Search found 2587 matches

by BruDude
Wed Oct 11, 2017 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance as an inheritance?
Replies: 10
Views: 500

Re: Term Life Insurance as an inheritance?

Hi, I was wondering if anyone continues their term-life insurance, even after they are financially independent and/or have retired? I was looking at term4sale.com, and for a 50-year-old male, a $1 million, 30-year term life costs about $2,500 to $3,000 per year. So, at the worst (or best?) case, he...
by BruDude
Wed Oct 04, 2017 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: How much term life insurance is enough?
Replies: 11
Views: 1009

Re: How much term life insurance is enough?

If your income is $100k and you want income replacement, you are probably looking in the range of $1-3M depending on how much income you want to replace.
by BruDude
Mon Oct 02, 2017 10:02 am
Forum: Personal Finance (Not Investing)
Topic: LTD: need some eyeballs and explanations [Long Term Disability]
Replies: 3
Views: 420

Re: LTD: need some eyeballs and explanations [Long Term Disability]

20% bonus target (does it seem odd that they are basing the coverage on a part of my earnings that isn't guaranteed?) They will include bonus money as part of your income as long as the bonus has been paid at least two years in a row. It will either be averaged from the prior 2-3 years bonus amount...
by BruDude
Sun Oct 01, 2017 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 828

Re: Life insurance policy

Almost there wrote:
Sun Oct 01, 2017 10:38 pm
I’m still just looking for a recommendation for an insurance company.
Without knowing anything about his health it’s hard to recommend a company...
by BruDude
Sun Oct 01, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 828

Re: Life insurance policy

pintail07 wrote:
Sun Oct 01, 2017 7:48 pm
200,000 Preferred
Twenty year rate 1200 annually

Age 105 3500 annually
Most people don’t qualify for Preferred in their 60s
by BruDude
Sun Oct 01, 2017 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy
Replies: 18
Views: 828

Re: Life insurance policy

Does anyone have a recommendation as to which insurance company to use? "good health" is pretty relative - people with diabetes and heart attacks tell me they're in "good health" all the time. The best approach is to work with an independent broker that can review his health history in more detail ...
by BruDude
Wed Sep 27, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: I inherited a life insurance policy that is upside down?
Replies: 21
Views: 2036

Re: I inherited a life insurance policy that is upside down?

I'm pretty sure that you don't have to pay back the loan if you let the policy lapse. I don't know about the tax consequences, though. Dividends reduce the cost basis. If there is a loan against the policy and it lapses without being paid back then the tax on the gain would have to be paid. It’s po...
by BruDude
Wed Sep 27, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: I inherited a life insurance policy that is upside down?
Replies: 21
Views: 2036

Re: I inherited a life insurance policy that is upside down?

I agree with the above poster with regards to cash surrender value--you usually can only borrow against cash value of the policy. I don't think you can go into the red to your own life insurance policy. That's what I thought. The policy would cease before going into the red. Not necessarily on a wh...
by BruDude
Wed Sep 27, 2017 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: I inherited a life insurance policy that is upside down?
Replies: 21
Views: 2036

Re: I inherited a life insurance policy that is upside down?

Are you sure the actual cash value isn't $13,610 ($8,812 + $4,798) and the cash value shown is with the loan amount subtracted from the actual cash value? There are two different amounts - actual cash value and cash surrender value. The surrender value is what you would get if the policy was termina...
by BruDude
Tue Sep 26, 2017 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help. Short term disability insurance for a solo / small business owner.
Replies: 5
Views: 493

Re: Need Help. Short term disability insurance for a solo / small business owner.

You aren't going to be able to do a small group plan with only one employee. There are no legitimate individual STD policies that include coverage for pregnancy. Mutual of Omaha is the only company I know of that sells an individual STD policy and it is very expensive (relative to the benefits provi...
by BruDude
Mon Sep 25, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Term 80 with Northwestern Mutual thinking of making the switch to Term 30
Replies: 6
Views: 589

Re: Term 80 with Northwestern Mutual thinking of making the switch to Term 30

NWM's term premiums generally are not very competitive with other insurance companies. Banner Life will allow you to ladder a policy while only paying one policy fee instead of two. Might be a better option...
by BruDude
Fri Sep 22, 2017 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance - Your inputs please!
Replies: 9
Views: 598

Re: Life insurance - Your inputs please!

IMO, pay the $200/mo and do the right thing for your family. $200/mo for a $1M 20-year policy at your age is not that expensive. If you leave your employer and don't have a separate life insurance policy you could wind up screwed even more.
by BruDude
Thu Sep 21, 2017 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Any holes in this long term disability policy?
Replies: 10
Views: 664

Re: Any holes in this long term disability policy?

I'd get the max coverage and dump the group policy if you can. Premium sounds very reasonable for the benefit amount and riders chosen. You don't really need the catastrophic rider but it is pretty cheap. If you want to reduce premiums I'd start by cutting that rider out.
by BruDude
Wed Aug 30, 2017 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Small businesses and health insurance
Replies: 6
Views: 499

Re: Small businesses and health insurance

The 50% contribution is not an ACA requirement, it has existed long before ACA, so you probably won't find it in there. You can always call the carriers yourself and ask them about both questions. FWIW, United and both BCBS companies in the state I normally sell in do require the 50% contribution. H...
by BruDude
Tue Aug 29, 2017 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Small businesses and health insurance
Replies: 6
Views: 499

Re: Small businesses and health insurance

Do you know where I would find state specific rules and regulations? This was the e-mail response I received from my agent. I live in Illinois. "You have to follow the carrier rules. Their are no regulations on groups under 50 from ACA. I'm not sure where you are finding the data. I do this all day...
by BruDude
Tue Aug 29, 2017 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Small businesses and health insurance
Replies: 6
Views: 499

Re: Small businesses and health insurance

That agent is totally wrong unless your state has some kind of special rules. The employer must cover 50% of the employee-only premium of the lowest priced plan chosen. Any contributions in excess of that are at the employers discretion. You cannot give different amounts to different employees other...
by BruDude
Sun Aug 27, 2017 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Risks of Employer Paid Disability Insurance
Replies: 20
Views: 1292

Re: Risks of Employer Paid Disability Insurance

Thanks to everyone who responded. It looks like it would be wise to add a LTD policy of my own. Since I've been saving I would not need to cover my full expenses with the policy, so I will shop for a policy that would pay about 30% of my income. I hope that will reduce the premium substantially. Si...
by BruDude
Fri Aug 25, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Risks of Employer Paid Disability Insurance
Replies: 20
Views: 1292

Re: Risks of Employer Paid Disability Insurance

My current employer foots the bill for short-term disability insurance and long-term disability insurance. The insurance coverage would be sufficient if I were to receive the benefit. My concern is that not every disability is sudden and clear-cut. Some develop over time and could lead to work perf...
by BruDude
Wed Aug 23, 2017 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: At age 66, should let my $1MM life insurance policy lapse?
Replies: 32
Views: 4347

Re: At age 66, should let my $1MM life insurance policy lapse?

Doesn't sound like you need it, but as of now it is a "good deal" compared to what a $1M policy would cost you today which would be 2-4x the price depending on your health. You never know what happens....if $7500 (the remaining 3 years of premiums) won't make or break you, I'd be inclined to keep it...
by BruDude
Wed Aug 23, 2017 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Sharing information with insurance agents.
Replies: 18
Views: 1456

Re: Sharing information with insurance agents.

For OP, if this is in regards to life insurance, most applications ask about your total assets because they want to make sure you aren't in a significant amount of debt and that the coverage amount is reasonable relative to your income and assets. If you somehow had $2M and debt and only earn $30k a...
by BruDude
Wed Aug 23, 2017 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Sharing information with insurance agents.
Replies: 18
Views: 1456

Re: Sharing information with insurance agents.

Hello,. I'm curious how much information one should share with their insurance agent when applying for policies. Is there a difference when applying for life, auto, home, umbrella, etc. policies? I've been asked to show proof of income/assets and am not sure if I should. Thank you. Depends what you...
by BruDude
Mon Aug 21, 2017 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Finding Life Insurance for "High-Risk" Mother
Replies: 25
Views: 2462

Re: Finding Life Insurance for "High-Risk" Mother

To answer some of the questions above, she will be purchasing the policy for herself if it's financially feasible. The policy will be to cover final expenses, since she will probably out live what money she has left. The contract with a funeral director makes sense. She shouldn't be looking at a te...
by BruDude
Fri Aug 18, 2017 11:23 am
Forum: Personal Finance (Not Investing)
Topic: question regarding life insurance purchase: online vs. real-life agent
Replies: 8
Views: 541

Re: question regarding life insurance purchase: online vs. real-life agent

Are you sure you have to pay the agent annually? Usually you just give the agent the first year's check, and you pay the insurance company directly in future years. that...I will have to confirm since the first check is issued to the agent and not the mega insurance company. thanks for letting me k...
by BruDude
Thu Aug 17, 2017 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: NYC real estate question
Replies: 17
Views: 1793

Re: NYC real estate question

You have a ton of assets, you aren't going broke any time soon, and you only live once. Enjoy it while it lasts.
by BruDude
Thu Aug 17, 2017 11:09 am
Forum: Personal Finance (Not Investing)
Topic: ObamaCare 2018
Replies: 74
Views: 8751

Re: ObamaCare 2018

Interesting points about negotiated rates. I didn't think about this previously, but if a person has a $5,000 deductible and a medical visit normally costs $300 but the negotiated rate is $100 then the insured person is only responsible for paying the $100 (provided the deductible has not been met)...
by BruDude
Wed Aug 16, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: ObamaCare 2018
Replies: 74
Views: 8751

Re: ObamaCare 2018

It's going to be a race to the bottom in most states this year. Which company can provide the worst network at a price that people still find halfway reasonable? Maybe the adverse selection effects of the guaranteed issuance are turning out to be bad enough that they don't want to have a reasonable...
by BruDude
Tue Aug 15, 2017 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: ObamaCare 2018
Replies: 74
Views: 8751

Re: ObamaCare 2018

It's going to be a race to the bottom in most states this year. Which company can provide the worst network at a price that people still find halfway reasonable? Anthem BCBS just announced they're leaving VA, and Aetna and United Healthcare already did the same. Something like 80-90% of my clients i...
by BruDude
Tue Aug 15, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Life insurance policy on toddler
Replies: 19
Views: 2142

Re: Life insurance policy on toddler

I don't see how they are going to turn $1580 x 18 years of premiums into $180k "for educational expenses". What does the guarantee say? Something is missing from that equation...
by BruDude
Sat Aug 12, 2017 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Do I have an HDHP?
Replies: 8
Views: 870

Re: Do I have an HDHP?

Does it have any copays before the deductible is met? If so, then it is not eligible for HSA.
by BruDude
Tue Aug 01, 2017 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Trouble with Universal Life Insurance Policy
Replies: 19
Views: 1783

Re: Trouble with Universal Life Insurance Policy

I don't think there is any doubt that she was convinced to sell her whole life (which may have been suitable) and buy universal life which was not suitable since she wanted to guarantee providing for her son . It is certainly worth contacting you state insurance regulators to see if there is any re...
by BruDude
Mon Jul 31, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance for 30 year old single income
Replies: 16
Views: 774

Re: Disability Insurance for 30 year old single income

So noted. How much time and money should a 29 year old spend planning for a disability? I'm always interested in learning. IMO, buying a DI policy is insuring your biggest asset, which is your earning power for the next 30+ years. A good independent agent should be able to explain how the policy wo...
by BruDude
Mon Jul 31, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance for 30 year old single income
Replies: 16
Views: 774

Re: Disability Insurance for 30 year old single income

When you talked to the broker did you tell him you had the policy at work? There is a max amount (usually 60% of income) that you can purchase TOTAL in disability insurance. So what does 15k/mos equal in income (incl bonus exclude stocks they might give)? If that puts you at close to 60% I would no...
by BruDude
Mon Jul 31, 2017 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance for 30 year old single income
Replies: 16
Views: 774

Re: Disability Insurance for 30 year old single income

You have disability insurance through work. That is good enough. If you have life insurance through work, then you should be covered. You could look into adding a term life policy in the unlikely event that you lost your job and then something bad happens. I would not buy additional disability insu...
by BruDude
Fri Jul 21, 2017 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Signing up for term life insurance
Replies: 5
Views: 442

Re: Signing up for term life insurance

I'm in the process of signing up for term life insurance. I'm able to get 500k worth of coverage for 30 years for $65/month. The premium will never go up during that period. One thing that really bothers me about the registration process is that the company seems hesitant to let me fill out the hea...
by BruDude
Fri Jul 07, 2017 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Transamerica Life Insurance
Replies: 8
Views: 583

Re: Transamerica Life Insurance

I put zero stock into BBB ratings for any business. BBB is basically a scam these days to bilk business owners out of their money in exchange for a good rating.
by BruDude
Sun Jun 25, 2017 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: "Disruptive" life insurance
Replies: 8
Views: 1363

Re: "Disruptive" life insurance

These aren't insurance companies, they are just an agency or lead aggregator selling the products of other companies or selling your info to agents that contact you to sell products. Fabric is probably selling the Fidelity Life hybrid product.
by BruDude
Fri Jun 23, 2017 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

BMW does not have holdback or manufacturer to dealer incentives . That's what I keep saying but nobody is listening apparently. Their sales system is not the same as other car companies. They get bonuses based on their customer service scores and overall volume. If the car has no trunk money and yo...
by BruDude
Thu Jun 22, 2017 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

But the invoice price doesn't take into account the popularity of the vehicle and therefore current discounts on the vehicle. This only matters if there is "trunk money" or if the car is in extremely high demand like an M2, in which case you probably won't get $1000 over invoice anyway. If there is...
by BruDude
Thu Jun 22, 2017 9:07 pm
Forum: Personal Consumer Issues
Topic: Does geico provide a decent homeowners insurance?
Replies: 11
Views: 1595

Re: Does geico provide a decent homeowners insurance?

I thought what I said was pretty clear. "They don't sell it under their own name"

Is that acceptable? [OT comment removed by admin LadyGeek]
by BruDude
Thu Jun 22, 2017 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

But the invoice price doesn't take into account the popularity of the vehicle and therefore current discounts on the vehicle. This only matters if there is "trunk money" or if the car is in extremely high demand like an M2, in which case you probably won't get $1000 over invoice anyway. If there is...
by BruDude
Thu Jun 22, 2017 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Determining appropriate amount of Life Insurance
Replies: 11
Views: 867

Re: Determining appropriate amount of Life Insurance

Thanks all, I'll take a look at Banner's policies and see what they offer. I do have long term disability insurance that covers me at 60% of my salary until age 65 if I get disabled. The policy is through my work though and if I were to obtain it on my own would cost over $500 a month. What is the ...
by BruDude
Thu Jun 22, 2017 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

There are multiple forum sponsored dealers. Of course they have an incentive to provide an information advantage to consumers - they want more business and they have to compete with the other forum-sponsor dealers! They are known for providing very good deals to forum members, usually $1000 over in...
by BruDude
Thu Jun 22, 2017 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

You don't have to ask a dealer anything....just read the threads and gain knowledge about how BMW leases work and what's a good deal. If someone wants to NOT get a crappy lease deal and they are intent on leasing, that forum can provide plenty of valuable info. Not everyone wants to buy a car and d...
by BruDude
Thu Jun 22, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

For the OP, you can learn a lot about BMW leasing and what a good deal is here on the Bimmerfest "Ask a Dealer" forum - http://www.bimmerfest.com/forums/forumdisplay.php?f=20 Asking a dealer seems like the worst thing to do. That sticky thread's first comment reads like a warmed-over sales pitch. h...
by BruDude
Thu Jun 22, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: PSA: For Term Life, Health IQ beat Term4Sale for me
Replies: 6
Views: 504

Re: PSA: For Term Life, Health IQ beat Term4Sale for me

So the difference is about $20/year. Since this will only work for people that qualify for Preferred Plus, it doesn't seem like it's going to make much of a difference overall...less than 10% of applicants qualify for Preferred Plus already.
by BruDude
Thu Jun 22, 2017 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: PSA: For Term Life, Health IQ beat Term4Sale for me
Replies: 6
Views: 504

Re: PSA: For Term Life, Health IQ beat Term4Sale for me

So you're saying the rate with SBLI that you're paying is lower than the rate with SBLI on term4sale at Preferred Plus? That is correct. I am paying 2.9% less than the lowest offer on term4sale (Banner) and 4.3% less than SBLI was quoted on term4sale, both with preferred plus. Interesting, never he...
by BruDude
Thu Jun 22, 2017 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: PSA: For Term Life, Health IQ beat Term4Sale for me
Replies: 6
Views: 504

Re: PSA: For Term Life, Health IQ beat Term4Sale for me

So you're saying the rate with SBLI that you're paying is lower than the rate with SBLI on term4sale at Preferred Plus?
by BruDude
Thu Jun 22, 2017 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Determining appropriate amount of Life Insurance
Replies: 11
Views: 867

Re: Determining appropriate amount of Life Insurance

Thanks all, I'll take a look at Banner's policies and see what they offer. I do have long term disability insurance that covers me at 60% of my salary until age 65 if I get disabled. The policy is through my work though and if I were to obtain it on my own would cost over $500 a month. What is the ...
by BruDude
Thu Jun 22, 2017 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 5468

Re: Did I just get seriously ripped off?? (Car lease)

For the OP, you can learn a lot about BMW leasing and what a good deal is here on the Bimmerfest "Ask a Dealer" forum - http://www.bimmerfest.com/forums/forumdisplay.php?f=20