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Re: what should I do with my whole life policy

While I would keep it if I were him, that is only true if he wants some death benefit and some "Bond like" returns. Per his OP, he actually is considering zero bonds. Now I'm not in favor of that but that's what he wrote.
by dhodson
Wed Apr 16, 2014 10:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: what should I do with my whole life policy
Replies: 19
Views: 1134

Re: Help with Whole Life Insurance (Parents Purchased)

Guaranteed is what you get if the company does horrible but at least meets the guarantee (possibly with assistance if necessary). I'd say that's very unlikely but technically possible. The illustrated is if they continue to do exactly the same with their investments and such in the future as they ar...
by dhodson
Wed Apr 16, 2014 9:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 949

Re: what should I do with my whole life policy

Meph, you don't have to get all serious on me. My post was partly in jest. However, if I gave my child a gift, and the "redeployment" or sale of said gift could have made their life better or more comfortable, yet they did not follow through because of sentimental reasons, then I would ne...
by dhodson
Wed Apr 16, 2014 7:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: what should I do with my whole life policy
Replies: 19
Views: 1134

Re: Help with Whole Life Insurance (Parents Purchased)

Whole life insurance really isn't for the individual whose life is insured. Its for the heirs after you die. The OP hasn't really stated that desire but more that this money is for him. If you surrender the insurance (like almost everyone does bc its so lousy), then you get an even worse return with...
by dhodson
Wed Apr 16, 2014 6:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 949

Re: Annuity Rollover

I'd either surrender taking the penalty and taxes on gains or 1035 exchange into a variable annuity like one sold through vanguard. Keep in mind that the 1035 exchange just defers taxes. All gains will still eventually be taxed as income.
by dhodson
Wed Apr 16, 2014 2:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity Rollover
Replies: 4
Views: 179

Re: Help with Whole Life Insurance (Parents Purchased)

No, you are right, it can be

I thought the other number was total dividend
by dhodson
Wed Apr 16, 2014 2:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 949

Re: Help with Whole Life Insurance (Parents Purchased)

Doesn't appear dividend is high enough to pay entire premium.
by dhodson
Wed Apr 16, 2014 1:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 949

Re: what should I do with my whole life policy

Keep in mind that I am not an insurance agent (although unfortunately I too have experience with whole life). Most of the time these are bad decisions to purchase. They are super front loaded with costs/fees/etch and you unlikely need a permanent death benefit which you need to pay for. With that sa...
by dhodson
Tue Apr 15, 2014 7:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: what should I do with my whole life policy
Replies: 19
Views: 1134

Re: Annuities

33 years in the insurance business has taught me to view annuities on only the guarantees. I am less concerned regarding the potential failure of an insurance company. I have never seen any insurance contract with an insolvent company not pay the guarantees. Might want to review this thread http://...
by dhodson
Mon Apr 14, 2014 9:47 pm
 
Forum: Investing - Theory, News & General
Topic: Annuities
Replies: 59
Views: 3744

Re: Help with Whole Life Insurance (Parents Purchased)

These things are front loaded with costs so many times it is better to just keep them but that requires you want to leave some money behind at your eventual death. If you don't want to do that then its harder to make a case for keeping it since gains are taxed as income, you can't tax loss harvest, ...
by dhodson
Mon Apr 14, 2014 12:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Whole Life Insurance (Parents Purchased)
Replies: 15
Views: 949

Re: less you need social security, earlier you should claim

There is no guarantee that claiming early locks in a better deal. They can still reduce benefits just as easily. Why assume claiming early provides any protection? The only protection it definitely assures is that benefits already received could not be unreceived. This discussion can occur without ...
by dhodson
Sun Apr 13, 2014 2:30 pm
 
Forum: Investing - Theory, News & General
Topic: less you need social security, earlier you should claim
Replies: 39
Views: 2735

Re: less you need social security, earlier you should claim

There is no guarantee that claiming early locks in a better deal. They can still reduce benefits just as easily. Why assume claiming early provides any protection?
by dhodson
Sun Apr 13, 2014 1:27 pm
 
Forum: Investing - Theory, News & General
Topic: less you need social security, earlier you should claim
Replies: 39
Views: 2735

Re: Short duration fixed annuity Vs Treasury

(but of course have no protection like FDIC or banks) Not entirely true, annuities are covered by state guarantees which vary from 100K to 300K coverage per annuity company. So while annuities are not covered by FDIC it is not accurate to say they have no protection. the govt doesnt pick up the tab...
by dhodson
Sun Apr 13, 2014 12:19 pm
 
Forum: Investing - Theory, News & General
Topic: Short duration fixed annuity Vs Treasury
Replies: 14
Views: 834

Re: stan the annuity man

you will find on this site that just a few annuities such as single premium fixed annuities are considered good purchases for the protection of ensuring a stream of income for life typically done in retirement. a good agent will be able to tell you which company will provide you the best payout for ...
by dhodson
Sun Apr 13, 2014 12:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: stan the annuity man
Replies: 2
Views: 464

Re: Short duration fixed annuity Vs Treasury

Besides doesn't seem like she will use the money. Better to figure out what it will be used for. If fir something far off then index funds. I was trying to be too polite to mention the bit about what happens to the funds the mother at age 99 could very well do without if the insurance company crash...
by dhodson
Sat Apr 12, 2014 6:44 pm
 
Forum: Investing - Theory, News & General
Topic: Short duration fixed annuity Vs Treasury
Replies: 14
Views: 834

Re: Short duration fixed annuity Vs Treasury

Besides doesn't seem like she will use the money. Better to figure out what it will be used for. If fir something far off then index funds.
by dhodson
Sat Apr 12, 2014 4:52 pm
 
Forum: Investing - Theory, News & General
Topic: Short duration fixed annuity Vs Treasury
Replies: 14
Views: 834

Re: Annuities

I agree with the rest of the post, but this is not so clear (if you mean a commercial oil change) At least at my shop the oil change includes a professional "once over" of the car. Well worth it. :happy Sadly, the quality of the person doing the once over of your vehicle at a commercial o...
by dhodson
Sat Apr 12, 2014 10:21 am
 
Forum: Investing - Theory, News & General
Topic: Annuities
Replies: 59
Views: 3744

Re: Partials vs implants

im happy with my 2 implants
by dhodson
Sat Apr 12, 2014 10:20 am
 
Forum: Personal Consumer Issues
Topic: Partials vs implants
Replies: 27
Views: 2459

Re: Help deciding to surrender Variable Annuity or not

U need to see the actual illustration and realize no step up basis unlike stocks. I doubt it.

To the other poster, get ready for finra to pretend to take you seriously and do nothing.
by dhodson
Fri Apr 11, 2014 6:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help deciding to surrender Variable Annuity or not
Replies: 22
Views: 1074

Re: Help deciding to surrender Variable Annuity or not

They should be able to tell you the payout rate if you tell them when. As I mentioned, it is good to look at the income rider however id be careful about what 6% really is. Many times in insurance speak, they can include return of principle in their number. I'd just be sure to see the illustration a...
by dhodson
Fri Apr 11, 2014 1:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help deciding to surrender Variable Annuity or not
Replies: 22
Views: 1074

Re: Taxes with New Accountant ... Is this for real??? Invest

Your question can't be answered. Nobody here knows exactly what the differences are on your submitted taxes. If you have a question about it then id try TurboTax or the equivalent and see if its near what your accountant says and if not ask him or her why.
by dhodson
Fri Apr 11, 2014 10:51 am
 
Forum: Investing - Help with Personal Investments
Topic: Taxes with New Accountant ... Is this for real??? Investing
Replies: 33
Views: 1869

Re: Annuities

Thank you, everyone. Greatly appreciated. Sounds to me as if in this low interest rate environment, I am a bit late to the party. Also, it seems as if interest rates will continue low for a few years yet. So maybe annuities aren't so attractive for me right now. If you need guaranteed income then a...
by dhodson
Thu Apr 10, 2014 8:43 pm
 
Forum: Investing - Theory, News & General
Topic: Annuities
Replies: 59
Views: 3744

Re: Annuities

You will find that SPIAs are recommended here. It's most of the rest of the annuities that aren't favored.
by dhodson
Thu Apr 10, 2014 1:56 pm
 
Forum: Investing - Theory, News & General
Topic: Annuities
Replies: 59
Views: 3744

Re: New TV or Sound bar?

New tv is unlikely to result in better sound.
by dhodson
Wed Apr 09, 2014 12:44 am
 
Forum: Personal Consumer Issues
Topic: New TV or Sound bar?
Replies: 35
Views: 1702

Re: You have more than enough invested, now how to protect i

Why not start giving away now or when you get closer to those limits?

That way you too can benefit from your gifts. I imagine you might enjoy seeing what your money improves and some people might actually express gratitude to you.
by dhodson
Tue Apr 08, 2014 6:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: You have more than enough invested, now how to protect it
Replies: 9
Views: 1223

Re: Expensive med. test not covered by insurance

This isn't my area of expertise within medicine but I'm not seeing what or why a test was ordered. I didn't order or have ordered any such test before any of our 3 kids. I can understand that this physician might not know the cost and may even be under the false impression that it would be covered. ...
by dhodson
Mon Apr 07, 2014 10:22 pm
 
Forum: Personal Consumer Issues
Topic: Expensive med. test not covered by insurance
Replies: 71
Views: 3220

Re: Financial question about a Doctor’s Visit

Most states have anti-kick back laws About 2-3 times a year i request a specific lab to do a test. This is usually bc i have some concern about the "normal" lab that is contracted to do the test. Either i have already gotten a questionable result with this patient or have significant exper...
by dhodson
Sun Apr 06, 2014 2:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3409

Re: VUL (w/ 50% match) vs. 457B (non-match) vs. 529s

As I mentioned before, I too am a physician. You seem to have a reasonable handle on the situation. Its the best of bad options and I would avoid the VUL if it wasn't for the match. Keep in mind the asset protection thing isn't that great in my view. First off, how often are claims above your malpra...
by dhodson
Wed Apr 02, 2014 9:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: VUL (w/ 50% match) vs. 457B (non-match) vs. 529s
Replies: 16
Views: 669

Re: Saving on major renovations

I'd search the hot deals forum of slickdeals.net for deals on appliances. They come up from time to time. You just don't know when but when they do, you need to be able and willing to jump on the deal before it expires.
by dhodson
Tue Apr 01, 2014 8:51 pm
 
Forum: Personal Consumer Issues
Topic: Saving on major renovations
Replies: 33
Views: 2499

Re: Consequences of a failed HO insurance company...

All companies have a rating. Those ratings don't tell you much about the distant future. Yes the assoc works with the other insurance companies to get the claim paid up to their limits. It isn't backed by state or federal money and it isn't fool proof from my review (I'm not in the finance or insura...
by dhodson
Tue Apr 01, 2014 9:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Consequences of a failed HO insurance company...
Replies: 12
Views: 935

Re: Consequences of a failed HO insurance company...

I'm not sure of your question. If you know the company is in poor shape then why don't you switch now before you have a claim?
by dhodson
Mon Mar 31, 2014 9:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Consequences of a failed HO insurance company...
Replies: 12
Views: 935

Re: A whole life question (put the axes and torches away)

Unfortunately the return may also improve bc of health issues that have developed.
by dhodson
Mon Mar 31, 2014 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Insurance companies invest primarily in bonds

You can do that too

If the investments don't work out then the insurance company can't pay claims like the japan experience. No diversity.

Selling all assets in 2009 isn't necessary.
by dhodson
Sat Mar 29, 2014 5:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

That's why you invest the difference

Then you wouldn't have a need after 30 years period
by dhodson
Sat Mar 29, 2014 5:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

We would not have continually renewed our term life, not knowing how long the child's disabling condition would last. We also likely would not have had term life insurance when one of us had to take early retirement. Term life premiums rise quite bit as one gets older, yet chances of career-changin...
by dhodson
Sat Mar 29, 2014 4:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Whole life is not a popular type of investment here. We would not buy any new today, but would not necessrily discourage young people from steering so far away from it either. Whenever at any point in the now distant past term life insurance or whole life was purchased, it was the best investment t...
by dhodson
Sat Mar 29, 2014 3:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Much better to purchase a policy overfunded to just below Mec levels with PUAs. You would have paid less and had more csv at this point as well as higher death benefit. The initial death benefit would have been lower but easily and more affordable covered by term. Of course you can't change that now...
by dhodson
Sat Mar 29, 2014 1:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: No medical exam term life

Make sure he understands his wish will cost a lot more
by dhodson
Sat Mar 29, 2014 1:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: No medical exam term life
Replies: 4
Views: 340

Re: A whole life question (put the axes and torches away)

It is important for each policy holder to understand what is possible with their policy, but the agent isn't likely to tell anyone that their cost basis can be taken out tax-free. That's why all the data needs to be scrutinized and questions asked at appropriate places. That doesnt make any sense. ...
by dhodson
Sat Mar 29, 2014 12:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Removing cost basis did not affect the face amount death benefit. It did indeed affect the death benefit of the paid up additions, which we deemed not to be needed as insurance anymore. I'm not suggesting any free lunch, just where to park your lunch. Anyone considering removing cost basis needs to...
by dhodson
Sat Mar 29, 2014 11:55 am
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

I would not ever buy a whole life policy after learning what I have in the last 6 months both here and elsewhere. Many years ago, my dad (he owned an insurance agency) bought me a $100k whole life policy. This was over 35 years ago. It has the infamous cash value portion. He paid for it through col...
by dhodson
Sat Mar 29, 2014 11:51 am
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Taking cost basis from the policy did not require us to take a loan from our policy. It did decrease our cash value, however. I'm not not saying that would be true in all cases. One needs to study the annual data summary sheet and ask questions of ins. headquarters. if you are surrendering part of ...
by dhodson
Sat Mar 29, 2014 11:16 am
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: A whole life question (put the axes and torches away)

Since OP has health issues and his wife isn't working, the life insurance provides some extra cushion. Waiting to make a change until several years past retirement will provide a better cushion in case the market drops severely around retirement age. Some recommendations are to be most conservative...
by dhodson
Sat Mar 29, 2014 10:57 am
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: Should I keep Life Insurance?

Yes but all those retirement savings for two now only need to support one.
by dhodson
Fri Mar 28, 2014 11:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I keep Life Insurance?
Replies: 16
Views: 933

Re: A whole life question (put the axes and torches away)

If your health is that poor then it makes it better to keep.
by dhodson
Fri Mar 28, 2014 10:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: A whole life question (put the axes and torches away)
Replies: 40
Views: 2063

Re: Should I keep Life Insurance?

I wouldn't Insurance is a bad bet I think you guys are jumping the gun. We don't know what three times salary means, is it $100,000 pr $400,000. We also don't know if the $2300 is a level premium or if it will increase with age. Would I pay $2300 a month for $400,000 of insurance coverage at age 60?...
by dhodson
Fri Mar 28, 2014 9:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I keep Life Insurance?
Replies: 16
Views: 933

Re: Should I drop my whole life policy?

Growth within whole life insurance is best compared to earnings on fixed income or stable value accounts, not to equities. If you want a little fixed income as a young person, the whole life policy is an alternative means to get it in the current environment. Our whole life insurance accounts have ...
by dhodson
Tue Mar 25, 2014 8:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Should I drop my whole life policy?
Replies: 15
Views: 1152

Re: Should I drop my whole life policy?

Keep in mind paying monthly incurs a large additional fee instead of paying yearly. You are also not getting a 5% return. If you pay yearly, avoid loans, and keep in force until your death then maybe the death benefit will be a5% return income tax free but that isn't guaranteed. The guaranteed retur...
by dhodson
Mon Mar 24, 2014 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I drop my whole life policy?
Replies: 15
Views: 1152

Re: best small business credit card

i use costco business amex for this situation
by dhodson
Sun Mar 23, 2014 2:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: best small business credit card
Replies: 2
Views: 219

Re: Vanguard annuities? Pro's vs cons?

I would be shifting from cash equivalents to a Vanguard annuity (based on a 3-4 fund portfolio) to shield these assets from FAFSA, get a better return and hopefully get a few bucks in financial aid for the kids. There is no reason you should expect a better return though unless they are invested in...
by dhodson
Sun Mar 23, 2014 11:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard annuities? Pro's vs cons?
Replies: 11
Views: 1491
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