Search found 3362 matches

by BruDude
Tue Sep 08, 2020 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)
Replies: 37
Views: 2930

Re: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)

I get this. I was just wondering if other companies are more open to mental health issues than others. I do not believe anxiety/depression, outside of suicide, causes early deaths. This makes no sense. Diabetics—sure. One can run a blood test and find out someone has this and it impacts their whole...
by BruDude
Mon Sep 07, 2020 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)
Replies: 37
Views: 2930

Re: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)

If you had one highly rated offer, one standard offer, and all others as declines, the chances of you getting better than standard are going to be slim to none and the offer of standard sounds like a very, very good deal. As stated earlier, you are fighting a very uphill battle that in all honesty i...
by BruDude
Mon Sep 07, 2020 12:13 am
Forum: Personal Finance (Not Investing)
Topic: Should I Cancel Husband's Term Insurance?
Replies: 41
Views: 3250

Re: Should I Cancel Husband's Term Insurance?

Agree with others that posted - if you aren't sure that you don't need it, then you probably need it. I would be especially hesitant to drop any life insurance policy until there is a vaccine for COVID. You can always look at the option of reducing the benefit amount to reduce the cost. I would say ...
by BruDude
Mon Sep 07, 2020 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)
Replies: 37
Views: 2930

Re: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)

Standard is considered a normal life expectancy. Based on the description I would say you received a pretty good offer. Preferred is probably a stretch especially if your height/weight isn’t within Preferred guidelines in the first place. Prudential typically does the best with these kind of cases....
by BruDude
Sun Sep 06, 2020 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)
Replies: 37
Views: 2930

Re: Am I being overcharged for life insurance? (Don't worry guys, I'm talking about term life.)

Standard is considered a normal life expectancy. Based on the description I would say you received a pretty good offer. Preferred is probably a stretch especially if your height/weight isn’t within Preferred guidelines in the first place. Prudential typically does the best with these kind of cases. ...
by BruDude
Fri Sep 04, 2020 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Should I cancel my life insurance application?
Replies: 9
Views: 871

Re: Should I cancel my life insurance application?

W8 forms are generally required for non-resident applicants, so that is not unusual. However, the agent should know what needs to be filled out so it sounds like they may be inexperienced. The form is pretty straightforward. On a side note, being a non-resident definitely can be an issue with underw...
by BruDude
Wed Sep 02, 2020 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance Help/Advice
Replies: 5
Views: 428

Re: Disability Insurance Help/Advice

Hi BruDude, Thanks so much for the response. Here's the missing details: Elimination Period: 90 Days Maximum Benefit Period: To Age 67 COLA - Simple Base includes Enhanced Partial Disability Benefit This will be a supplement to my existing workplace coverage. The premium is just too high for me to ...
by BruDude
Wed Sep 02, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Cancer Insurance
Replies: 43
Views: 3317

Re: Cancer Insurance

Cancer is extremely common. There's just no way this policy is paying out $300K for every little basal cell carcinoma someone gets on their nose. If this policy is legit as it's stated, the company *will* lose money on it, and A LOT. Cancer/critical illness policies usually pay out lower amounts fo...
by BruDude
Wed Sep 02, 2020 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Need Help with Life Insurance Question
Replies: 23
Views: 1021

Re: Need Help with Life Insurance Question

I would definitely suggest having your own policy instead of buying through the employer. If you have health issues, you also may not qualify for the maximum group coverage as it will probably require evidence of insurability. For example, diabetes could cause a denial of additional group coverage b...
by BruDude
Tue Sep 01, 2020 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance Help/Advice
Replies: 5
Views: 428

Re: Disability Insurance Help/Advice

Yes, Ameritas has a good policy. Your post doesn't say what the benefit period and elimination period are, or whether the COLA is compound or simple interest. If your income is $160k you should qualify for more than $5200/month unless you have a group LTD policy in place too. The FIO rider is not a ...
by BruDude
Tue Aug 25, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life renewal mechnism?
Replies: 13
Views: 556

Re: Term Life renewal mechnism?

This is OP. Don't insurance companies at least have the courtesy to let me know what the new premium is, before they simply pull money out of my account? I am certainly going to give them a call. But call me overly concerned: if they say they wouldn't renew my policy on the phone but pull the money...
by BruDude
Tue Aug 25, 2020 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life renewal mechnism?
Replies: 13
Views: 556

Re: Term Life renewal mechnism?

I am not sure if I agree with Stinky. If you have a "Term" insurance product that is expiring it ends. You need to sign up for a new product (if interested). If you don't agree to a new product I don't think they can simply sign you up for one and ACH money for it. Unless there was something to thi...
by BruDude
Thu Aug 20, 2020 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance: Pitfalls to Watch For?
Replies: 31
Views: 1855

Re: Term Life Insurance: Pitfalls to Watch For?

Back when I was shopping for life insurance, annual renewable term was competitive with level term. Specifically, if you held them for the level period and used a standard discount rate, the payments were equivalent. You paid lower premiums early and higher premiums late with ART. With level term, ...
by BruDude
Thu Aug 20, 2020 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance: Pitfalls to Watch For?
Replies: 31
Views: 1855

Re: Term Life Insurance: Pitfalls to Watch For?

Through my experiences, I have developed a deep distrust of the insurance industry. I would like to pursue getting term life but my skepticism is holding me back. Are there any “gotchas” to look for or generally be aware of in typical term life contracts? Term life policies offered by mutual compan...
by BruDude
Wed Aug 19, 2020 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance: Pitfalls to Watch For?
Replies: 31
Views: 1855

Re: Term Life Insurance: Pitfalls to Watch For?

cashmoney wrote: Wed Aug 19, 2020 11:00 pm
BruDude wrote: Wed Aug 19, 2020 10:44 pm Life insurance is simple. You die, they pay. You don’t die, they don’t pay.
And the best time to buy it is the day before you die.
They probably won’t be too keen on selling it to a dead person.
by BruDude
Wed Aug 19, 2020 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance: Pitfalls to Watch For?
Replies: 31
Views: 1855

Re: Term Life Insurance: Pitfalls to Watch For?

Life insurance is simple. You die, they pay. You don’t die, they don’t pay.
by BruDude
Wed Aug 19, 2020 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Lab work when buying Term Life insurance
Replies: 6
Views: 531

Re: Lab work when buying Term Life insurance

They use a third part exam company like ExamOne. They’ll come to your house or office, no need to go to them unless you want to.
by BruDude
Wed Aug 19, 2020 1:59 am
Forum: Personal Finance (Not Investing)
Topic: Is it time to drop disability insurance?
Replies: 13
Views: 1073

Re: Is it time to drop disability insurance?

I can’t imagine dropping a DI policy as a doctor until COVID is over at the very least. Keep it and reevaluate later. You can also reduce the amount or benefit period, or increase the elimination period to reduce the cost.
by BruDude
Wed Aug 19, 2020 12:15 am
Forum: Personal Finance (Not Investing)
Topic: Should I base how much disability insurance I would get based from my income or expenses?
Replies: 8
Views: 424

Re: Should I base how much disability insurance I would get based from my income or expenses?

Buy as much as you can get. If you have no group LTD from an employer, you'll be eligible for around $5k/month. At 28 years old that much coverage should be pretty inexpensive even for a "maxed out" comprehensive policy.
by BruDude
Tue Aug 18, 2020 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

Thank you for the detailed answer! I'm always curious about these thought exercises, and enjoy spitballing scenarios around them (some people daydream about vacations...). I'm sure there's a situation where it could be financially practical but like you've said, realistically it will almost always ...
by BruDude
Tue Aug 18, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

Thanks BruDude. I'm not a dentist (nor am I an insurance agent) so I'm not really thinking about the viability/practicality of this hypothetical. I do come from a regulatory environment (not Insurance) so I have a lot of curiosity about business incorporation/licensing in regulated fields, like you...
by BruDude
Tue Aug 18, 2020 1:57 am
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

I’m curious what kind of an independent LLC or other kind of operation you’d need to do this. The license is a couple dozen hours, a ton of paperwork, ~$100. But no insurer is going to hire you to never show up to work and be a freelancer. You’d have to be self employed. I wonder if this would work...
by BruDude
Mon Aug 17, 2020 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

You also have to pay for your license and buy errors and omissions insurance to sell any policies so that will eat into your commission, then you have to pay taxes on the commission. You probably will also have no clue whether you're applying with the right company or what to do when the rate comes...
by BruDude
Mon Aug 17, 2020 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

...Now, selling a MYGA or a SPIA to yourself would be an entirely different matter. That would make a ton of sense if you could get one of those products and pocket the commission... Based on the lack of enthusiasm shown by insurance agents when I was shopping for an SPIA, I don't think these produ...
by BruDude
Mon Aug 17, 2020 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance products bought by Insurance sellers
Replies: 33
Views: 1614

Re: Insurance products bought by Insurance sellers

You also have to pay for your license and buy errors and omissions insurance to sell any policies so that will eat into your commission, then you have to pay taxes on the commission. You probably will also have no clue whether you're applying with the right company or what to do when the rate comes ...
by BruDude
Thu Aug 13, 2020 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance. Need advice to get new policy.
Replies: 8
Views: 640

Re: Term Life Insurance. Need advice to get new policy.

Thanks for replies When we bought her term life insurance, I was not a member here. The insurance broker came recommended from a friend/banker. I checked rates of auto/home/umbrella insurances with other companies. The term life was added at the last minute. Right now she has 100% income (Covid res...
by BruDude
Thu Aug 13, 2020 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance. Need advice to get new policy.
Replies: 8
Views: 640

Re: Term Life Insurance. Need advice to get new policy.

The rate she was paying seems extremely high for a 10-year term that was purchased at age 38 - does she have some type of health issue that caused her to be highly rated? For a 38-year-old female, a Preferred health rating for $1.4M 10 years would be around $430/year. Standard rating $735/year. So s...
by BruDude
Wed Aug 12, 2020 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Just got ~50 insurance quotes, thought I'd share my results for posterity
Replies: 94
Views: 9439

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

Interesting. My son just bought a car. He went through the agent I use and has Mapfre and the price seems good. AAA discount. He contacted a number of companies online. Despite being double the price, Geico won't leave him alone. Multiple texts, emails and phone calls a day. Geico has the reputatio...
by BruDude
Wed Aug 12, 2020 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Just got ~50 insurance quotes, thought I'd share my results for posterity
Replies: 94
Views: 9439

Re: Just got ~50 insurance quotes, thought I'd share my results for posterity

RIP your mailbox, which will now be a never-ending series of insurance offers.
by BruDude
Tue Aug 11, 2020 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Frustration with disability income insurance
Replies: 4
Views: 499

Re: Frustration with disability income insurance

A healthy auto mechanic or construction worker has a stable job and may be in great health, but is still a terrible risk for a disability insurance company. Some occupations do have different occupation classes assigned based on income level. It’s not that you’re being charged more, it’s that someon...
by BruDude
Sun Aug 09, 2020 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance
Replies: 8
Views: 585

Re: Insurance

Without more details and info about your health, anything anyone tells you is meaningless.
by BruDude
Wed Aug 05, 2020 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Insuring against risk of DI provider going bankrupt
Replies: 8
Views: 647

Re: Insuring against risk of DI provider going bankrupt

Large insurers very rarely go bankrupt. If there is any chance of a bankruptcy, they would likely be bought out by a different insurance company prior to that happening. DI contracts are guaranteed not to change, which means that the company buying out the policies would have to uphold the original ...
by BruDude
Mon Aug 03, 2020 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Term life insurance and Covid question...
Replies: 21
Views: 1260

Re: Term life insurance and Covid question...

Not sure what COVID has to do with it. You could get hit by a bus tomorrow. If you need life insurance, then you need life insurance. This. You should have the proper life insurance to cover the loss of income from a spouse. Covid has nothing to do with it. Disagree - the risk of COVID to people in...
by BruDude
Mon Aug 03, 2020 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Term life insurance and Covid question...
Replies: 21
Views: 1260

Re: Term life insurance and Covid question...

Not sure what COVID has to do with it. You could get hit by a bus tomorrow. If you need life insurance, then you need life insurance. This. You should have the proper life insurance to cover the loss of income from a spouse. Covid has nothing to do with it. Disagree - the risk of COVID to people in...
by BruDude
Mon Aug 03, 2020 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Term life insurance and Covid question...
Replies: 21
Views: 1260

Re: Term life insurance and Covid question...

Coverage from your employer will have the rates increase in 5-year age bands, so expect a price jump at age 60 and 65 which could be substantial. They will also require evidence of insurability. There is probably a reasonable chance that you would leave the employer at some point in the near future ...
by BruDude
Sat Aug 01, 2020 4:08 am
Forum: Personal Finance (Not Investing)
Topic: Help me Increase Personal Disability Income Coverage
Replies: 1
Views: 209

Re: Help me Increase Personal Disability Income Coverage

DI guy here. Sorry to hear about your poor experience, maybe I can help clarify a few things: 1. It sounds like you are in the tech industry as RSU's are often a significant portion of overall compensation at Amazon/Facebook/etc. Each insurance company looks at RSU's totally differently and you can ...
by BruDude
Sat Aug 01, 2020 3:48 am
Forum: Personal Finance (Not Investing)
Topic: Disability insurance
Replies: 14
Views: 855

Re: Disability insurance

Depending on your specialty I would say that $670/month for $15k/month in benefits is about average and it could be significantly higher. Depends on your benefit period/elimination period/optional riders/etc. I recently had a female neurosurgeon with $20k/month benefit that was quoted at $14-19k per...
by BruDude
Thu Jul 30, 2020 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Disabilty Insurance for business owner (high income, HNW)
Replies: 6
Views: 350

Re: Disabilty Insurance for business owner (high income, HNW)

There's nothing wrong with a 365-day EP, it is usually just very rare that it makes sense. Given what you have posted, it may make sense in your case, but it is a personal decision of risk vs. reward. Most people don't want to be out of work for a full year before they get paid any benefits, and the...
by BruDude
Sun Jul 26, 2020 3:29 am
Forum: Personal Finance (Not Investing)
Topic: Private Long term disability insurance for a short stretch?
Replies: 2
Views: 280

Re: Private Long term disability insurance for a short stretch?

You should buy an individual DI policy and keep it. The group LTD will not be anywhere near as comprehensive as the individual policy, they are apples and oranges. Even though it is two years away, your group eligibility may impact the amount of coverage you're eligible to purchase on individual. Di...
by BruDude
Thu Jul 23, 2020 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Salvaging funds from IUL - Index Universal Life Insurance
Replies: 14
Views: 742

Re: Salvaging funds from IUL - Index Universal Life Insurance

If OP actually would want traditional term life insurance and assuming the face value would be much more than the IUL, is there any way to quote getting a term rider added to the policy and see if it's cheaper to keep it in force with that? Not sure if that's possible several years into the policy ...
by BruDude
Thu Jul 23, 2020 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Salvaging funds from IUL - Index Universal Life Insurance
Replies: 14
Views: 742

Re: Salvaging funds from IUL - Index Universal Life Insurance

BruDude and powermega got it right. I got hung up on the negative sign in front of the cash value in the original post, so I gave a bad answer when I said to cancel the policy now. I’m agreeing with Paying no more premiums, and letting the policy run out and continue to provide insurance until it l...
by BruDude
Thu Jul 23, 2020 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Salvaging funds from IUL - Index Universal Life Insurance
Replies: 14
Views: 742

Re: Salvaging funds from IUL - Index Universal Life Insurance

The $8400 is not "gone", there is $4600 still sitting in the policy but cannot be taken out of the policy. That makes the cost of "insurance" to this point $3800 for 7 years of coverage that has already elapsed, which may be very reasonable depending on the benefit amount. You could stop paying the ...
by BruDude
Tue Jul 21, 2020 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance: Who Should Hold the Policy?
Replies: 4
Views: 295

Re: Life Insurance: Who Should Hold the Policy?

The insured should be the owner unless there is a specific reason otherwise. If you get divorced and you own a policy on his life, that's going to make for a messy divorce proceeding. Only the owner can make changes to the policy.
by BruDude
Fri Jul 17, 2020 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Parents life insurance policy
Replies: 21
Views: 1085

Re: Parents life insurance policy

They can also pay more to extend the guarantee for a longer period of time. At this point for $6k/year that seems the smart thing to do if the cash isn’t needed. Even if they live another 30 years you aren’t going to beat that with market returns considering the life insurance is tax-free. Depends o...
by BruDude
Wed Jul 08, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Cancelling my disability insurance?
Replies: 9
Views: 918

Re: Cancelling my disability insurance?

The individual policy benefits will be much better than group, and the group policy may only have two years of own occupation definition coverage. If you don't think the full $10k/month is necessary, you can always request a reduction in the benefit amount or benefit period to lower the cost of cove...
by BruDude
Wed Jul 08, 2020 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Is disability pay from private insurance taxable to NY?
Replies: 3
Views: 202

Re: Is disability pay from private insurance taxable to NY?

In general, if employer pays premiums, benefits are taxable. If you pay premiums, benefits are not taxable. If your employer charges you the value of the premiums as income, benefits are not taxable. New York loves to do its own thing though so the CPA will know best based on state laws.
by BruDude
Tue Jul 07, 2020 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Disability for Early Career
Replies: 2
Views: 286

Re: Long Term Disability for Early Career

Hi all, I am a 26 year old working in a white collar job where I for the foreseeable future should be experiencing double digit (20-40%) income growth. I'm careful with insurance and started researching long term disability so I could take care of myself in the case that something happened to me. M...
by BruDude
Sun Jul 05, 2020 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Question
Replies: 6
Views: 426

Re: Life Insurance Question

This is going to come up with any insurance company you apply with. It is probably coded in the Medical Information Bureau (MIB) that all insurance companies use. Be honest and up front about your history, do not try to hide it. Use an independent broker, do not try to do this on your own or you wil...
by BruDude
Tue Jun 30, 2020 9:44 am
Forum: Personal Finance (Not Investing)
Topic: I am thinking about life insurance incorrectly?
Replies: 40
Views: 1970

Re: I am thinking about life insurance incorrectly?

The life foundation has a pretty good needs calculator here - https://lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/ Mess around with it a bit and see what you come up with. Term life insurance is dirt cheap at your age. 7x income is very low on the "rule of thumb" scale - m...
by BruDude
Fri Jun 19, 2020 12:09 am
Forum: Personal Finance (Not Investing)
Topic: Long-term disability (LTD) insurance policy: "subject to reduction by other sources of income"?
Replies: 4
Views: 340

Re: Long-term disability (LTD) insurance policy: "subject to reduction by other sources of income"?

Almost all group LTD policies reduce benefits based on other income sources. The policy will define what those sources are. Investment income probably isn’t one of them.

The top tier individual DI policies with own occupation definition of disability do not reduce due to other income.