Search found 2165 matches

by BruDude
Wed Apr 27, 2016 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: long-term disability insurance: COBRA premium rider?
Replies: 3
Views: 253

Re: long-term disability insurance: COBRA premium rider?

I think it's a waste of money given the changing health insurance landscape and the fact that nobody knows if COBRA will even exist in a few years...I'd pass. If you lost your group coverage you'd be eligible for a plan on the individual market too - whether that's a good thing or not depends on whe...
by BruDude
Tue Apr 26, 2016 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: How much Disability Insurance?
Replies: 1
Views: 177

Re: How much Disability Insurance?

The maximum you can get by opting out of the 20% extra
by BruDude
Thu Apr 21, 2016 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

KlangFool wrote:OP,

Why don't you get your STD and LTD insurance via your employer? It should be a lot cheaper and it is good enough in most cases.

KlangFool


No, it's not. You get what you pay for, insurance companies aren't giving away free money.
by BruDude
Thu Apr 21, 2016 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

Not public yet, but it's coming and it's for the whole country. If you are on the fence, now is the time to get it done. All apps must be approved by 10/31/16 otherwise they will be terminated from the system. Sucks, they were killing it for a couple years, I sold a lot of their policies since Inco...
by BruDude
Thu Apr 21, 2016 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Son was on spouse's enployer family plan health insurance,but ineligible soon- need input -
Replies: 24
Views: 2047

Re: Son was on spouse's enployer family plan health insurance,but ineligible soon- need input -

I thought that healthcare.gov was the first place to go to, have you explored there? Yes. I called there and was told he had to earn $12,000 a year to get a tax credit (I think the actual figure is $11,880, though, and I also,think he rounded up). So? He may not get a tax credit, but options are st...
by BruDude
Thu Apr 21, 2016 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

On a side note, MetLife just announced today that they will be suspending individual DI sales as of September 1. Their contracts are non-can, nothing to worry about on premiums for in-force policies. If a company that did not offer non-can stopped selling policies, there is probably a greater risk ...
by BruDude
Thu Apr 21, 2016 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Flexible Premium Adjustable Life Insurance [premium skyrocketed]
Replies: 6
Views: 544

Re: Flexible Premium Adjustable Life Insurance [premium skyrocketed]

This sounds like a "universal life" policy. There probably was a warning somewhere in the fine print that this sort of thing could happen. Here is a simplified version of how such a policy tends to work: - You pay in premiums periodically, the amounts of which are "flexible" as ...
by BruDude
Thu Apr 21, 2016 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

I think I understand the interaction between the own occupation and residual disability riders now. Below is my attempt to describe it. BruDude, or anyone else who has experience with these details, would appreciate a confirmation that I got this right! 1. Residual disability without own occupation...
by BruDude
Fri Apr 15, 2016 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - 2nd to Die Policy - what to do??
Replies: 14
Views: 1078

Re: Whole Life - 2nd to Die Policy - what to do??

One more option you may consider if they are still in good health would be to re-write the policy to a new second-to-die universal life policy with a guaranteed death benefit of $1M (or whatever number you choose) and do a 1035 exchange with the existing cash value into the new policy, paying no fur...
by BruDude
Fri Apr 15, 2016 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - 2nd to Die Policy - what to do??
Replies: 14
Views: 1078

Re: Whole Life - 2nd to Die Policy - what to do??

BruDude - Last week I did request an updated illustration. However, I thought the 1 year old illustration that I attached should be close enough for a discussion. I have compared illustrations over the past 5 years and they have not changed significantly from year to year. The attachments posted ar...
by BruDude
Fri Apr 15, 2016 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - 2nd to Die Policy - what to do??
Replies: 14
Views: 1078

Re: Whole Life - 2nd to Die Policy - what to do??

Looks like the dividends are now getting to the point where they are greater than the premiums paid, with a pretty large dividend increase projected in the coming years. If you don't need the money, I'd keep paying the premiums.
by BruDude
Thu Apr 14, 2016 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

I was wondering about this (partly based on your own comments in this forum). The agent who wants to sell me the MOO policy has been in the business for over 20 years and uses various carriers. I took notes on our phone conversation, including some things he said about other carriers. He said that ...
by BruDude
Thu Apr 14, 2016 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

Maybe I am just not being sufficiently imaginative when I consider what could realistically disable me. Being confined to a wheelchair would not be enough, as long as I had use of my hands (for typing) and mind. But maybe I would need extra care, as you do, and working full-time (or at all) might n...
by BruDude
Thu Apr 14, 2016 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: disability insurance: do I really need it?
Replies: 53
Views: 3888

Re: disability insurance: do I really need it?

Mutual of Omaha's coverage is not nearly as good as what is available from other companies that cater to white-collar occupations such as Guardian, Principal, Standard, MetLife, Ameritas, Ohio National, and Mass Mutual. Assuming you have no group disability insurance from an employer, you can expect...
by BruDude
Thu Apr 07, 2016 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Term Life Insurance
Replies: 4
Views: 332

Re: Buying Term Life Insurance

They have an A++ financial rating from AM Best, that's pretty rock solid.
by BruDude
Wed Apr 06, 2016 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Term 80
Replies: 31
Views: 12216

Re: Life Insurance Term 80

Lets say I only need a 20-yr term. If term 80 is cheaper than term 20 for the first 20 years, why wouldn't you simply purchase term 80 and cancel at year 20? Try running a quote and seeing if that's the case. I'd bet it's a lot more expensive over the first 20 years compared to a 20-year term polic...
by BruDude
Wed Apr 06, 2016 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Term 80
Replies: 31
Views: 12216

Re: Life Insurance Term 80

Lets say I only need a 20-yr term. If term 80 is cheaper than term 20 for the first 20 years, why wouldn't you simply purchase term 80 and cancel at year 20? Try running a quote and seeing if that's the case. I'd bet it's a lot more expensive over the first 20 years compared to a 20-year term polic...
by BruDude
Thu Mar 31, 2016 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: ? LTD - Auto Increase Benefit - When is enough ENOUGH?
Replies: 3
Views: 353

Re: ? LTD - Auto Increase Benefit - When is enough ENOUGH?

I would max out the benefits since you can always reduce your benefit amount at a later date, but you won't always be able to increase it. The increases also only last for the first 6 policy years unless you request the insurer renew the rider for another 6 years after that.
by BruDude
Thu Mar 31, 2016 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: At what point is disability insurance too expensive?
Replies: 7
Views: 787

Re: At what point is disability insurance too expensive?

If you are an independent - you might try Freelancer's Union they have good insurance and some other benefits. While they are on the political side - I found their group benefits quite useful. https://www.freelancersunion.org/ Here are their disability insurance rates - it seems to be LESS than hal...
by BruDude
Thu Mar 31, 2016 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Should I get a broker to buy disability insurance, or can I DIY?
Replies: 1
Views: 217

Re: Should I get a broker to buy disability insurance, or can I DIY?

Why do it yourself when using a broker costs $0 and they may be able to get you a discount that wouldn't otherwise be available purchasing on your own? I'd see if someone you know can recommend a good independent agent.
by BruDude
Thu Mar 31, 2016 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: At what point is disability insurance too expensive?
Replies: 7
Views: 787

Re: At what point is disability insurance too expensive?

I’m struggling to decide if it is worth pursuing a disability policy with a high-rated insurance company. My situation is that I’m married, early 40’s, self employed with unemployed spouse (looking for work), one child on the way. Income is very low 6-figures. The quote is for 60% income coverage, ...
by BruDude
Tue Mar 29, 2016 4:17 am
Forum: Personal Finance (Not Investing)
Topic: Healthcare Sharing Ministry A No Brainer?
Replies: 66
Views: 6918

Re: Healthcare Sharing Ministry A No Brainer?

For me, my monthly cost is now $181 instead of $465, and, I no longer have a $6,250 deductible, and, my prescriptions meds (all 1 of them) are much cheaper than BCBS price. The 99.9% likely scenarios for me are all covered. I don't care that maintenance prescriptions are not covered as it's cheaper...
by BruDude
Sat Mar 26, 2016 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: How do I find a credible insurance broker
Replies: 2
Views: 262

Re: How do I find a credible insurance broker

You need to split your search into two separate categories - auto for one agent, life/disability insurance for another agent. Auto falls under a Property and Casualty license, life and DI fall under a Life and Health license. There are very few agents that do P&C that really know what they are d...
by BruDude
Thu Mar 24, 2016 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Shopping for long term disability insurance
Replies: 4
Views: 232

Re: Shopping for long term disability insurance

There's a 3rd answer: shop some more. Don't limit your choices to those two. Usually, you can shop among the 6 major insurance companies for disability. Then compare apples to apples among the quotes you get before making your final decision. With disability insurance, especially if you a professio...
by BruDude
Thu Mar 24, 2016 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Shopping for long term disability insurance
Replies: 4
Views: 232

Re: Shopping for long term disability insurance

I filled out 2 applications with Guardian and Principal. I also have disability insurance through my employer. Guardian only approved $500 a month at $264 premium a year. Principal approved $1300 a month with a premium of $672 a year. What should I choose? or Should I buy both? Thanks. Does Guardia...
by BruDude
Tue Mar 22, 2016 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance - Help with Provider
Replies: 10
Views: 657

Re: Term Life Insurance - Help with Provider

ddurrett896 wrote:Does anyone recommend any of the companies I listed in the original post? They were the least expensive with atleast a A+ rating. Thanks


Any of them are fine
by BruDude
Tue Mar 22, 2016 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance - Help with Provider
Replies: 10
Views: 657

Re: Term Life Insurance - Help with Provider

Even when SF is competitive on price, they are not competitive on underwriting if you fall outside the Preferred Plus/best rate class. Their underwriting sucks. Have to maintain that A++ rating somehow....high prices and unfavorable underwriting is one way to do that.
by BruDude
Tue Mar 22, 2016 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance - Help with Provider
Replies: 10
Views: 657

Re: Term Life Insurance - Help with Provider

State Farm is not very competitive for life insurance. All of the other companies you mentioned are fine. Think about it this way - instead of paying the extra $10/month to SF, you could increase your death benefit by 50% for the same price with one of the others. Which would your beneficiary rather...
by BruDude
Sat Mar 19, 2016 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Is Comparing Long Term Disability coverage offers important?
Replies: 4
Views: 365

Re: Is Comparing Long Term Disability coverage offers important?

Guardian has the best coverage in the industry. You should be adding the maximum allowable Future Increase Option and Residual rider. The agent is not making hardly any money on this case so he's basically doing you a favor hoping to gain you as a future client.
by BruDude
Mon Mar 14, 2016 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance quote without MIB reporting
Replies: 6
Views: 531

Re: Life insurance quote without MIB reporting

You're going to have to do the medical exam and grant access to your medical records, as well as driving history. Without those items, an agent can only make an educated guess on what risk class you may received, even if they fully pre-screen your health history ahead of time. MIB reporting shouldn'...
by BruDude
Thu Mar 10, 2016 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance for person with false "Alcoholic" diagnosis
Replies: 100
Views: 8061

Re: Life Insurance for person with false "Alcoholic" diagnosis

Simple, get a statement from the doctor refuting the diagnosis and appeal the decision with the insurance company. That may not be so easy to do though.
by BruDude
Mon Mar 07, 2016 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance?
Replies: 58
Views: 6108

Re: Long term care insurance?

The LTC policies available today don't have anywhere near the value proposition that they had even 5 years ago. BruDude - could you explain what you mean by this? Thanks! Sure, you got more for your money 5 years ago. 5% compound inflation, unlimited benefit period, all-in-one policies. Now everyth...
by BruDude
Mon Mar 07, 2016 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance?
Replies: 58
Views: 6108

Re: Long term care insurance?

$80k buys a lot of LTC insurance. $250-350k buys quite a bit more and I highly doubt anyone has ever spent that much on an LTC policy. The LTC policies available today don't have anywhere near the value proposition that they had even 5 years ago. There's no easy answer.
by BruDude
Sat Mar 05, 2016 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Disability insurance comparison
Replies: 2
Views: 239

Re: Disability insurance comparison

Assuming the optional riders (if any) are comparable, for an extra $200 the Guardian policy is a no-brainer. Principal isn't going to remove the rating and extend the benefit period on the existing policy, they are going to require a brand new application to start over from scratch, and the new rate...
by BruDude
Tue Feb 16, 2016 2:04 pm
Forum: Personal Consumer Issues
Topic: Anyone try Off Lease Only in FL before?
Replies: 6
Views: 1080

Re: Anyone try Off Lease Only in FL before?

Seems like every car I look at from them has an accident history.
by BruDude
Tue Jan 26, 2016 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Decreasing term life insurance linked to inflation?
Replies: 20
Views: 888

Re: Decreasing term life insurance linked to inflation?

I want life insurance so that, if I die, my kids will be taken care of. What I really want is income replacement until my kids are out of college and financially independent. Since the amount of income that needs to be replaced goes down over time, it seems like decreasing term life insurance is wh...
by BruDude
Sat Jan 23, 2016 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need disability insurance
Replies: 24
Views: 1687

Re: Do we need disability insurance

IMO this is a no-brainer. Get solid own-occupation disability insurance. When you have a sizable nest egg and want to self-insure against disability you can reconsider, but right now with the debt and lack of a nest egg you both need DI end of story. Sure you could life off one of your salaries, bu...
by BruDude
Fri Jan 22, 2016 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need disability insurance
Replies: 24
Views: 1687

Re: Do we need disability insurance

What percentage of income are they quoting you? The numbers between the policies are a bit different, but generally we are looking at $12,000 monthly income for a bit over $8,000 in yearly premiums. So that comes out to 5.5%, if I'm not mistaken. I tried to get one her current partners (she has a f...
by BruDude
Thu Jan 21, 2016 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need disability insurance
Replies: 24
Views: 1687

Re: Do we need disability insurance

Disability insurance is contentious, especially for well educated, high income people. The problem is a conflict between the parties over defining a disability. The insurance company may be as restrictive as possible, claiming that if you can earn an income (and many people with disabilities are ab...
by BruDude
Tue Jan 19, 2016 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Planning For Future Estate Taxes
Replies: 18
Views: 1533

Re: Planning For Future Estate Taxes

They can purchase a second-to-die permanent life insurance policy which as the name implies, only pays out upon the death of the second insured person. Since the second death would trigger the estate tax, the funds would be used to pay off the estate tax bill. The policy would be placed in an irrevo...
by BruDude
Mon Jan 11, 2016 6:22 am
Forum: Personal Finance (Not Investing)
Topic: Should I keep my term life insurance in force?
Replies: 22
Views: 1936

Re: Should I keep my term life insurance in force?

ESPlanner says I don't need any life insurance, and that we could be spending more than our current budget. I'm sure my premature death would be a financial hardship for my wife Does not compute. I'm guessing your planner also would not fork out $500k tax-free to your wife in the event of your deat...
by BruDude
Mon Jan 04, 2016 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: AMA Life & Disability Insurance
Replies: 10
Views: 1845

Re: AMA Life & Disability Insurance

Sorry to dig up this old thread, but do you still have that comparison image? Im doing that comparison right this moment! Below is a summary I created showing the side-by-side differences between a Guardian individual DI policy and the AMA policy. I use Guardian for these comparisons since they hav...
by BruDude
Fri Dec 18, 2015 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Disability income insurance questions
Replies: 3
Views: 277

Re: Disability income insurance questions

Your group disability insurance policy probably does not cover what you think it covers. Common problems/missing pieces seen often on group DI policies: 1. True own-occupation definition of disability is usually limited to 2 years (can be through age 65-70 on an individual policy) 2. No partial disa...
by BruDude
Tue Dec 15, 2015 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance - need advice.
Replies: 8
Views: 867

Re: Life insurance - need advice.

Yes this is possible, sounds like a guaranteed no-lapse universal life policy paid with a lump sum transfer from the existing policy. A few questions: 1. Why is the adviser suggesting the change? 2. Does your father no longer want to pay premiums? 3. Did the adviser provide an in-force illustration ...
by BruDude
Mon Dec 14, 2015 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 48
Views: 4721

Re: Life Insurance

My broker was able to find another underwriter called Mutual of Omaha. It works like this: - the policy lasts until I'm 67 - 90 day elimination period - $1850/year premium - $6500/month payout - $2.5M max payout How does that sound to you guys? I'm told the benefit would be payable in the future ev...
by BruDude
Mon Dec 14, 2015 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: EIUL for long term trust
Replies: 1
Views: 186

Re: EIUL for long term trust

Why not just set up a guaranteed UL policy with a specified death benefit as a legacy to leave the grandkids instead? It will be a heck of a lot less complicated and probably a lot less expensive...
by BruDude
Sat Dec 12, 2015 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance on Sick parent?
Replies: 23
Views: 1621

Re: Life insurance on Sick parent?

Best case scenario he'll get Table 8 smoker rates, which are going to be really expensive. In all likelihood he is uninsurable if he's still smoking. Had a similar case the other day, guy kept asking me to just give him a price (which I can't really do with that health hsitory), so I just said "...
by BruDude
Thu Dec 10, 2015 12:23 am
Forum: Personal Finance (Not Investing)
Topic: life insurance for ex-wife
Replies: 53
Views: 4931

Re: life insurance for ex-wife

Again, file a death claim. If denied see if a lawyer thinks you have a case. See link for a little case law on the topic. Nothing black and white, especially with a jury. http://www.divorcesource.com/research/edj/life/99oct109.shtml x2, can't hurt to file it even though it will almost certainly get...

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