Aldeer.com Forums Alabama Deer Talk Aldeer General Forum Life insurance

You have to die in that term, right? If you don't die during the term, you don't get the $50000 and you're out the $50 a month. If you want to re-up your term policy, the cost will be higher due to age. Also, you may become uninsurable due to illness.

There is no magic bullet to quantify what one may or may not need in regards to face amounts of life insurance. Each person is different in regards to their needs, objectives and what the insurance will ultimately be utilized for. It is not practical for people like the "Dave Ramsey's" of the world to state that one needs 5 or 10 times their income as a general rule of thumb. In my opinion, a person is just trying to sell you something by stating the 5x or 10x income. Any recommendation for life insurance should only be given after a complete and comprehensive review of that person's needs and ability to comfortably afford the premiums.

There are pros and cons to permanent life insurance as well as term. Again, each person is different. My suggestion is to get with a good advisor and purchase the policies that meet the needs necessary to protect your family, business...etc. and always purchase what you can comfortably afford.

If anyone has specific questions, please ask.

Spoken like a true insurance salesman. There are NO pros to insurance with a cash value attached. You ought to buy life insurance like you buy car insurance. How much will your family need after you are in the ground and your house is paid off. This is all I am gonna add to this. Just thinking about it makes my blood boil. Carry on.

Most people really don't understand life insurance one way or the other....hence all the arguments. There' a place for all kinds of insurance. One thing is for sure, if you don't have it and need or want it, you most likely can't get it. Underwriters are smart folks; very similar to bookies and casinos.....They know the numbers.

If you follow his baby steps by the time you reach the end of a term policy you should have ample savings and retirement to not need the insurance. Once you have no more debt and you have a pile of cash insurance is a waste of money every month. If I'm 62 (thats when my term policy will end) and I'm debt free including my mortgage and I have my retirement plus $150000 in the bank then I will not need insurance.

Most guys like myself wife, house, kids, need need 300-500,000 to be safe IMO.
50,000 won't buy much today, and even less in 15-25 yrs.

You'll get there faster if you put the amount of a term life policy in the bank, instead of half.

Term only. Every unbiased financial advisor (anyone who doesn't sell them) I've ever read/heard says never buy permanent life insurance (whole life, variable life, etc). Remember--the purpose of insurance is to transfer risk that I can't take on. If I can't handle the risks of taking care of liabilities after 20,25, or 30 year terms(for me by the time I'm ~50), I haven't planned well.

Never allow someone to talk you into "a life ins policy is an investment." if those are intertwined, it costs you 18-20x more for the same coverage, and most go to commissions and fees. My FIL had a whole life policy "investment", and we recieved 50k at his unexpected relatively-young death (whiich covered some of his his debt)--all things considered (age, etc) we would have recieved nearly $1,000,000 if he would have paid the SAME monthly premium amount to a term policy.

Insurance is an expense, not an investment. Minimize the expense (buy only term policies), and maximize personal investments (long term stock mutual funds & real estate). I totally agree with Dave Ramsey on this one.

"Spoken like a true insurance salesman." I'm assuming that comment was not intended as a compliment. Obviously, you are not in the insurance/investment business or either a very bad agent/advisor. To make the statement that permanent or cash value life insurance is never appropriate for a client is not a factual statement. As stated in my original reply, everyone is different and there are many many situations in which permanent insurance is appropriate. We all have opinions, but your statement does not support the facts of how permanent life insurance can be utilized. The best type of life insurance to have, is that which is in-force when you die. Typically and statistically, only about 3% of term policies ever have a claim filed on them. I'll be happy to provide examples if necessary, but basically want to reiterate that all types of life ins has its place. No one should believe that one type is inherently better or worse than the other, just depends on what you are trying to accomplish.

My brother works for AXA. Private message me and I will put him in touch with whoever needs life insurance or financial planning help.

Somehow I knew exactly what your reply would be.

Good to know that you're clairvoyant in regards to what my thoughts are before I post them. Maybe you just know that I'm correct in saying that different products work for different people. I've been in the business for 13 years and seem to be pretty good at my job. There are many times that permanent insurance is appropriate and in some cases, the only product that will work. In most estate plans, endowments, trusts and especially planned giving, permanent and guaranteed policies are all that may be utilized to fund the contracts. Also, most all insurance companies won't issue term policies on children and every parent should have life insurance on their child in my opinion. Almost 6 years ago, my 7 year old daughter became sick on a Saturday and passed away Sunday morning. She had a virus that attacked her heart and caused sudden heart failure. The medical term is viral myocarditis. The emotional trauma of the loss was devastating to say the least. Had I not purchased a "permanent" life policy to cover the cost of final expenses and supplement lost income from not working for some time, I would have had financial issues to deal with on top of all the emotional issues. So, please trust in the fact that there are times when both permanent or term insurance may be appropriate. Again, it depends on what is trying to be accomplished.