Life Insurance

AgronAlum

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Those of you that don’t get enough or any through your employer, who do you go through? Is somewhere like Policy Genius a good option?

I always had a good policy with my previous employer where a years salary was free and another 200k was like 8 or 9 bucks. My current employer has a 25k policy for free but nothing beyond that. I’m in my mid thirties and would probably want around a 200-300k policy again.
 

Cyched

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Policygenius is probably the best site to compare term rates, so that's absolutely a good starting point.

Might not hurt to check with your auto & home provider to see what they have, depending on the company
 

BWRhasnoAC

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Whatever you do don't get term. Whole life gains cash value over time that you can borrow against, without penalty or need to repay, simply gets reduced from final pay out. Plus if you live long enough to satisfy the loan, you get paid.

Term does none of this.
 

Candide

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An independent agent will be able to get you multiple quotes after a few questions. Then you will be able to just pick the policy. You will probably have to get a physical for much over 250k, but they will send a nurse to your house.

The last time I bought a policy, my guy had about 20 different companies for me to choose from. I went with SBLI because they were the cheapest.

I could pm you the Agency info if you want. They are licensed in several states, including Iowa.
 

isu_oak

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Those of you that don’t get enough or any through your employer, who do you go through? Is somewhere like Policy Genius a good option?

I always had a good policy with my previous employer where a years salary was free and another 200k was like 8 or 9 bucks. My current employer has a 25k policy for free but nothing beyond that. I’m in my mid thirties and would probably want around a 200-300k policy again.
My wife and I are each getting about that amount in a term policy through Northwest Mutual. They're probably not the best policies, but we'll both be dropping them soon. We set them up right before having kids and planned to let it ride until we had enough retirement built up to pay off the house and send the kids through college. Luckily, we're probably beyond that point and should be able to drop life insurance all together (besides any free stuff through work).
 
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brianhos

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Whatever you do don't get term. Whole life gains cash value over time that you can borrow against, without penalty or need to repay, simply gets reduced from final pay out. Plus if you live long enough to satisfy the loan, you get paid.

Term does none of this.
I know that's a joke, but people may get confused.
 

Cyched

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Dont get term, its a waste, 99 percent of term policies never pay out. They tell you to get term and invest the rest, but Life insurance shouldnt be a source of income, its protection for those you love.
This runs contrary to the whole life sales pitches I've heard
 
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FallOf81

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If you want the life insurance to pay out regardless of how long you live ... then some of it needs to be permanent cash value insurance of which there are several options. From whole life, universal life and variable universal life where at least you can invest your cash value as you like.
If you need more coverage while you're younger and have kids, mortgage, college paid if die, and a chunk of lost income provided say for 5 or 10 years, then term is a good option as you'll get WAY more death benefit for the buck.
Utilize a financial planner who isn't tied to one company and have them do a needs analysis first. THEN talk options. Make them work for the commission. They'll be paid well if you go with permanent.
 
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allin4clones

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Good advice. I’ve used the income replacement rule. Get enough to replace you income until retirement. Especially if you have young children, mortgages, other debts, etc.
 

Pat

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If you want the life insurance to pay out regardless of how long you live ... then some of it needs to be permanent cash value insurance of which there are several options. From whole life, universal life and variable universal life where at least you can invest your cash value as you like.
If you need more coverage while you're younger and have kids, mortgage, college paid if die, and a chunk of lost income provided say for 5 or 10 years, then term is a good option as you'll get WAY more death benefit for the buck.
Utilize a financial planner who isn't tied to one company and have them do a needs analysis first. THEN talk options. Make them work for the commission. They'll be paid well if you go with permanent.
And, for the love of all that is holy, use a financial planner, not an insurance agent. When the only tool you have is a hammer...
 

FallOf81

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SLOW night on CF when a life insurance thread is leading the pack. Although poetically it does parallel the state of mens BB.
 
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Cyched

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And, for the love of all that is holy, use a financial planner, not an insurance agent. When the only tool you have is a hammer...
You’re telling me the financial planners at Northwestern aren’t the same thing?