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Re: Group term life through employer

By the way, if you are going to out me, why not just do it all the way? Maybe you can post a link to the lemonade story in the paper. That way everyone can see my entire family. Or maybe you can find one the national magazine features for other things in my life in Runners' World or Cooking Light. B...
by Bobbybell
Mon Jul 08, 2013 1:47 am
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Group term life through employer

Wow! Are you really that petty? I point out that you aren't correct, so you feel compelled to out me? That's low. I thought that that kind of behavior would be beneath you, but obviously I am wrong. Since you asked about the lemonade stand as a means to out me, I will still respond because that will...
by Bobbybell
Mon Jul 08, 2013 1:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Group term life through employer

Despite the agent's protests, it would seem to make sense that through-employer coverage would be cheaper since it's comissionless. Need to do some scenarios looking forward to possibly being on your own. If employer offers Group UNIVERSAL Life that might be a better option, and is "portable.&...
by Bobbybell
Mon Jul 08, 2013 12:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Group term life through employer

The difference between you and me is that when I am challenged, I ask to be shown that I am wrong. I am always eager to learn. When you are wrong, you refuse to debate with facts. Instead, you try to get me banned.
by Bobbybell
Sun Jul 07, 2013 11:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Group term life through employer

Over the last 20 years, I have sold thousands of policies. I have never seen a situation where group employer coverage was less expensive for a healthy individual except for small amounts of coverage. When someone thinks that their coverage is less expensive, it is always because they are including ...
by Bobbybell
Sun Jul 07, 2013 5:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Group term life through employer

For a healthy person, the premiums simply aren't competitive. More importantly, there is much more risk with these policies. They are almost always banded in 5 year increments, so a 33 yr old will have a price increase at age 35, 40, 45, etc. The risk is primarily that of leaving one's employer. One...
by Bobbybell
Sun Jul 07, 2013 1:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Group term life through employer
Replies: 43
Views: 2503

Re: Joining a religious order with a poverty vow

For a vow of poverty, might it be enough to simply live in poverty or have assets that can't be touched as opposed to having no assets? I think that the only thing that makes sense in this situation is to talk to the church. If there isn't a solution that works for all parties, it simply is not a go...
by Bobbybell
Fri Jul 05, 2013 8:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Joining a religious order with a poverty vow
Replies: 62
Views: 3135

Re: Long-Term-Care Insurance Leaves Customers Groping

The benefits aren't nebulous. As long as we are talking about "tax qualified" policies, and almost all of the policies are tax qualified, getting claims paid is really not an issue. Surprisingly, claims are fairly black and white. The real issue here is simply whether it is worth the premi...
by Bobbybell
Thu Jul 04, 2013 6:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Part Time CFP/ New Business Idea

Why would someone go to a CFP for tax consulting advice as opposed to a CPA?
by Bobbybell
Thu Jul 04, 2013 6:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Part Time CFP/ New Business Idea
Replies: 19
Views: 1439

Re: Long-Term-Care Insurance Leaves Customers Groping

for many of those items especially 1 and 2, it assumes they have priced the polices correctly. sure they didnt dive in but there isnt great evidence that they are right at this time. for 3 (and many of the other points) you are assuming that they will make the other non ltci policy holders eat the ...
by Bobbybell
Wed Jul 03, 2013 2:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Long-Term-Care Insurance Leaves Customers Groping

for many of those items especially 1 and 2, it assumes they have priced the polices correctly. sure they didnt dive in but there isnt great evidence that they are right at this time. for 3 (and many of the other points) you are assuming that they will make the other non ltci policy holders eat the ...
by Bobbybell
Wed Jul 03, 2013 12:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Long-Term-Care Insurance Leaves Customers Groping

It isnt a gross statement. Its actually fairly reasonable and why some of the cheaper polices have seen increases of up to 90% in the last 2 years bc they were so much cheaper to begin with. Now wether or not they will be cheaper in the end is unknown when you take into consideration both cost incr...
by Bobbybell
Wed Jul 03, 2013 11:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Long-Term-Care Insurance Leaves Customers Groping

The statement about those large mutuals being priced 30-100% higher is a gross generalization at best. When I was selling lots of LTCi, NYL and NML were more expensive than companies like Genworth and Hancock, MassMutual was often the least expensive. This was especially true for healthy people unde...
by Bobbybell
Wed Jul 03, 2013 8:59 am
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Long-Term-Care Insurance Leaves Customers Groping

Since 2002, I have told everybody that if they buy LTCi, price increases are possible. I told them if they bought from NY Life, MassMutual, or Northwestern Mutual, it wasn't very likely that they would ever have a price increase. If they bought from another company, they needed to plan on large pric...
by Bobbybell
Tue Jul 02, 2013 2:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-Term-Care Insurance Leaves Customers Groping
Replies: 61
Views: 4994

Re: Body by Science Workout

I think that the fact that he used to be able to bench 385 makes his improvement rather meaningless for others. Achieving a new level of fitness is very different than getting back to a previous level of fitness. His strength is very impressive.
by Bobbybell
Sun Jun 30, 2013 1:41 pm
 
Forum: Personal Consumer Issues
Topic: Body by Science Workout
Replies: 230
Views: 22245

Re: "Beggar" at gas station - how would you handle it?

This one's pretty easy for me. If the person's car is at the gas station, I would put some gas in their car. If they have a gas can, I would put gas in their can. If they have no car and no gas can, the money is useless to them.
by Bobbybell
Tue Jun 25, 2013 5:55 pm
 
Forum: Personal Consumer Issues
Topic: "Beggar" at gas station - how would you handle it?
Replies: 73
Views: 4458

Re: Sno-balls [Any experience with sno-ball business?]

I had no idea that they existed outside of the Baltimore region. I've seen snowcones lots of places, but no sno balls.
by Bobbybell
Mon Jun 24, 2013 4:58 pm
 
Forum: Personal Consumer Issues
Topic: Sno-balls [Any experience with sno-ball business?]
Replies: 12
Views: 1492

Re: Advice requested - Cashing out whole life insurance poli

By "even using those numbers", I meant that I'm happy to use the numbers that you supplied. I thought that there are cheaper VAs out there, but I don't know since I don't sell them. Let's use a cost difference of .5%. After tax, assuming only capital gains taxes for the mutual fund (7.5% r...
by Bobbybell
Mon Jun 24, 2013 3:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

Even using those numbers, it doesn't change the fact that the math favors the VA.

If one adjusts their portfolio to put tax inefficient investments inside of the VA, the difference becomes even greater.
by Bobbybell
Mon Jun 24, 2013 10:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

How much money needs to be involved to make it worthwhile is a personal decision. However, since it is very little effort, for most people, it doesn't have to be a big number. Regardless, it doesn't change the fact that mathematically, it makes sense. Here's an easy realistic example to make the poi...
by Bobbybell
Mon Jun 24, 2013 9:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

We are all entitled to our own opinions. We aren't entitled to our own facts. I can only assume that you are sticking to your guns because you don't like to admit when you are wrong or you have have never done the math. The math makes it quite clear that if a person has a loss on a life insurance po...
by Bobbybell
Mon Jun 24, 2013 8:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529

Thanks for catching that. I meant to say that contributions come out first.
by Bobbybell
Sun Jun 23, 2013 9:16 pm
 
Forum: Investing - Theory, News & General
Topic: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529
Replies: 13
Views: 336

Re: Circling vultures...advisors looking for access to resid

Is there ever any reason to hold a variable annuity in an IRA if you don't need a death benefit, you have a long-term horizon and are early in an accumulation stage? I want to be careful in how I answer this. My assumption is that the VA is not appropriate for her. However, the answer to your speci...
by Bobbybell
Sun Jun 23, 2013 4:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Circling vultures...advisors looking for access to residents
Replies: 109
Views: 7974

Re: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529

529 plans work differently and this is why I recommend multiple 529 plans. The only plans that get aggregated is if they are with the same state, owner, and beneficiary. Also, withdrawals are proportional So, here is how it would work with 529 plans: (Contributions of $5K into each. Plan1 - Present ...
by Bobbybell
Sun Jun 23, 2013 3:03 pm
 
Forum: Investing - Theory, News & General
Topic: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529
Replies: 13
Views: 336

Re: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529

By the way, for Required Minimum Withdrawals from regular IRA accounts, the IRS requires an RMD in the same percentage from each and every IRA account. You cannot pick and choose. Keith That is not accurate. The IRS treats it as one giant account, but the money can be removed from any specific acco...
by Bobbybell
Sun Jun 23, 2013 2:55 pm
 
Forum: Investing - Theory, News & General
Topic: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529
Replies: 13
Views: 336

Re: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529

Hi All, I was looking recently at potential advantages from holding multiple accounts and wanted to ask some opinions on it. If I owned 4 ROTH IRA's with different institutions, each contribution being $5K and the following P/L occurred over time: Plan1 - Present Value $6000 Plan2 - Present Value $...
by Bobbybell
Sun Jun 23, 2013 2:54 pm
 
Forum: Investing - Theory, News & General
Topic: Tax Lot Selecting Via Multiple Accounts - ROTH /or 529
Replies: 13
Views: 336

Re: Advice requested - Cashing out whole life insurance poli

The problem with your "obvious" reason is that it completely misses the key point. The taxes and possible penalties are only on gains. My post was about doing a 1035 exchange when the cost basis is greater than the surrender value and then cashing out when they are close to equal. You are ...
by Bobbybell
Sun Jun 23, 2013 2:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

ole Meph,

It has nothing to do with wanting or needing an annuity. If an annuity is going to result in a larger after tax return than a comparable mutual fund, why would one choose a mutual fund? Why would someone choose to pay taxes on a gain if they can have it tax free?
by Bobbybell
Fri Jun 21, 2013 6:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

Way before I was a boglehead, I got a whole life insurance thru, wait for it, USPA-IRA which became First Command. The sales pitch was good and thru these years I have been dutifully contributing to my whole life insurance policy without truly knowing my insurance needs...my bad. I am now in the pr...
by Bobbybell
Fri Jun 21, 2013 3:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

If the policy has a loss AND if the money is going to be invested or saved in a non-qualified account, AND an inexpensive variable annuity is used for the investment, I can't come up with a realistic fact pattern that makes the annuity a bad idea. Keep in mind that the money only needs to stay in t...
by Bobbybell
Fri Jun 21, 2013 3:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Advice requested - Cashing out whole life insurance poli

If the policy has a loss AND if the money is going to be invested or saved in a non-qualified account, AND an inexpensive variable annuity is used for the investment, I can't come up with a realistic fact pattern that makes the annuity a bad idea. Keep in mind that the money only needs to stay in th...
by Bobbybell
Fri Jun 21, 2013 1:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Retirement Income from Life Insurance

Plus, many VULs have weird rules where you don't actually get stock market returns.. They might have a cap of 1.5% a month... so the market may return 15% in a year, but if most of that happened in 3 months (say 3% each month), you won't see the same return in the VUL... Plus VULs don't calculate d...
by Bobbybell
Fri Jun 21, 2013 10:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Income from Life Insurance
Replies: 42
Views: 2801

Re: Advice requested - Cashing out whole life insurance poli

If you do decide to cancel your whole life policy, how you do it is also very important. This is especially true if you have a loss in your policy or if you have a gain, but don't want to pay taxes on it. Ex. Cost basis = $35,000 and cash surrender value = $25,000 If you simply surrender your policy...
by Bobbybell
Fri Jun 21, 2013 10:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice requested - Cashing out whole life insurance policy
Replies: 39
Views: 1851

Re: Circling vultures...advisors looking for access to resid

i guess you never heard of guardian or North western mutual. Both have fixed loan rates of 8%. They arent the only ones but both are pretty common players for whole life so you might want to do some research. Northwestern Mutual has a fixed loan rate that is guaranteed to be not more than 8%. Their...
by Bobbybell
Fri Jun 21, 2013 8:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Circling vultures...advisors looking for access to residents
Replies: 109
Views: 7974

Re: Who is the owner of the 529 Plan in your family? (Poll)

Slug, it is yours even if your child is the beneficiary. If it might ultimately be used for your child's education and there is a decent amount of money in the plan, it makes sense to name your child now instead of waiting. This takes it out of your estate and prevents you from having to make a bigg...
by Bobbybell
Tue Jun 04, 2013 2:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: Who is the owner of the 529 Plan in your family? (Poll)

Sorry, but you have me confused about what is confusing you. If you tell me exactly what is confusing you, I will try to clarify it for you.
by Bobbybell
Tue Jun 04, 2013 9:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: Navy Mutual for Term Life Insurance?

They appear to be very competitive for 30 year term and not so competitive for 20 year term.
by Bobbybell
Mon Jun 03, 2013 8:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Navy Mutual for Term Life Insurance?
Replies: 4
Views: 509

Re: When to consider buying long-term care insurance?

For individuals, it is not the premium that can possibly be deducted. It is only the "eligible" premium. Business owners, depending upon how their business is structured, may be able to deduct the actual premium.
by Bobbybell
Mon Jun 03, 2013 8:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4225

Re: I want health insurance that will never deny my claim

Not in Maryland. Maryland has no chargemasters, it has an all-payer government rate-setting system for hospitals. All payers pay the same rate. http://www.hscrc.state.md.us/documents/HSCRC_PolicyDocumentsReports/GeneralInformation/MarylandAll-PayorHospitalSystem.pdf You are missing the key point. T...
by Bobbybell
Mon Jun 03, 2013 2:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: I want health insurance that will never deny my claim
Replies: 33
Views: 3051

Re: Whole Life vs Term? Help please...

Thanks Letsgobobby, I think the thread you attached is the one that got me thinking about my policies in the first place! I'll order the 2 illustrations mentioned ASAP, but the thread also confuses me a bit more! Maybe I bought into the worst-ever whole life policy but American General (at my reque...
by Bobbybell
Mon Jun 03, 2013 2:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole Life vs Term? Help please...
Replies: 59
Views: 2781

Re: I want health insurance that will never deny my claim

Not in Maryland. Maryland has no chargemasters, it has an all-payer government rate-setting system for hospitals. All payers pay the same rate. http://www.hscrc.state.md.us/documents/HSCRC_PolicyDocumentsReports/GeneralInformation/MarylandAll-PayorHospitalSystem.pdf You are missing the key point. T...
by Bobbybell
Sun Jun 02, 2013 9:55 am
 
Forum: Personal Finance (Not Investing)
Topic: I want health insurance that will never deny my claim
Replies: 33
Views: 3051

Re: I want health insurance that will never deny my claim

I live in Maryland, where the government sets the rates that hospitals can charge. The rate is the same for the uninsured, for Medicaid, Medicare, and private health insurance. So if the absolute worst happens, and I wind up in the hospital, and my insurer denies my claim, at least I won't have to ...
by Bobbybell
Sun Jun 02, 2013 7:03 am
 
Forum: Personal Finance (Not Investing)
Topic: I want health insurance that will never deny my claim
Replies: 33
Views: 3051

Re: California affordable care act rates for 2014 released

I believe that there is a really important point that is completely being missed in the individual marketplace discussion. With Obamacare, the young are subsidizing the old and the healthy are subsidizing the unhealthy. It is critical that people who are young and healthy buy insurance for this to w...
by Bobbybell
Sat Jun 01, 2013 9:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: California affordable care act rates for 2014 released
Replies: 143
Views: 12373

Re: Who is the owner of the 529 Plan in your family? (Poll)

Lon wrote:As a grandfather, I am the owner of my grandchildren's 529 with their father's as the contingent owner.


Just make sure to understand the financial aid implications. If aid is a possibility, using this plan before senior year could cause college costs to be more than they otherwise would be.
by Bobbybell
Sat Jun 01, 2013 9:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: Who is the owner of the 529 Plan in your family? (Poll)

We, the grandparents, are funding the plans. We are gifting the money to our daughters who are the owners of the plans. Reason: Minnesota has a fairly low inheritance tax and my wife and I want to get some of our assets out of our names. Unless am missing something, what you are doing doesn't make ...
by Bobbybell
Sat Jun 01, 2013 9:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: Who is the owner of the 529 Plan in your family? (Poll)

From a financial aid standpoint, it is often best to have multiple plans with some owned by grandparents, some by parents and some owned by younger siblings. The issue with grandparents owning the 529 plan is when you withdraw from the plan and pay the grandchild's tuition, the withdrawal is consid...
by Bobbybell
Sat Jun 01, 2013 8:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: When to consider buying long-term care insurance?

Ourbrooks, you truly are posting incorrect information.
by Bobbybell
Sat Jun 01, 2013 6:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4225

Re: Who is the owner of the 529 Plan in your family? (Poll)

From a financial aid standpoint, it is often best to have multiple plans with some owned by grandparents, some by parents and some owned by younger siblings.
by Bobbybell
Fri May 31, 2013 8:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who is the owner of the 529 Plan in your family? (Poll)
Replies: 25
Views: 1539

Re: Seeking corporate trustee 4 irrevocable life insurance t

I've decided to hold off on the ILIT and thought of alternatives. I believe that if my wife is the owner and beneficiary of the term life insurance policy (I am the only insured party here), then it would NOT be part of my estate if I were to die and my wife were to survive me. I think this would s...
by Bobbybell
Tue May 28, 2013 10:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Seeking corporate trustee 4 irrevocable life insurance trust
Replies: 26
Views: 4368

Re: When to consider buying long-term care insurance?

I agree you must consider wealth. I have read that if your net worth is less than $0.5MM, no point in buying LTCi as you will be going on Medicaid. Over $2MM, you can afford to self insure. In between, consider LTCi. Consumer Reports did a piece with similar recommendations. I feel like I have to p...
by Bobbybell
Mon May 27, 2013 1:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: When to consider buying long-term care insurance?
Replies: 64
Views: 4225
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