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by BruDude
Thu May 21, 2015 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Whole life or term life?
Replies: 15
Views: 808

Re: Whole life or term life?

Why is he only considering 10-year term? If his wife is 17 years younger and the child is only 5, it seems at least a 15-20 year term would be more appropriate. He could still get 30-year term with some companies at his age too.
by BruDude
Sun May 17, 2015 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 49
Views: 3075

Re: Healthcare Sharing Ministry A No Brainer?

I don't have any experience with healthcare sharing ministries but I took a look at the Liberty Healthshare website and read this on the Legal Notices page at http://www.libertyhealthshare.org/legal-notices : This program is not an insurance company nor is it offered through an insurance company. T...
by BruDude
Sat May 16, 2015 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 49
Views: 3075

Re: Healthcare Sharing Ministry A No Brainer?

Avoid. Since they are not a legal insurance company they have no obligation to pay for a large claim and you may have no recourse. I believe you would also still have to pay the penalty for having non compliant coverage too.
by BruDude
Mon May 04, 2015 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: Too much insurance???
Replies: 9
Views: 948

Re: Too much insurance???

Your disability insurance from work probably does not cover what you think it covers.
by BruDude
Fri May 01, 2015 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

Interesting results, about what I expected. Assuming a 30 year old male ER doc at regular rates, making the comparison as apples-to-apples as possible: -Age-67 benefit period -90-day elimination period -Guaranteed renewable/non-cancellable -$5k/month Total Disability benefit -$5k/month Catastrophic ...
by BruDude
Thu Apr 30, 2015 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

If a Guardian policy was $2000 and Principal was $1800, I'd buy Guardian. Some people would rather save the money and I don't blame them, that's why I offer all of the options instead of being captive to one company. Everyone has their own budget and risk tolerance. But if the Guardian policy were ...
by BruDude
Thu Apr 30, 2015 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

Principal puts emergency docs in a less expensive occupational class than some of their competitors. So you get a similar policy for less money. If I were buying another policy today, it would be a Principal one. http://whitecoatinvestor.com/disability-insurance-occupational-classes/ My wife is an ...
by BruDude
Wed Apr 29, 2015 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

Principal puts emergency docs in a less expensive occupational class than some of their competitors. So you get a similar policy for less money. If I were buying another policy today, it would be a Principal one. http://whitecoatinvestor.com/disability-insurance-occupational-classes/ ER doc is a 4M...
by BruDude
Wed Apr 29, 2015 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

Principal puts emergency docs in a less expensive occupational class than some of their competitors. So you get a similar policy for less money. If I were buying another policy today, it would be a Principal one. http://whitecoatinvestor.com/disability-insurance-occupational-classes/ ER doc is a 4M...
by BruDude
Wed Apr 29, 2015 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: SSDI and LTD
Replies: 15
Views: 731

Re: SSDI and LTD

I would have the attorney do everything if it doesn't cost you any money. The insurance company has an interest in making sure the SSDI benefits get paid out to reduce their own obligation. Navigating the SSDI system on your own could be a massive PITA. Just make sure to read the fine print of any ...
by BruDude
Wed Apr 29, 2015 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: SSDI and LTD
Replies: 15
Views: 731

Re: SSDI and LTD

I would have the attorney do everything if it doesn't cost you any money. The insurance company has an interest in making sure the SSDI benefits get paid out to reduce their own obligation. Navigating the SSDI system on your own could be a massive PITA. Just make sure to read the fine print of any d...
by BruDude
Tue Apr 28, 2015 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 3
Views: 354

Re: Life Insurance

They probably dropped the contract because nobody ever used it. I wouldn't worry about it.
by BruDude
Tue Apr 28, 2015 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Own Occ Disability Insurance
Replies: 20
Views: 1440

Re: Physician Own Occ Disability Insurance

Guardian or MetLife are probably your best options if you're ok with the 24-month mental/nervous benefit limitation. There is a discount provided because of the limitation requirement since it is based on your occupation and not health-related reasons. Standard will give you unlimited mental/nervous...
by BruDude
Tue Apr 14, 2015 1:40 pm
Forum: Personal Consumer Issues
Topic: Input wanted from BMW owners
Replies: 44
Views: 4481

Re: Input wanted from BMW owners

rjaycox wrote:
ginmqi wrote:I acknowledge my bias against BMWs. I am personally a car guy and one of my future cars WILL be a E39 M5.


I fixed your statement for you. :D
You will love that car! Just sayin'....


Russ


x2, just keep it out of the shop :shock:
by BruDude
Mon Apr 13, 2015 1:37 pm
Forum: Personal Consumer Issues
Topic: Input wanted from BMW owners
Replies: 44
Views: 4481

Re: Input wanted from BMW owners

Jeeze, why would anyone buy one of these things. In laws friends were describing how it costs $300 to change a battery because some setting on the car has to be reset and you cant do it yourself. What a ripoff. Because the V8 revving to 8200 RPMs with a catless exhaust is just incredible :sharebeer...
by BruDude
Sun Apr 12, 2015 8:33 pm
Forum: Personal Consumer Issues
Topic: Input wanted from BMW owners
Replies: 44
Views: 4481

Re: Input wanted from BMW OWNERS

I Would love to hear from bmw owners on how much I should budget for repairs maint. A lot. I have an M3, fortunately with extended warranty. A few months ago the evaporator unit for the a/c went out, would have cost $3,400 to fix without the warranty. I had a 335 diesel, the gas tank sensor broke (...
by BruDude
Sun Apr 12, 2015 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Barrons Article on LTC Insurance
Replies: 12
Views: 1097

Re: Barrons Article on LTC Insurance

How would someone with a net worth of $5 million benefit from LTCi? If I understand things correctly, the policies which are available now have a max 5 year payout. Even at $200K per year, that's only 20% of the person's net worth. And $200K per year is the SWR. This makes no sense. By paying less ...
by BruDude
Sat Apr 11, 2015 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term care hybrid insurance - is this a good idea?
Replies: 12
Views: 1461

Re: Long-term care hybrid insurance - is this a good idea?

The other advantage of the hybrid products is that underwriting is more lenient, because the risks balance out. Long-term-care insurance is more expensive for the insurer if you are in poor health, and thus insurers won't offer it unless you meet medical standards. An annuity is more expensive for ...
by BruDude
Fri Apr 10, 2015 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term care hybrid insurance - is this a good idea?
Replies: 12
Views: 1461

Re: Long-term care hybrid insurance - is this a good idea?

IMO the only reason to use a hybrid product is if you are on the fence and want the return of premium option in case you get cold feet a few years in. Long term care insurance is for long term care insurance and life insurance is for life insurance. Combining the two products doesn't magically make ...
by BruDude
Fri Apr 10, 2015 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Why pay more than face value for a gift card
Replies: 19
Views: 1933

Re: Why pay more than face value for a gift card

With gift cards on ebay a lot of it is related to credit card fraud. People create both buyer and seller accounts and then use stolen credit card numbers to "buy" items for well over their actual value. Essentially they are just milking cash out of the stolen cards. x2 They are usually bo...
by BruDude
Thu Apr 09, 2015 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Disability insurance - is until age 65 worth it?
Replies: 9
Views: 754

Re: Disability insurance - is until age 65 worth it?

I kept my disability policy until my portfolio was at a point able to cover most of the disability payment. I think it also was designed to age 65. In your case, 5 years would make me squirm. It sounds like you won't be ready to go bare, and the next policy premium may be out of reach at that point...
by BruDude
Thu Apr 09, 2015 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Disability Income Insurance - Individual vs Group
Replies: 7
Views: 244

Re: Disability Income Insurance - Individual vs Group

Your current policy will have much better benefits than any group policy you will find. The agent is also correct that having group disability insurance available to you will limit the amount of FIO you can exercise, except you may not be able to opt out of the employer coverage. If the employer pa...
by BruDude
Thu Apr 09, 2015 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Disability insurance - is until age 65 worth it?
Replies: 9
Views: 754

Re: Disability insurance - is until age 65 worth it?

At age 45, there is a decent argument for a 10-year benefit versus age-65, but I would take the age-65 over a 5-year benefit if you can afford it. 98% of term life insurance policies never pay a dime, but people still buy it....statistics that apply to large groups of people as a whole shouldn't imp...
by BruDude
Thu Apr 09, 2015 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Disability Income Insurance - Individual vs Group
Replies: 7
Views: 244

Re: Disability Income Insurance - Individual vs Group

Your current policy will have much better benefits than any group policy you will find. The agent is also correct that having group disability insurance available to you will limit the amount of FIO you can exercise, except you may not be able to opt out of the employer coverage. If the employer pa...
by BruDude
Thu Apr 09, 2015 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Disability Income Insurance - Individual vs Group
Replies: 7
Views: 244

Re: Disability Income Insurance - Individual vs Group

Your current policy will have much better benefits than any group policy you will find. The agent is also correct that having group disability insurance available to you will limit the amount of FIO you can exercise, except you may not be able to opt out of the employer coverage. If the employer pay...
by BruDude
Tue Apr 07, 2015 3:22 am
Forum: Personal Finance (Not Investing)
Topic: should my disability premium be rising
Replies: 3
Views: 473

Re: should my disability premium be rising

Did you buy a policy with a graded premium? Most disability policies have level premiums, and the majority of those have guaranteed premiums too. Seems like I must have. If you are telling me most polices have level premiums, that is really all I need to know. If your policy has a graded premium, t...
by BruDude
Mon Apr 06, 2015 1:20 am
Forum: Personal Finance (Not Investing)
Topic: 20 year term life, 500k each or 1m each
Replies: 10
Views: 1482

Re: 20 year term life, 500k each or 1m each

Is that $71 and $52 per month supposed to be for each person, or combined?
by BruDude
Mon Apr 06, 2015 1:18 am
Forum: Personal Finance (Not Investing)
Topic: should my disability premium be rising
Replies: 3
Views: 473

Re: should my disability premium be rising

Did you buy a policy with a graded premium? Most disability policies have level premiums, and the majority of those have guaranteed premiums too.
by BruDude
Mon Apr 06, 2015 12:20 am
Forum: Personal Finance (Not Investing)
Topic: 2 months out of health insurance coverage
Replies: 4
Views: 810

Re: 2 months out of health insurance coverage

hmw wrote:I don't think you will pay a penalty if your gap is less than 3 months.


x2, no penalty
by BruDude
Mon Mar 30, 2015 11:25 am
Forum: Personal Finance (Not Investing)
Topic: My Term Life Insurance
Replies: 39
Views: 3655

Re: My Term Life Insurance

on disability insurance---fyi---you can't buy it until you are set to actually make money. While you can decide to take less they rarely allow you to insure for more than 60% of your income. Physicians and other high-earning occupations can get coverage before they start working. Residents can get ...
by BruDude
Sun Mar 29, 2015 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: My Term Life Insurance
Replies: 39
Views: 3655

Re: My Term Life Insurance

1. One thing the insurance agent told me was that combining the spouses policy on to mine as a rider actually saved costs for the very reason that they were combined. He could be wrong and I could be wrong, but I would think two policies are more complicated than one policy with a rider. But the ov...
by BruDude
Fri Mar 27, 2015 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: My Term Life Insurance
Replies: 39
Views: 3655

Re: My Term Life Insurance

Seems high. $3M for the full 30 years for someone in perfect health would be $139/mo with Assurity and $150-160/mo with a few others. $500k 20 years on your wife is probably $20/month. If you subtract out everything but my life insurance, it was $150/month. As a comparison, the same laddered policy...
by BruDude
Fri Mar 27, 2015 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: My Term Life Insurance
Replies: 39
Views: 3655

Re: My Term Life Insurance

Seems high. $3M for the full 30 years for someone in perfect health would be $139/mo with Assurity and $150-160/mo with a few others. $500k 20 years on your wife is probably $20/month.
by BruDude
Thu Mar 26, 2015 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Cheap Disability insurance
Replies: 17
Views: 1773

Re: Cheap Disability insurance

I bought the Metlife Income Guard last year as it was cheaper than Guardian after taking the AMA discount. Did not see any differences then. However, I realized a difference later. One thing to note about Metlife Income Guard. The catastrophic is for "irrecoverable damage", but for Guardi...
by BruDude
Tue Mar 24, 2015 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need irrevocable life insurance trust (ILIT)?
Replies: 27
Views: 1903

Re: Do we need irrevocable life insurance trust (ILIT)?

I really appreciated your earlier posts on this subject. I tinkered with the idea of having an ILIT policy several years ago when the exemption levels were much lower and the projections for our estate would have us exposed to substantial estate taxes. Back then, we never got quotes for annual prem...
by BruDude
Tue Mar 24, 2015 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need irrevocable life insurance trust (ILIT)?
Replies: 27
Views: 1903

Re: Do we need irrevocable life insurance trust (ILIT)?

Let me start out: I am an estate planning attorney and do not sell life insurance. * * * If it's goal number 2, you do not need to buy a full $10 million insurance to address where you plan to have your finances in 20 years (10 million), because even at the old 55% tax rates you only would need $4....
by BruDude
Mon Mar 23, 2015 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need irrevocable life insurance trust (ILIT)?
Replies: 27
Views: 1903

Re: Do we need irrevocable life insurance trust (ILIT)?

If you are going to have that large of a life insurance policy, then yes you should set up an ILIT to remove the proceeds from the value of the estate. If you do not have the policy in an ILIT and the excess over the exemption becomes subject to the estate tax, it's going to cost your child(ren) and...
by BruDude
Thu Mar 19, 2015 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions and advice for term life policy
Replies: 20
Views: 1344

Re: Suggestions and advice for term life policy

powermega, Thank you for posting that information. It's a interesting solution to the longer-term LI need. In our case, we fully want our D to be self-supporting after the completion of her education and the term LI is intended to cover her educational costs. Frankly I wish there was a "declin...
by BruDude
Thu Mar 19, 2015 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Accident insurance to cover health insurance deductible?
Replies: 6
Views: 473

Re: Accident insurance to cover health insurance deductible?

If the $15/mo will cover your entire $6k deductible in the event an accident, I would say it's worth paying for unless that $15 is really going to make a difference in your budget. You would only need one major accident every 30 years to justify the expense. I have a lot of clients with accident pla...
by BruDude
Thu Mar 19, 2015 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions and advice for term life policy
Replies: 20
Views: 1344

Re: Suggestions and advice for term life policy

Brudude, Is the declining-value Prudential policy a level-term? Because we don't want to deal with increasing premiums over the next 10 years. If it's a regular term, then I haven't shopped for those policies. I could buy 2-level term policies, each at half the desired insured value and let one lap...
by BruDude
Thu Mar 19, 2015 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Suggestions and advice for term life policy
Replies: 20
Views: 1344

Re: Suggestions and advice for term life policy

Several companies offer "term" on a UL chassis. I believe they do it for different reserve requirements. Term benefits decrease on their own just bc of inflation. The benefits don't decrease, they just become less valuable over time. I would almost always buy a regular term policy over a ...
by BruDude
Thu Mar 19, 2015 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Suggestions and advice for term life policy
Replies: 20
Views: 1344

Re: Suggestions and advice for term life policy

powermega, Thank you for posting that information. It's a interesting solution to the longer-term LI need. In our case, we fully want our D to be self-supporting after the completion of her education and the term LI is intended to cover her educational costs. Frankly I wish there was a "declin...
by BruDude
Mon Mar 16, 2015 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: when did/would you terminate disability insurance?
Replies: 35
Views: 2831

Re: when did/would you terminate disability insurance?

Anyone relying on group disability insurance for coverage should read your policy carefully and understand exactly how it works. It probably does not cover what you think it covers. SSDI is just about worthless and even if you qualify, the payouts are minimal compared to what most people on BH are e...
by BruDude
Sun Mar 15, 2015 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Insurance as asset protection
Replies: 40
Views: 3170

Re: Whole Life Insurance as asset protection

Here's a list of asset protection laws from different states: http://www.assetprotectionsociety.org/state-asset-protection-laws/ We once had someone contact us on behalf of a pretty well known musician looking to buy a $10M whole life policy in Florida since the state protects all cash value inside ...
by BruDude
Thu Mar 12, 2015 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance...
Replies: 6
Views: 400

Re: Term Life Insurance...

Hey guys I would like to get some advice on Term Life Insurance and I figured you guys would be the best for it. I just turned 30 and bought a house (~415k left on the mortgage). No kids, No Wife, Non-Smoker, Excellent shape. If I go, I would like to be able to leave my beneficiaries (whoever they ...
by BruDude
Thu Mar 05, 2015 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Good Expensive Dental Plans
Replies: 12
Views: 1092

Re: Good Expensive Dental Plans

Don't know about California and implants, but have you looked at MetLife Dental as an option? For what they do cover, they seem to process claims quickly and pay providers faster then many. I don't think MetLife sells individual dental insurance in any states, but I could be wrong. They mostly do g...
by BruDude
Thu Mar 05, 2015 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Good Expensive Dental Plans
Replies: 12
Views: 1092

Re: Good Expensive Dental Plans

Spirit Dental covers implants but the benefits are reduced in the first two years of the policy. I think in the first policy year they cover 10-20% of charges, and by the third policy year they cover ~50%. They have the highest maximum benefit I've seen anywhere, up to $3500 annually (most plans lim...
by BruDude
Mon Mar 02, 2015 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Disability insurance
Replies: 4
Views: 410

Re: Disability insurance

Some professional associations, AMA, ABA, offer group coverage. Some college alumni groups also offer this. You can make this more affordable by choosing a longer waiting period before collecting benefits. Social Security Disability becomes available after 5 years for those that are totally disable...
by BruDude
Mon Mar 02, 2015 2:12 am
Forum: Personal Finance (Not Investing)
Topic: Disability insurance
Replies: 4
Views: 410

Re: Disability insurance

Group disability and individual disability insurance are really two completely different products. I would not even try to compare the price of an individual policy with group - yes, group coverage will usually be cheaper, but the coverage isn't nearly as good. There are a lot of policy terms/defini...
by BruDude
Fri Feb 27, 2015 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance - how much is needed
Replies: 18
Views: 1490

Re: Life insurance - how much is needed

8-15x income for someone your age is usually in the ballpark. It really depends what you want to cover - do you want to fund college educations for children? Replace income for your spouse? Pay off all debts and mortgage? Here's a good needs calculator that you can play around with: http://www.lifeh...

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