetus, are a fat tub of lard, or your future 3rd ex wants you to buy a $1 million policy so she can fuck you to death  you should call big Lou.

 

https://www.bigloulife.com/getquotegoogle?gclid=EAIaIQobChMI0N7o3c2m8AIVcgytBh32DQH7EAAYASAAEgK8wfD_BwE

He's like you, but on wife number 2.

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DonkeyCigars

DonkeyCigars 143

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10 minutes ago, Bill Clay said:

Not familiar...what is Lemonade?

A digital disruptor to the traditional industry of home/rent insurance: 

https://boingboing.net/2021/04/30/lemonade-is-a-homeowner-and-rental-insurance-option-for-people-who-hate-insurance-and-its-crazy-easy.html

Edited by DonkeyCigars
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Bill Clay

Bill Clay 48

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Update. Used Quotacy.com and it was a good experience. Policygenius also good but not quite as personal. Quotacy gave me a dedicated rep and Policygenius didn't so I'd recommend them for that reason alone really. Everything else was easy. Ethos had weird carriers with low coverages unsuitable for Surly 1%. Lemonade flat out denied me.

Edited by Bill Clay
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Apep

Apep 645

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Policygenius seems to be working best for me right now. The best quote came in much lower than what the Knights of Columbus offered me last year, so I'm currently in underwriting with the company Policygenius recommended. (It was also lower than the same company via Quotacy.) Guess I'll see how that goes and if it holds up.

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ROFL BOX

ROFL BOX 6,650

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What is going to be the best TYPE of life insurance for a 76 year old woman with multiple health issues (none cardiac related, but clumsy AF & having upcoming surgeries on spine)?

Mom is constantly wanting to buy into a "funeral home / end of life expenses" policy & I keep telling her these are just another insurance program but with crappier rates / lower payouts.

What say the Shag brain trust?

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Reagan1k

Reagan1k 3,026

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Those things seldom make sense on a purely mathematical basis, but they do give the elderly a peace of mind that does have value beyond the NPV or IRR.

If she’s got the disposable income or plenty of cash in savings and it lets her rest easy or tell Marge over bridge that she’s done well by her kids, it’s not the worst thing.

If she’s paying for it instead of for food, medicine, or compromising her lifestyle in some other way, then keep her away from them.

Personal finance gets messy when you deal with the personal side and aren’t just looking at the finance. 

 

 

 

 

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ROFL BOX

ROFL BOX 6,650

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OK, but what TYPE of life insurance?  I am far (far) from knowledgeable about these products.

& I'm trying to sway her away from the stuff that is sold / pushed by the funeral industry. because somewhere in the back of my brain I know it's not the right value. 

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Reagan1k

Reagan1k 3,026

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Get with an agent and see if she can qualify for a small whole life policy- maybe $10-$15k - depending on her health they may underwrite her or may steer her towards a guaranteed issue final expense plan.  Could be forced as high as $25-$50k but maybe not.

Might also shop the web for limited or no underwriting final expense plans.

probably smart to stay away from preplanned funeral home products.  

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Nonbryan

Nonbryan 174

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2 hours ago, ROFL BOX said:

OK, but what TYPE of life insurance?  I am far (far) from knowledgeable about these products.

& I'm trying to sway her away from the stuff that is sold / pushed by the funeral industry. because somewhere in the back of my brain I know it's not the right value. 

IMHO, Term life on an elderly person is going to be just too expensive and whole life is a racket, sorry Reagan.  Like it was noted earlier, these descisions depend on A LOT of personal inputs.  I would tell her just to set some cash aside for her final plans (you can also good Clark Howard and there are co-op groups for end of life planning thst are cheaper) and have her put her wishes down on a will or on paper and to discuss them with you.

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ROFL BOX

ROFL BOX 6,650

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3 minutes ago, Nonbryan said:

IMHO, Term life on an elderly person is going to be just too expensive and whole life is a racket, sorry Reagan.  Like it was noted earlier, these descisions depend on A LOT of personal inputs.  I would tell her just to set some cash aside for her final plans (you can also good Clark Howard and there are co-op groups for end of life planning that are cheaper) and have her put her wishes down on a will or on paper and to discuss them with you.

Well, shit.  So much for a $ 250,000.00 payday when Mom kicks the bucket.  You're no fun.

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Reagan1k

Reagan1k 3,026

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13 minutes ago, Nonbryan said:

IMHO, Term life on an elderly person is going to be just too expensive and whole life is a racket, sorry Reagan.  Like it was noted earlier, these descisions depend on A LOT of personal inputs.  I would tell her just to set some cash aside for her final plans (you can also good Clark Howard and there are co-op groups for end of life planning thst are cheaper) and have her put her wishes down on a will or on paper and to discuss them with you.

Correct- no way to use term insurance.  Too expensive and not what the need is.  She wants something to be there regardless of when she dies.  Term covers a certain period of time - wrong product application.

I’ll agree with you that in many, many cases, whole life appears to be a racket- but that’s really an indictment on the sales tactics and justifications- not on the product itself.

If there is a need for insurance for an entire life period, regardless of when death occurs, then you need to insure the whole life.

IMO- you have to differentiate between between the product being shit and the tactics being used to sell it where it’s not the right tool.

whole life is a financial tool- used for the right reason it can be beneficial.  Misapplied, I’ll agree it is a racket.

It may or may not work for @ROFL BOX but it should be vetted, as term will be a non starter as you pointed out.  There may be other options too.  Gotta kick some tires and look for the best tool to fix the problem. 

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Reagan1k

Reagan1k 3,026

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37 minutes ago, ROFL BOX said:

Well, shit.  So much for a $ 250,000.00 payday when Mom kicks the bucket.  You're no fun.

It can be a bit concerning for the insured when you tell them- “yeah I know the annual premium is really high, but don’t worry mom, you won’t be paying premiums but for a month, maybe two max.....I promise.”

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Reagan1k

Reagan1k 3,026

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Unique to every family dynamic.

Does spouse work outside home?  Would that continue?

Dependent minors  / disabled dependents?

College Plans?

Additional costs when you're dead (housekeeping, lawn, pool-boy to entertain wife?)

Several other things to consider - retirement for spouse, etc.

10x is a quick and dirty catchall but can be too much or not enough.

Plenty of calculators on line, or you can work with a fee only planner or agent and have them run the numbers.

 

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C-Man

C-Man 27,413

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Posted (edited)
9 hours ago, Dutchrudder said:

if I remember correctly, @C-Man is in the insurance business and can help you out. (not sure if he does life insurance though)

I have my life/health license but that was back in 2008 when I got it. I'm strictly on the P&C side for the last 13 years. My firm does lots and lots of life insurance, though. If you're Surly 1%, I'm happy to make an introduction to a colleague if somebody wants it.

Edited by C-Man
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ROFL BOX

ROFL BOX 6,650

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Odds are your wife would be remarried within two years and that money will support your replacement’s hobbies. Keep that in mind.
Is she hot?

Is that hotness enough that I would tolerate the usual bullshit?

Please keep in mind that I would probably need a buyout clause for the current wife before I am able to move on to this newfound widow, so that should be incorporated into this policy.

Sent from my SM-G950U1 using Tapatalk


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