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Re: Parents bought whole life — what next?

That's a universal life policy, not whole life. If the premium is guaranteed for life, that's a really good deal for a guy with a heart attack history. I'm very skeptical that it's a guaranteed premium though.
by BruDude
Thu Jul 31, 2014 2:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Parents bought whole life — what next?
Replies: 8
Views: 742

Re: A question on long term care insurance

You should search the threads on ltci. Price isn't guaranteed on anything but limited pay polices. They had to request the rate increase from your state insur comm who approved it. It varies from state to state how hard that is to obtain. Nobody knows if you will have further increases. Price isn't...
by BruDude
Sat Jul 26, 2014 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: A question on long term care insurance
Replies: 18
Views: 938

Re: advise for 24 y/o who just bought Index Universal Life

Can you show me a case anywhere in the 50 states where someone gave someone else free financial advice, receiving no compensation, and was successfully sued? I'm not going to derail this post. You can get sued even if the other person is totally wrong. You'll still have to defend yourself and you p...
by BruDude
Sat Jul 26, 2014 5:47 am
 
Forum: Personal Finance (Not Investing)
Topic: advise for 24 y/o who just bought Index Universal Life
Replies: 15
Views: 1066

Re: advise for 24 y/o who just bought Index Universal Life

OP,, no good deed goes unpunished. But partial deeds are good. You are not her investment adviser, financial planner nor her father. And if she is a co-worker I am going to assume she is mentally competent. Why don't you refer her to this forum or even forward her this thread and let her do some re...
by BruDude
Sat Jul 26, 2014 2:05 am
 
Forum: Personal Finance (Not Investing)
Topic: advise for 24 y/o who just bought Index Universal Life
Replies: 15
Views: 1066

Re: advise for 24 y/o who just bought Index Universal Life

OP,, no good deed goes unpunished. But partial deeds are good. You are not her investment adviser, financial planner nor her father. And if she is a co-worker I am going to assume she is mentally competent. Why don't you refer her to this forum or even forward her this thread and let her do some re...
by BruDude
Fri Jul 25, 2014 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: advise for 24 y/o who just bought Index Universal Life
Replies: 15
Views: 1066

Re: Help! Term Life through an Irrevocable Life Insurance Tr

1. There are no direct tax consequences, but if you die within the first three years after transferring the policy to the ILIT, it will be counted against your estate for tax purposes. This is known as the "contemplation of death" rule. 2. You can apply for the life insurance policy with y...
by BruDude
Thu Jul 24, 2014 12:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help! Term Life through an Irrevocable Life Insurance Trust
Replies: 11
Views: 709

Re: Should I Buy a Home Warranty

The only reputable company is American Home Shield. We have used them for six and a half years. In that time they have paid for about $13,000 in work on our two successive homes, both of which were given rave reviews by the home inspectors. Old Republic is great, didn't deny a single claim in the h...
by BruDude
Wed Jul 23, 2014 4:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I Buy a Home Warranty
Replies: 19
Views: 1342

Re: Should I Buy a Home Warranty

The only reputable company is American Home Shield. We have used them for six and a half years. In that time they have paid for about $13,000 in work on our two successive homes, both of which were given rave reviews by the home inspectors. Old Republic is great, didn't deny a single claim in the h...
by BruDude
Wed Jul 23, 2014 3:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I Buy a Home Warranty
Replies: 19
Views: 1342

Re: Should I Buy a Home Warranty

After renting a house that had a home warranty and was used 8 or 9 times in a one year period, I decided to buy one for my new house. Spent $1700 for 5 years of coverage, already claimed about $1200 in the first half of this year. They cover all of the high-end appliances (Viking, GE Monogram, etc) ...
by BruDude
Wed Jul 23, 2014 2:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I Buy a Home Warranty
Replies: 19
Views: 1342

Re: Help with term life insurance initial purchase

There is GVUL and it is paid for by the employee (me). I would have to pay $24.00 every two weeks for $1,000,000 in coverage (given my age of 36). Rate stays the same until I am 40 to 44yo when it will be $39.00 per 2 weeks per $1,000,000. So, for now, that would be annual cost of $624 for $1,000,0...
by BruDude
Tue Jul 22, 2014 4:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with term life insurance initial purchase
Replies: 7
Views: 596

Re: Disability Insurance Question (physician)

A typical student/resident discount is 10% if it's available. If your program has unisex rates, it will save females another 20-30% and usually costs males an extra 10-15%, so sometimes the discount can offset the unisex rates and result in an actual cost increase or slight savings for men. The defi...
by BruDude
Tue Jul 22, 2014 2:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance Question (physician)
Replies: 2
Views: 320

Re: Boglehead Beer

Drank an original w00t stout from Stone last night, aged about a year, was pretty excellent. Saved half for tonight.

Image
by BruDude
Sat Jul 19, 2014 7:07 pm
 
Forum: Personal Consumer Issues
Topic: Boglehead Beer
Replies: 386
Views: 47328

Re: Second Life Insurance Policy with Different Company?

You can have separate policies from as many companies as you want. The companies don't need to know about the policies at the other. The new company will definitely want to know about the prior coverage with the other company. Assuming OP is not going to be "over-insured" it shouldn't mat...
by BruDude
Sat Jul 19, 2014 7:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Second Life Insurance Policy with Different Company?
Replies: 2
Views: 375

Re: Dad had a whole life policy but it sounds like term life

Not all whole life policies pay dividends. This was probably a non participating policy.
by BruDude
Fri Jul 18, 2014 1:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Dad had a whole life policy but it sounds like term life?!
Replies: 25
Views: 1669

Re: Physician disability

I think you're nitpicking the Principal specialty issue a bit much. I can't remember the exact terminology, but I don't recall being worried about it at all. Principal has a good policy, but the fact is the Specialty definition is not included in the contract, and it is better to have the definitio...
by BruDude
Wed Jul 09, 2014 4:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician disability
Replies: 11
Views: 1695

Re: Boglehead Beer

Right now my personal favorite is Lagunitas' Little Sumpin Sumpin. A great West Coast IPA. American Wheat. (Like Bell Oberon, or Three Floyds Gumball Head.) Huh, according to beer advocate you're right. The hop aroma was so strong I just assumed it was an IPA. I'll keep an eye out for Sumpin' Wild....
by BruDude
Wed Jul 09, 2014 4:43 pm
 
Forum: Personal Consumer Issues
Topic: Boglehead Beer
Replies: 386
Views: 47328

Re: Boglehead Beer

Right now my personal favorite is Lagunitas' Little Sumpin Sumpin. A great West Coast IPA. American Wheat. (Like Bell Oberon, or Three Floyds Gumball Head.) Huh, according to beer advocate you're right. The hop aroma was so strong I just assumed it was an IPA. I'll keep an eye out for Sumpin' Wild....
by BruDude
Wed Jul 09, 2014 3:30 pm
 
Forum: Personal Consumer Issues
Topic: Boglehead Beer
Replies: 386
Views: 47328

Re: Boglehead Beer

Right now my personal favorite is Lagunitas' Little Sumpin Sumpin. A great West Coast IPA. I also have enjoyed Orval, Long Trail Saison, and Southern Tier's 2x1 stout and ipa recently. Consistency is the sign of a weak mind :sharebeer If you think Little Sumpin Sumpin is good, you need to try Littl...
by BruDude
Wed Jul 09, 2014 4:50 am
 
Forum: Personal Consumer Issues
Topic: Boglehead Beer
Replies: 386
Views: 47328

Re: Physician disability

I think I was "sold" a mass mutual policy. I was shown guardian and mass policies. I emailed emergdoc about it and his point was that the important is to have something in place. As long as you have a true own occ clause, you are going to be ok. Mass Mutual has a good DI policy, almost on...
by BruDude
Wed Jul 09, 2014 4:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician disability
Replies: 11
Views: 1695

Re: Physician disability

Hi everyone, I am a physician just finishing an ophthalmology residency. Anyone in a similar situation recently who has looked at the various disability policies? I am favoring a MetLife versus a Guardian policy and do not see any differences with the exception of MetLife covering psychiatric issue...
by BruDude
Wed Jul 09, 2014 4:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician disability
Replies: 11
Views: 1695

Re: DI partial disability riders

There's a difference between the Partial Disability rider and Residual Disability rider with most companies. Some companies use the terms interchangeably, but usually the Residual rider will be offered to the white-collar occupation classes (usually Class 3 and above) and the Partial Disabiltiy ride...
by BruDude
Wed Jul 09, 2014 4:38 am
 
Forum: Personal Finance (Not Investing)
Topic: DI partial disability riders
Replies: 1
Views: 251

Re: Cannot qualify for physician disability insurance.

Unfortunately, I cannot qualify for individual disability insurance do to a pre-existing condition. I can't get a clear reason why I can't get a policy offered with a rider to exclude the pre-existing condition. I'm a radiologist, and I'm particularly concerned about losing my vision or something e...
by BruDude
Sun Jul 06, 2014 2:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cannot qualify for physician disability insurance.
Replies: 30
Views: 2365

Re: Long-term disability insurance

I'd look into buying an individual disability insurance policy instead. For a healthy 29 year old, you can expect an individual policy to cost 2-3% of your income for a comprehensive policy. Thanks for your post, BruDude. In your experience, which carriers offer the most comprehensive policies *and...
by BruDude
Fri Jul 04, 2014 4:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Long-term disability insurance
Replies: 22
Views: 1573

Re: Help choosing DI policy

Surprising that MetLife would exclude something and Guardian would not since they are so conservative on their underwriting. $60/month difference probably isn't going to make or break your life, and the Guardian policy IMO is significantly better than Principal's for a physician. The Principal polic...
by BruDude
Mon Jun 30, 2014 12:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help choosing DI policy
Replies: 3
Views: 383

Re: Choosing Insurance Carrier for Term Life Insurance

How did you narrow it to those two? They are usually more expensive than others. Both are good companies
by BruDude
Fri Jun 27, 2014 11:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Choosing Insurance Carrier for Term Life Insurance
Replies: 8
Views: 863

Re: I'm livid -- Disability insurance dishonesty

I believe the discount is 10% for mental/nervous exclusion and 20% for the multi life, for a total of 30%.
by BruDude
Thu Jun 26, 2014 10:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: I'm livid -- Disability insurance dishonesty
Replies: 11
Views: 3087

Re: Should I be worried long term disability insurance won't

Just looked it up and Assurity would assign an occupation class of 2A and allow an age-65 benefit period if you are earning over $40k/year as a W2 employee, or earning over $40k/year for the past two years as a self-employed person.
by BruDude
Thu Jun 19, 2014 2:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I be worried long term disability insurance won't pay
Replies: 12
Views: 1161

Re: Life Insurance Term 80

I was recommended to purchase Term 80 because I said no to whole life. When I realized after year 15 the premiums flew up, I asked for level term 15 (my time frame). When I realized I was paying $300 more per year for NWM 15 year term compared to SBLI, I asked why. When I was told it is because I h...
by BruDude
Thu Jun 19, 2014 1:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Term 80
Replies: 26
Views: 7224

Re: Life insurance with health issues

What's the health condition? Table F is a pretty heavy rating and close to being a total decline (most companies only go up to Table H/Table 8 before declining altogether). USAA has very competitve premiums for people in excellent health, but for someone with a health issue, their underwriting is go...
by BruDude
Thu Jun 19, 2014 1:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life insurance with health issues
Replies: 8
Views: 857

Re: Advice on my life insurance plan

6'7" 310 Principal $250k 30-year term - $418 annually @ Standard-plus rate Genworth doesn't offer 30-year term Genworth $500k 20-year term - $430 annually @ Standard-plus rate Principal $500k 20-year term - $450 annually @ Standard-plus Genworth $750k 20-year term - $620 annually @ Standard-pl...
by BruDude
Thu Jun 19, 2014 7:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice on my life insurance plan
Replies: 13
Views: 745

Re: Advice on my life insurance plan

$60 a month for $500,000/20-year term is outrageous unless you have health problems, smoke or are in a skydiving club. I'm older than you and just started a $1 million policy for $500/year. I think specific life insurance advice is difficult to give without knowing your incomes, assets, debts, expe...
by BruDude
Wed Jun 18, 2014 11:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on my life insurance plan
Replies: 13
Views: 745

Re: Advice on my life insurance plan

What risk class was applied to the policies you already have? $60/mo for a 30-year-old buying a $500k 20-year term policy seems pretty high. Same with $40/mo for a 29-year-old female buying the same coverage. Yeah I kind of always looked back and thought this wasn't the best deal . It's the standar...
by BruDude
Wed Jun 18, 2014 11:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on my life insurance plan
Replies: 13
Views: 745

Re: Advice on my life insurance plan

What risk class was applied to the policies you already have? $60/mo for a 30-year-old buying a $500k 20-year term policy seems pretty high. Same with $40/mo for a 29-year-old female buying the same coverage.
by BruDude
Wed Jun 18, 2014 12:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on my life insurance plan
Replies: 13
Views: 745

Re: Should I be worried long term disability insurance won't

Payment is based upon income at the time of disability meaning if you are taking a long break from work then you are likely to have difficulties. I do not work in the insurance industry but this is my understanding from my own research/policy. This is only true in regards to group disability insura...
by BruDude
Wed Jun 18, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I be worried long term disability insurance won't pay
Replies: 12
Views: 1161

Re: Child Life Insurance

$100k 20-year term on a child would cost about $11/month, or a permanent $100k policy would cost about $25/mo. The biggest problem most parents have after the loss of a child is not the funeral expenses, it's the lost time from work coping with the situation. I've seen long-term disability claims th...
by BruDude
Tue Jun 10, 2014 1:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Child Life Insurance
Replies: 29
Views: 1107

Re: Do I pull the rip cord on this particular whole life pol

Doesn't look like the policy is performing very well....that's a pretty low dividend for a 9 year old policy. A "good" WL policy will usually have the dividends exceeding the premiums by year 8-20 depending on the policy design.
by BruDude
Tue Jun 03, 2014 3:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I pull the rip cord on this particular whole life policy?
Replies: 8
Views: 780

Re: Weighing Term Life Amounts with Disability Insurance

Answers to your questions in order: 1. I agree, and something in the area of $1.5M on yourself and $1M on spouse is reasonable and should not cost that much at your age, assuming you are both in good health. 2. Disability insurance is a relatively complex product. Life insurance is simple - you are ...
by BruDude
Tue Jun 03, 2014 3:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Weighing Term Life Amounts with Disability Insurance
Replies: 2
Views: 345

Re: Please help with disability insurance question

Thanks for a very detailed and incredibly helpful post BruDude. You confirmed what I have been thinking which is the NWM policy is not very strong at all and has numerous significant shortcomings. I am working with an insurance agent who has put out applications to multiple insurers. I do not feel ...
by BruDude
Thu May 29, 2014 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Please help with disability insurance question
Replies: 6
Views: 520

Re: Please help with disability insurance question

The NWM policy definitions are not very good in comparison to the "top tier" own-occupation policies available from Guardian (ProVider Plus), Standard (Protector Platinum), and MetLife (Income Guard). There are a number of major shortfalls with NWM that I've discussed in past DI posts. A f...
by BruDude
Thu May 29, 2014 3:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Please help with disability insurance question
Replies: 6
Views: 520

Re: Estate Taxes--Paying 500k vs. 1 million

Were the life insurance policies owned by an irrevocable life insurance trust?
by BruDude
Sun May 25, 2014 7:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Taxes--Paying 500k vs. 1 million
Replies: 20
Views: 2377

Re: Help with individual long-term disability policy

A few things to mention here... 1. Your group policy has many other "holes" that an individual policy will not have. Probably no COLA, no residual/partial disability coverage, terminates when you leave the employer (and if there is a conversion option it is probably expensive), benefits ar...
by BruDude
Wed May 21, 2014 11:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with individual long-term disability policy
Replies: 9
Views: 636

Re: Advice on disability insurance

Have you looked at MetLife? If you are in a state where their new Income Guard product is available, it's very similar to Guardian's policy. They have a 10% AMA member discount and their occupation classes can be more favorable than Guardian depending on your specific specialty. MetLife also offers ...
by BruDude
Sat May 10, 2014 10:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on disability insurance
Replies: 6
Views: 630

Re: Prudential term policies allow early access to death ben

Almost every term company has this rider, it's called an accelerated death benefit rider. This is not an LTC replacement, you can only use it if you are diagnosed as terminally ill. Any money taken is treated as a loan against the death benefit. There is no cost for these type of riders other than t...
by BruDude
Sat May 10, 2014 3:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Prudential term policies allow early access to death benefit
Replies: 6
Views: 340

Re: Considering not contuning with LTC Insurance

Buying a similar policy today would probably cost you around $7500/year, so I would seriously evaluate your needs when making this decision. If you drop this policy you will never get anywhere near as good of a deal as you have now. Since this policy can probably increase its rates, how good a deal...
by BruDude
Sun May 04, 2014 7:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Considering not contuning with LTC Insurance
Replies: 10
Views: 991

Re: Considering not contuning with LTC Insurance

Buying a similar policy today would probably cost you around $7500/year, so I would seriously evaluate your needs when making this decision. If you drop this policy you will never get anywhere near as good of a deal as you have now.
by BruDude
Sun May 04, 2014 5:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Considering not contuning with LTC Insurance
Replies: 10
Views: 991

Re: Life Term Insurance? 32 yrs old. [Help requested]

The fact that you had a parent die of a heart attack prior to age 60 is a huge factor. Only a couple of top-rated insurance companies will give you their best rate as a result of that fact, at least that's what both Accuquote and an independent insurance agent told me five years ago when I was shop...
by BruDude
Thu May 01, 2014 1:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Term Insurance? 32 yrs old. [Help requested]
Replies: 41
Views: 2430

Re: Life Term Insurance? 32 yrs old. [Help requested]

Policies that require a medical exam will be half the price of policies that don't, and non-medical policies are generally limited to a maximum benefit of $350k or less. Some companies that normally require an exam have relaxed their underwriting and may only require a phone interview for policies ...
by BruDude
Wed Apr 30, 2014 12:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Term Insurance? 32 yrs old. [Help requested]
Replies: 41
Views: 2430

Re: Life Term Insurance? 32 yrs old. [Help requested]

Really appreciate all the advice. So things I now know .... 1) Better to go with a "reputable" insurance company. Costs should still be low but going with a known name is better. Fidelity, Statefarm, Metlife, libertymutual? 2) Consider 1mil instead of 500K. 3) Think about getting term lif...
by BruDude
Wed Apr 30, 2014 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Life Term Insurance? 32 yrs old. [Help requested]
Replies: 41
Views: 2430

Re: Life Term Insurance? 32 yrs old. [Help requested]

I got a postcard in the mail the other day from Ohio National Life. They touted to be (had a nice chart to prove it) the lowest cost term provider across several age groups and policy amounts. The chart included lots of household carriers. They are almost always among the lowest priced term for peo...
by BruDude
Tue Apr 29, 2014 4:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life Term Insurance? 32 yrs old. [Help requested]
Replies: 41
Views: 2430
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