I was just going to mention "return of premium" life policies as an option. They are an option to consider if you can't stomach the thought of paying premiums for 20 or 30 years without getting anything back. But as you noted, the premium for a policy with that feature will be more than just a standard term policy - regardless of the carrier.
Life Insurance
- Thread starter AgronAlum
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I was just going to mention "return of premium" life policies as an option. They are an option to consider if you can't stomach the thought of paying premiums for 20 or 30 years without getting anything back. But as you noted, the premium for a policy with that feature will be more than just a standard term policy - regardless of the carrier.
Horrible advice. Buy term life insurance. Get a quote for whole life, then get a quote for term life. Then buy the term life, and invest the difference each month. Your investments will FAR outpace whole life and you'll leave far more for those you leave behind (or be comfortable in retirement). ((personally my policy is through Genworth, which is GE's Insurance Brand. They've been great.))
I was in on the initial return of premium policies. I compared the term policies or normal non return and then return. I was getting a 7% return on my money. They were pushing people hard to it. I am 14 years into that with 1 year remaining. I checked on the very thing for my wife's for when her's came up last year. At that point the return on return of premiums policies was 1 percent. They were no longer the hot thing and they didn't need to push them so the rates got worse. If you are going to do the return of premium, have them price you without that rider and see what you would be making.
It was oversimplified tongue-in-cheek. Just don't be like my parents and buy term and then have it expire and you can't reup it because now you have type 2 diabetes.
Probably a good point. If you’re at risk it might not hurt to look into a guaranteed insurability rider. Or to convert a portion to permanent, if it makes sense.
I worked for a life insurance company very briefly in Florida. We pushed whole life because we sold to many Cubans who understand very well what it's like to lose a loved one early. We wanted to protect their families from their death, as long as you don't miss payments they can't drop you for health risks later in life on whole life.
I'm just repeating what has been previously discussed. Everybody's situation is different. I needed a combination of whole life and term because of significant contingent liabilities. If you have no contingent liabilities, then in general, you buy term for when you need life insurance and invest the difference between the term and the whole life. If there are health issues in your family, or you've been given a bad gene pool and you are in your 20s and 30s, it might make sense to get some whole life before you become uninsurable.
Plan is to have enough in retirement by the time I get the diabeetus, so that won't matter. My death doesn't need to be a lotto ticket for my wife & kids, but they'll be adequately taken care of.
It's great that you're thinking about securing additional life insurance coverage, especially since your current employer's policy might not be sufficient. Policy Genius is definitely a popular option for comparing quotes from different insurance providers.
Personally, I've found that shopping around and comparing quotes from multiple sources can help you find the best coverage at the most competitive rates. It's also worth considering how to backdoor Roth IRA as part of your long-term financial planning strategy.
Ultimately, finding the right life insurance policy is about finding one that fits your needs and budget.
Personally, I've found that shopping around and comparing quotes from multiple sources can help you find the best coverage at the most competitive rates. It's also worth considering how to backdoor Roth IRA as part of your long-term financial planning strategy.
Ultimately, finding the right life insurance policy is about finding one that fits your needs and budget.
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Please send me a private message with your contact information as Im in the market for a $2 million whole life policy.
