Search found 3020 matches

by BruDude
Wed Sep 18, 2019 12:57 am
Forum: Personal Finance (Not Investing)
Topic: Do you always buy term life from a broker?
Replies: 15
Views: 1025

Re: Do you always buy term life from a broker?

I used term4sale and Thrivent came out as cheapest. However, none of the brokers it listed sold their policies so I ended up just working with Thrivent directly. And if the rate didn’t end up matching, I would have walked and used the broker but it didn’t come to that. Not going to find many agents...
by BruDude
Tue Sep 17, 2019 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

If she dies in 5 years, they have $9k plus interest. If she dies in 10 years, they have $18k plus interest. In 5 years, the premiums add up to $9,180. At 10 years, twice that. The policy will pay out exactly that, correct? So when does the policy payout equal more than the premiums? OP should not f...
by BruDude
Tue Sep 17, 2019 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Do you always buy term life from a broker?
Replies: 15
Views: 1025

Re: Do you always buy term life from a broker?

I got quotes on term4sale.com on here and saw quotes from the various companies but then the website directed me to brokers. Do you always go through the broker if you already know what company you want to buy from or is there some advantage in a direct path to the company? Also, my wife and I are ...
by BruDude
Tue Sep 17, 2019 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Do you always buy term life from a broker?
Replies: 15
Views: 1025

Re: Do you always buy term life from a broker?

You should always use a broker. The price is the same whether you use one or not. There’s always a chance the rate could come back higher than you expect after the underwriting is done and the agent can help shop the case with other companies, deal with underwriting complications, etc. SBLI is the o...
by BruDude
Mon Sep 16, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Term Life - Worth paying extra $50/yr for TIAA-CREF?
Replies: 11
Views: 599

Re: Term Life - Worth paying extra $50/yr for TIAA-CREF?

TIAA-CREF's underwriting standards are probably a lot tougher than Prudential's, they are a pretty conservative company. Thrivent requires you to attest to certain religion requirements on the application which is pretty weird, but some people don't care about that. Never had any experience with Thr...
by BruDude
Sat Sep 14, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

BruDude, as always, your obvious deep knowledge of insurance information that you share on this Forum is appreciated. +1. BruDude you add valuable perspective and knowledge to this community. Look, I wouldn’t buy this policy myself nor recommend it to my grandmother, but it’s nice to make choices b...
by BruDude
Fri Sep 13, 2019 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

Thank you very much, everyone, for the input. It is so nice to have other people helping you to make your decision. The policy name is PruLife Universal Protector, 100K fixed death benefit and $153 per month for the first year. I am still waiting for the advisor to answer about the maximum premium,...
by BruDude
Fri Sep 13, 2019 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

Just as a comparison, I checked out Zander Insurance (www.zanderins.com) to see what a 100K level term policy for a 61 year-old female in excellent health would be. The longest level term policy was for 25 years and was $952 per year. That means less than $952 per month for 25 years. No change in p...
by BruDude
Fri Sep 13, 2019 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

What heir would recommend their parent or grandparent do this? It is ridiculous. Noone will cheer that they got 100k because grandma died early. Instead heirs would much rather the parent or grandparent invest the 153/mo in a low cost fund. Personally I would suggest a moderate life Strategy fund, ...
by BruDude
Fri Sep 13, 2019 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

What heir would recommend their parent or grandparent do this? It is ridiculous. Noone will cheer that they got 100k because grandma died early. Instead heirs would much rather the parent or grandparent invest the 153/mo in a low cost fund. Personally I would suggest a moderate life Strategy fund, ...
by BruDude
Fri Sep 13, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

Someone in their 60's is also not going to be investing in risky assets, so the overall rate of return should be expected to be lower than a younger investor. Disagree - this money is being set aside for her grandchildren, so using her lifespan is not an appropriate time horizon. The life insurance...
by BruDude
Fri Sep 13, 2019 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

On a side note for those that say "invest the $153/month instead" well....nobody knows when they are going to die, and investment returns are taxable, so in order to generate $100k after tax, the investments would have to return more than $100k total. Someone in their 60's is also not going to be in...
by BruDude
Fri Sep 13, 2019 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Prulife life insurance
Replies: 41
Views: 1966

Re: Prulife life insurance

Universal life insurance is a horrible product. No the premiums are not fixed. Google the horrible problems with these products blowing up as the holders get older and older and the people going broke just to keep the policies alive. Save your cash, invest it instead. Don't put it in these borderli...
by BruDude
Tue Sep 10, 2019 10:30 pm
Forum: Personal Consumer Issues
Topic: Help With New Car Purchase - Macan S versus...
Replies: 57
Views: 4777

Re: Help With New Car Purchase - Macan S versus...

Porsche, there is no substitute.
by BruDude
Tue Sep 10, 2019 10:26 pm
Forum: Personal Finance (Not Investing)
Topic: Federal employee disability worth it? (redux)
Replies: 3
Views: 515

Re: Federal employee disability worth it? (redux)

Your benefit amount sounds pretty low and I'm not sure what kind of poilcy you bought but an individual DI policy should have premiums guaranteed through age 65. Sounds like you bought some type of association plan. Federal employees can generally qualify for about 40% of their income on an individu...
by BruDude
Tue Sep 10, 2019 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Anyone done a "Life Settlement"
Replies: 20
Views: 3250

Re: Anyone done a "Life Settlement"

bsteiner is correct. These settlement companies are not altruistic - they are in it for the money. They will receive the death benefit when you die, so they need to factor in your personal odds of death in determining how much to pay for your policy. The closer you are to death, the more they will ...
by BruDude
Mon Sep 09, 2019 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed LTD policy - please weigh in on associated Riders
Replies: 8
Views: 606

Re: Proposed LTD policy - please weigh in on associated Riders

The graded premium is generally used for physicians that want to lock in their coverage during residency/fellowship at a lower cost and then change to level premiums when they start practice and earn more money. It’s not designed for your average person to keep for the life of the policy, and priced...
by BruDude
Mon Sep 09, 2019 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Annuity contract sold to 83 year old with 15 year surrender fee schedule
Replies: 11
Views: 1426

Re: Annuity contract sold to 83 year old with 15 year surrender fee schedule

If the surrender fee isn’t waived upon death, then I totally agree that this is not a suitable product for an 83 year old, even in excellent health. That’s just terrible.
by BruDude
Mon Sep 09, 2019 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed LTD policy - please weigh in on associated Riders
Replies: 8
Views: 606

Re: Proposed LTD policy - please weigh in on associated Riders

I am in the process of replacing my current LTD policy. I have a proposal from Guardian that includes the following in the base policy: True Own Occupation Elimination Period - 90 Days Benefit Period - To age 65 Optional Riders Enhanced Partial Disability COLA adjustment - 3% Future Increase Option...
by BruDude
Mon Sep 09, 2019 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Proposed LTD policy - please weigh in on associated Riders
Replies: 8
Views: 606

Re: Proposed LTD policy - please weigh in on associated Riders

I always recommend the same Enhanced Partial/COLA/FIO riders to someone buying DI if they are under ~45 years old, COLA less important as you get older. If you want to reduce the cost, look at dropping the retirement protection rider or increasing the elimination period to 180 days. The level premiu...
by BruDude
Mon Sep 09, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Annuity contract sold to 83 year old with 15 year surrender fee schedule
Replies: 11
Views: 1426

Re: Annuity contract sold to 83 year old with 15 year surrender fee schedule

The annuity should have a 10% per year surrender-free withdrawal amount, so if this person didn't need direct access to large amounts of the money, then it may have been suitable. Impossible to say without knowing the conversation they had with the agent and what their goals were. I don't think a co...
by BruDude
Sun Sep 08, 2019 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone done a "Life Settlement"
Replies: 20
Views: 3250

Re: Anyone done a "Life Settlement"

It's pretty rare to find a viable life settlement case where an investor actually wants to complete the transaction. You need to be close to death, generally life expectancy less than 5-7 years, and your policy needs to have a very inexpensive premium guaranteed to at least age 100 compared to the d...
by BruDude
Fri Sep 06, 2019 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance -- Clueless and want to educate myself
Replies: 20
Views: 1304

Re: Life Insurance -- Clueless and want to educate myself

I understand your thoughts on the product, but that still doesn’t make it a scam. Your agent may have been a slimeball but there’s no way he would make $25k on a whole life policy with $16k premium in the first two years. Even an agent with top compensation level probably gets around 85% of the fir...
by BruDude
Fri Sep 06, 2019 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 4080
Views: 755240

Re: What's Your Credit Card Rewards Strategy?

I got a targeted offer from Chase Ink business offering $2,000 cash back for spending $50k within 6 months of account opening. Best CC cash back deal I’ve ever seen. Anyone else get this?
by BruDude
Fri Sep 06, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance -- Clueless and want to educate myself
Replies: 20
Views: 1304

Re: Life Insurance -- Clueless and want to educate myself

Absolutely do NOT buy any insurance called whole life, universal life, or variable life. All are scams that make an insurance salesman rich for duping you. Stick to regular term life. Use one of the competitive sites mentioned in other's posts. Over the years, save up enough that you eventually won...
by BruDude
Thu Sep 05, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance -- Clueless and want to educate myself
Replies: 20
Views: 1304

Re: Life Insurance -- Clueless and want to educate myself

Absolutely do NOT buy any insurance called whole life, universal life, or variable life. All are scams that make an insurance salesman rich for duping you. Stick to regular term life. Use one of the competitive sites mentioned in other's posts. Over the years, save up enough that you eventually won...
by BruDude
Thu Sep 05, 2019 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have disability insurance?
Replies: 37
Views: 1787

Re: Do you have disability insurance?

I sell DI as a core part of my business and have a personal DI policy from Guardian, which is the best coverage you can buy. There are 6 "top tier" disability insurance companies IMO - Guardian, Standard, Principal, Ameritas, Ohio National, and Mass Mutual, not in that particular order. Policies fro...
by BruDude
Wed Sep 04, 2019 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Employees Group Life Insurance Basic Policy After Retirement
Replies: 18
Views: 903

Re: Federal Employees Group Life Insurance Basic Policy After Retirement

Shop for your own coverage. Let's assume you are 60 years old today just as an example. $150k guaranteed for life would cost you about $265/month at a Standard health rating and about $215/month at a Preferred health rating. More coverage, less money, no brainer. FEGLI continuation is only a good i...
by BruDude
Wed Sep 04, 2019 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Employees Group Life Insurance Basic Policy After Retirement
Replies: 18
Views: 903

Re: Federal Employees Group Life Insurance Basic Policy After Retirement

Shop for your own coverage. Let's assume you are 60 years old today just as an example. $150k guaranteed for life would cost you about $265/month at a Standard health rating and about $215/month at a Preferred health rating. More coverage, less money, no brainer. FEGLI continuation is only a good id...
by BruDude
Sun Sep 01, 2019 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance policy advice
Replies: 8
Views: 775

Re: Life Insurance policy advice

Thanks All. willthrill, Yes, I was also hoping to be FI by 60 to not need the 30 year policy. I am wondering if I can ask JH to also provide another $500k policy for 20 years and forget about Prudential. JH policy seems to be reasonable though higher than expected. BruDue, you have a good point on ...
by BruDude
Sun Sep 01, 2019 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance policy advice
Replies: 8
Views: 775

Re: Life Insurance policy advice

Not enough info. Without knowing anything about your health, it is impossible to say what’s reasonable. It sounds like JH gave you a Preferred type rating and Prudential didn’t. The rates are too far apart to be from the same health rating class. On a side note, this is what happens when you apply w...
by BruDude
Fri Aug 30, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Another round of annual LTD coverage increases?
Replies: 1
Views: 217

Re: Another round of annual LTD coverage increases?

You usually only have to show proof of income and answer a few brief health questions to requalify for an extension of the rider. It’s a pretty easy process. If there are health concerns they may ask for an exam though. Maybe discuss what is required with your agent before submitting anything.
by BruDude
Fri Aug 30, 2019 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

However, if the problem with "yearly renewable" term is that you can't protect yourself from increases in the premium above the actuarily justified amount since you run the risk of health changes, then it seems to me that insurance companies probably have factored that risk (to them, of your declin...
by BruDude
Tue Aug 27, 2019 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Buying term life because it's a "deal"?
Replies: 15
Views: 882

Re: Buying term life because it's a "deal"?

If he's currently being treated for cancer, he's not going to get a policy from anyone. $108k per year for $5M on a 78 year old with cancer is an incredibly good deal, but that rate will go up every year, and a few years from now could easily be 3-4x that cost. That $9k/month rate is actually cheape...
by BruDude
Tue Aug 27, 2019 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Questions
Replies: 13
Views: 718

Re: Term Life Questions

Hello BruDude - Thanks for the information Hello DavidJay - Some agent was touting this as incentive for differentiating 2 separate providers. One follow up question - We have a Living will and Trust. I have read that naming your spouse and children as the Primary/ Secondary Beneficiaries is advisa...
by BruDude
Mon Aug 26, 2019 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Questions
Replies: 13
Views: 718

Re: Term Life Questions

May I ask who provided you with the suggestion of an Accelerated Benefits Rider? This is quite unusual on a term policy for a young person (I had never heard of it). I see several references to an ABR with regard to senior care and nursing home costs, but not for income replacement to protect a you...
by BruDude
Mon Aug 26, 2019 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Questions
Replies: 13
Views: 718

Re: Term Life Questions

Hello BruDude - Thanks for the information Hello DavidJay - Some agent was touting this as incentive for differentiating 2 separate providers. One follow up question - We have a Living will and Trust. I have read that naming your spouse and children as the Primary/ Secondary Beneficiaries is advisa...
by BruDude
Mon Aug 26, 2019 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Questions
Replies: 13
Views: 718

Re: Term Life Questions

May I ask who provided you with the suggestion of an Accelerated Benefits Rider? This is quite unusual on a term policy for a young person (I had never heard of it). I see several references to an ABR with regard to senior care and nursing home costs, but not for income replacement to protect a you...
by BruDude
Mon Aug 26, 2019 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Questions
Replies: 13
Views: 718

Re: Term Life Questions

The biggest problem with buying two separate policies from two separate companies is they are going to have different underwriting and you may get a better rate with one than the other. If you are in perfect health and can qualify for Preferred Plus with any company, then it's fine, but it will prob...
by BruDude
Mon Aug 26, 2019 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

I'd love to see those rates posted someplace then. You'd think it would be public information, or maybe I've missed where they are shown. Sure would make it simpler than calling those term provider and other numbers or using those websites. :) You won't find them posted in a chart anywhere because ...
by BruDude
Mon Aug 26, 2019 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

I stand by what I said about the call with NWM. My take on it was that if I threatened to cancel the policy, things would be different. Maybe that wouldn't have happened, but that was my take. I didn't have a level term rate. I had a term rate that rose as my age did. The problem was that it increa...
by BruDude
Mon Aug 26, 2019 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Optional Life Insurance (through employer)?
Replies: 34
Views: 1401

Re: Optional Life Insurance (through employer)?

From the perspective of someone at the other end of this age equation (term policy just ending, re-upping for another 10 years would cost many $thousands per year), I'd say - buy it yourself after shopping around. Buying a long, level premium term insurance policy is probably the first financial th...
by BruDude
Mon Aug 26, 2019 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

If you want to do some quick, anonymous shopping for life insurance rates, go to Zander.com. No agent will call, and you can get quotes to your hearts delight. Very easy to navigate. Ha! I did get a phone call but I actually got some real rates! And they were stratified by status: preferred plus, p...
by BruDude
Mon Aug 26, 2019 1:40 am
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

If you want to do some quick, anonymous shopping for life insurance rates, go to Zander.com. No agent will call, and you can get quotes to your hearts delight. Very easy to navigate. You’ll also have no idea how accurate those rates are based on his health but at least you’ll see some numbers I gue...
by BruDude
Sun Aug 25, 2019 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: What do you think about this $4M house idea?
Replies: 103
Views: 7423

Re: What do you think about this $4M house idea?

If I was rich and had this problem I’d have to crunch the numbers to see what makes sense but $300k per year sounds more like what they should be paying you to lease it back. $100k is laughable for a $4m house. Try finding a $4m house to rent for $8k/month. lol
by BruDude
Sun Aug 25, 2019 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Any males in their late 40’s recently shop life insurance?
Replies: 29
Views: 3226

Re: Any males in their late 40’s recently shop life insurance?

Preferred is the second best rate class so yeah, that is a pretty good rate to cover him through age 67. Of course it’s going to be more expensive for a new policy now that he’s 10 years older and possibly less healthy than before. Everyone else’s cost is irrelevant, age/gender/health/term length ar...
by BruDude
Wed Aug 21, 2019 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Optional Life Insurance (through employer)?
Replies: 34
Views: 1401

Re: Optional Life Insurance (through employer)?

ncbill wrote:
Wed Aug 21, 2019 3:44 pm
Max out the employer option & buy at least a $1 million, 20-year term plan as well.
Buying a separate policy is still probably cheaper than the max coverage from the employer
by BruDude
Wed Aug 21, 2019 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Optional Life Insurance (through employer)?
Replies: 34
Views: 1401

Re: Optional Life Insurance (through employer)?

Buy your own life insurance outside of your employer. The chances of you staying with the same employer for the next 30 years are probably slim to none. The premium also goes up in 5-year age bands, so your calculations are incorrect. You probably need more like $1-1.5M instead of $570k.