Search found 152 matches

by SwampDonkey
Fri Jul 13, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

OP: Maybe I missed it, but are you also planning to convert Term to WL on you life for the benefit of your SO? The “peace of mind following the death of a loved one” argument seems to apply more to the least financially savvy spouse. You appear to be more financially savvy and thus, getting WL on y...
by SwampDonkey
Fri Jul 13, 2018 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

letsgobobby wrote:
Fri Jul 13, 2018 12:55 pm
In contrast, in my recent experience receiving a whole life payout took closer to a month.
Thanks for sharing your experience.
by SwampDonkey
Fri Jul 13, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Another life insurance policy evaluator is Glenn Daily at http://www.glenndaily.com. We never used him, but he writes many articles about life insurance and provides a fee-only policy evaluation service. Thanks Miriam2, I wasn't aware of these services; I just sent Glenn a note. If he's willing to ...
by SwampDonkey
Thu Jul 12, 2018 9:33 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I am confused about what you are proposing. Does your wife currently have a 250k level term life insurance policy that is in force for another 25 years that would bring her up to age 60? You want to convert this policy to less than half the current policy value and pay more for it? (And, you don’t ...
by SwampDonkey
Thu Jul 12, 2018 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Whole life gets a bad wrap because of the fees and poor investment returns. However, much like yourselves, we just advised a couple that should keep the whole life on the husband. He is basically uninsurable. In their case it is better to have whole than nothing. As others have said, I would check ...
by SwampDonkey
Thu Jul 12, 2018 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I assume both OP and spouse will be getting whole life policies. If it's a good idea to have guaranteed money coming in any time the spouse dies from now to forever, it's also a good idea for OP's spouse to have money coming in any time OP dies from now until forever. 100% agree. SO will be receivi...
by SwampDonkey
Thu Jul 12, 2018 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

In reading this thread it feels like the Whole Life policy is part of the "what helps me sleep at night" answer that is different each of us. If that is correct, then do it. Death in the immediate family is hard. Always. And a tough health diagnosis for a loved one is too. Always. Do what helps. So...
by SwampDonkey
Thu Jul 12, 2018 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

In reading this thread it feels like the Whole Life policy is part of the "what helps me sleep at night" answer that is different each of us. If that is correct, then do it. Death in the immediate family is hard. Always. And a tough health diagnosis for a loved one is too. Always. Do what helps. "I...
by SwampDonkey
Thu Jul 12, 2018 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

SwampDonkey, I wonder if the number of questions you are getting is because you are seeking WL insurance to mitigate worry and/or address the unknowns of 25+ years into the future, rather than a specific financial issue. You have had a close family member die and seen your SO diagnosed with a medic...
by SwampDonkey
Wed Jul 11, 2018 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

JBTX wrote:
Wed Jul 11, 2018 9:04 am
574 seems kind of high.
Based upon best case scenario (Table 8), 574 seems right (says Google).

Thanks for your thoughts.
by SwampDonkey
Wed Jul 11, 2018 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

For some reason it appears everyone else can see the illustration. For me all I see is "image" which does not display anything. So I am going by what others are saying they saw. They are saying that the premium is $920/year, guaranteed. They are saying that, from year one, the cash value is equal t...
by SwampDonkey
Wed Jul 11, 2018 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

1- Insurance is a tax for being poor. That's not a fair statement. Many people maintain insurance for the security and peace of mind it provides, regardless of financial status. For example, even though I have no need for comprehensive coverage of my vehicles, I still pay for it as it provides peac...
by SwampDonkey
Wed Jul 11, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

But based on the term quote above, for standard risk is annual premium of $175 vs $920 whole life. Basically $750 per year difference, which in theory goes towards cash value investment. In 20 years the guaranteed cash value is $31440. Using 20 years annual pay in of $750 year, that is better than ...
by SwampDonkey
Wed Jul 11, 2018 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

[quote=Nate79 Something smells. There is no way this policy contains additional 60 months of LTC coverage (ok, that alone is a meaningless term anyways). How much LTC coverage? Is it only paying out the cash value and then what? [/quote] Additional info on the LTC: 1. It can only be used after 5 yea...
by SwampDonkey
Wed Jul 11, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Only if he actually needs the insurance. SwampDonkey, you still haven't answered the question why $350k of life insurance gives you peace of mind, but $250k of life insurance does not. You're ALREADY insured for the next 25 years. The WL would be partial conversion of the current term policy (not a...
by SwampDonkey
Wed Jul 11, 2018 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

If you are only going to consider this policy for the insurance face value (i.e. payout when covered person dies) then remember the cash value is fictitious. The insurance company keeps it. Thank you for bringing this up. The process of discovery will continue with researching how to best utilize c...
by SwampDonkey
Wed Jul 11, 2018 2:23 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I see at least one of their policies has a long-term care option. Does this one? It does sound like they are without salespersons and without profit, so not bad if you are active or retired military or meet a few other categories. I would have to look into it more deeply, as most non-profits are no...
by SwampDonkey
Wed Jul 11, 2018 2:14 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Policy looks good. Too good. Are we missing something? How are they able to achieve these guaranteed numbers? Even if they're truly non-profit and no commissions, I'm not seeing how they can guarantee returns higher than 10 and 30 year bonds without risk. If life insurance cost if free, how are the...
by SwampDonkey
Wed Jul 11, 2018 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

If the SO has shopped for term coverage and really cannot get a policy, or the premiums for term would be higher than this whole life policy, then this policy is the least expensive way to get additional life insurance. I'm guessing like you are saying that if they instead pursued a different term ...
by SwampDonkey
Wed Jul 11, 2018 2:08 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

sergeant wrote:
Tue Jul 10, 2018 12:38 pm
As far as the policy, based on OP's posted graph I agree that it is the least bad WL policy that I have seen.
"...the least bad WL policy that I have seen"
That's funny. Appreciate your thoughts!
by SwampDonkey
Wed Jul 11, 2018 2:02 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

If you are only going to consider this policy for the insurance face value (i.e. payout when covered person dies) then remember the cash value is fictitious. The insurance company keeps it. Thank you for bringing this up. The process of discovery will continue with researching how to best utilize c...
by SwampDonkey
Wed Jul 11, 2018 1:59 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

The policy looks like it includes a return of premium provision otherwise there would be no cash value the first year or two. Cash value will build faster for a 20 pay WL than for a WL policy with premium payments until death. Overall the policy looks worthwhile and I would consider it a bond posit...
by SwampDonkey
Wed Jul 11, 2018 1:57 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I assume both OP and spouse will be getting whole life policies. If it's a good idea to have guaranteed money coming in any time the spouse dies from now to forever, it's also a good idea for OP's spouse to have money coming in any time OP dies from now until forever. 100% agree. SO will be receivi...
by SwampDonkey
Wed Jul 11, 2018 1:54 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

1. The expected cash value of the whole life policy shows a great rate of return. I am going to stick my neck out and suggest that those were not guaranteed cash values. Life insurance companies can illustrate higher rates than what they guarantee. They almost always do this because the guaranteed ...
by SwampDonkey
Wed Jul 11, 2018 1:41 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Unless you need the (extra) insurance, and I don't see why you do, don't bother with it. IMO, if you simply invest the premiums yourself, you'll most likely wind up better off. This is probably true. However, this is a relatively minor investment and we value the security it provides. Thank you for...
by SwampDonkey
Wed Jul 11, 2018 1:38 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Agreed. This is a very good policy. Over the last few months I was looking at policies for a friend and they were exactly like you described. Zero cash value for 5 years and not much addition through year ten. I would see rates of return between 2.5% and 4.0%. Really dismal returns. As to after yea...
by SwampDonkey
Wed Jul 11, 2018 1:26 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

A term policy of 20 years for a 35 year old standard risk 100k would be about $175 per year. Your whole life is almost $1000 per year. https://www.quickquote.com/term-life-insurance-quotes It's Impossible to say if your quote us good because we dont know the cash value at 20 years or any other poin...
by SwampDonkey
Wed Jul 11, 2018 1:25 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

1- Insurance is a tax for being poor. That's not a fair statement. Many people maintain insurance for the security and peace of mind it provides, regardless of financial status. For example, even though I have no need for comprehensive coverage of my vehicles, I still pay for it as it provides peac...
by SwampDonkey
Wed Jul 11, 2018 1:10 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

letsgobobby wrote:
Wed Jul 11, 2018 1:07 am
Something doesn’t add up.
On the illustration provided to me from Navy Mutual?
by SwampDonkey
Wed Jul 11, 2018 1:09 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

If this is the case, you are saying that you won't need WL as you'll likely be able to cover expenses. So this expensive WL is being considered.....why? From one of my replies from yesterday: "...we aren't necessarily viewing the policy as an investment; it's more of a relatively minor financial in...
by SwampDonkey
Wed Jul 11, 2018 1:06 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

How does the premium for the insurance-only portion of the WL policy for "standard" health compare to the rate your SO would pay for an equivalent-sized new term policy written at whatever rates apply to SO's current health? It seems possible to me that they would be the same (or very close) in whi...
by SwampDonkey
Wed Jul 11, 2018 1:01 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Another thing I did was write a 10 page "Tom's dead, now what" paper and put it in our trust book. It walks her through all of our finances and gives her a step by step plan on what to do with our savings and life insurance. The bottom line is she has $100k to live off of while she grieves and then...
by SwampDonkey
Tue Jul 10, 2018 1:59 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

A term policy of 20 years for a 35 year old standard risk 100k would be about $175 per year. Your whole life is almost $1000 per year. https://www.quickquote.com/term-life-insurance-quotes It's Impossible to say if your quote us good because we dont know the cash value at 20 years or any other poin...
by SwampDonkey
Tue Jul 10, 2018 1:29 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I appreciate everyone's thoughts so far but unfortunately I haven't actually received an answer to my initial question --- Is the WL policy that we have been quoted an okay WL policy? Should we be requesting any modifications? Are PUAs something we should pursue or not? Thanks again for everyone's t...
by SwampDonkey
Tue Jul 10, 2018 1:24 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

If you have a sufficient emergency fund and both spouses are kept up to speed on financial assets and liabilities I see no need for permanent insurance. If you believe your wife now has a significantly shorter life expectancy due to her diagnosis then it could be financially beneficial to purchase ...
by SwampDonkey
Tue Jul 10, 2018 1:15 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

The issue with whole life is that is a blended "product" that mixes an investment feature with life insurance. I have a fairly good background in finance, was pretty good at math, and have degrees from schools that would suggest that I could understand a broad range of things. I always found it imp...
by SwampDonkey
Tue Jul 10, 2018 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

There may be times whole life makes sense for somebody and I don't pretend to be an expert. But keep in mind whole life is a combination of a guaranteed low rate of return investment, and payment on premature death (which is effectively or similar to term insurance). Most of the premium you pay is ...
by SwampDonkey
Tue Jul 10, 2018 12:59 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I dont correctly understand whole life policies. Please do correct my understanding. You pay for 20 years for a total death benefit of 100K? A. Yes. Any idea what this 100K will be 10 years down the lane? A. What do you mean? It will always be 100K. Will they refund anything after 20 years or the d...
by SwampDonkey
Tue Jul 10, 2018 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I am fully aware investing the difference between our current term policy and a whole life policy is should result in a higher end amount, based upon average market returns. However, due to my SO's medical condition, which limits a future term policy, and our desire to have a guaranteed (and stress...
by SwampDonkey
Tue Jul 10, 2018 12:43 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Is the OP expressing regret for not getting more term 5 years ago ? I don't see the issue, the OP's spouse is insured for 25 more years? By that point, the nest egg should be built. Answer: 1. No regret. 2. Yes, SO is ensured for 25 more years. 3. Yes, we are tracking for a reasonable nest egg. The...
by SwampDonkey
Tue Jul 10, 2018 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I would suggest to get with a broker and price out term insurance if you have an ACTUAL insurable need above the amount of term you already have in place. I sense some emotion and fear in the original post that may or may not be based in reality. If you do need more insurance above your term insura...
by SwampDonkey
Tue Jul 10, 2018 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I was able to get $500k/ 20 year term life insurance for about $1500/year with a congenital bicuspid aortic valve that will most likely need some sort of surgical intervention in the next 25 years (30 YO now). That plus what work provides will have to be enough. SelectQuote is who I went through an...
by SwampDonkey
Tue Jul 10, 2018 12:24 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

I would encourage you to check 20 year term (and whole life) rates even with medical condition as a "rated" policy may be cheaper than your convertible whole life product. The convertible term products, like you are looking to exercise, typically convert to the highest retail whole life if that mak...
by SwampDonkey
Tue Jul 10, 2018 12:22 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

A life insurance policy will not necessarily pay out in 1-2 weeks. There was a thread here recently about someone still waiting for the check months after the death occurred. At the very least, an insurance company is going to want a death certificate before paying out. How quickly a certificate is...
by SwampDonkey
Tue Jul 10, 2018 12:11 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Does SO really need $100k when SO is 60+ years old? Wifey and I have dropped our term insurance as we're in our 60s, with no children to support and burial taken care of. Do you expect to have insurance needs (disabled child, etc.) at age 60+ that will require insurance? If SO really does need $100...
by SwampDonkey
Tue Jul 10, 2018 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

There seems to be some confusion about what "non-profit" means. It does NOT mean that they sell products at cost. Non profits are allowed to retain earnings. This would be called a profit, except that the company is non-profit. They can also charge whatever the market will bear for product, and pay...
by SwampDonkey
Tue Jul 10, 2018 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Would I do it now, NO, but since my policy is grandfathered, after expenses I'm yielding 4.5% per year now...I can't get that anywhere else with almost no risk (unless they went out of business)....but, don't expect these yields in new policies. My interest rate is 5.5% - expenses so it's like 4.5%...
by SwampDonkey
Mon Jul 09, 2018 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7480

Re: Whole Life - We're doing it. What to look for?

Just because they don't require a new medical exam, doesn't mean they won't ask you a few questions to assess any potential health changes. (And purposefully lying about your medical condition would be insurance fraud, and would let them deny you a payout if they figured it out.) So, you might not ...