Life Insurance...... opinions.

[turbofabricator]

Yeah, but we don't live in tornado alley. :biggrin: Well, actually, we did have one hit near where I work back in 1988 or so but not on the scale you guys get.

I have a pretty cool insurance agent. I street raced against his GNX a few years back. How bizarre is that??? I have had term insurance for years and was always told I was wasting money, guess not??? Have 500k on me and 250k on the wife. Also have a policy on the mortage if either of us die the house is paid off, hopefully THAT is not a scam.

It will most likely be MUCH cheaper to just increase the face value of your life policy, than to carry a Mortgage protection plan. They are really nothing more than a decreasing term policy. Premiums stay the same, but the face value drops,as your mortgage does. A level term policy for 15 or 20 years will net you about the same, but cheaper. (usually) Ask your agent for a quote on how much (X value......the remainder of your mortgage) is added to your existing policy. If you have an ART, Annual Renewable Term policy, ask him/her to quote you for level term. Look closely at the rate increases on a ART down the road, say 10 years. It really starts to jump fast. Level term may save you money in the long run, maybe not. The goal is to get rid of ALL insurance (life, that is) by the time you are 55 or so. Pay your bills off, and have saved alot of money, you won't need any. Again, think of it as just "Renting an estate until you have the time to build one yourself". It is alot easier to think of it in those terms (there's that word TERM again ) Life insurance isn't so your spouse can become filthy rich if you die. (She MIGHT try to help that plan along. )

 

[GNRick]

I would cancel the policies on the kids. But that's just me. Well, maybe reduce it to 2K per kid if it is cheap.

 

[JOHNDEEREGN]

Well he has finally been in his office enough to meet with me this afternoon
(he was on a 2 week cruise )
Will let you guys know if I need bail money later:biggrin: :biggrin:

Ty

 

[JOHNDEEREGN]

Just called hm to let his office know I was coming.

He said, you have about $5200 in cash value in your policy, I said GREAT!

He then says in 2005 you borrowed $2500 (which I did) against the cash value, sooooo I will have to keep $2500 to pay that off, which will leave me $200 .

I was joking about bail $$ earlier but I REALLY might need it. That is bull ****!

I can see him ONLY keeping a total of $2500 to pay the loan and then I get the remaining$2700.

I sure hope that is what he meant and I mis-understood him.

He also eluded that since my intention is cancelling the policy he "might" not be able to get the company to release in of my remaining cash value.

Come 5 oclock this is going to be settled one way or another