Search found 4191 matches

by BruDude
Tue Mar 26, 2024 11:35 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Ton of false arguments but you actually know that. Straight ltci policies easily have more ltc per dollar and can be set up to have enough per day. Nobody is “getting more for less” with hybrids. Also nobody knows is they will or will not go to a nursing home. You actually should be familiar with too. It’s not determined based on will alone. Still im sure you would prefer the commission then point out the truth. That’s not true. These policies are designed by the industry bc the industry wants to sell them and not straight ltc policies. That’s the driver, not client preferences. What did I say that was false? Yes, a traditional LTC policy will generally provide more total LTC coverage per dollar than a hybrid policy. Did I say otherwise? N...
by BruDude
Tue Mar 26, 2024 11:03 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

nisiprius wrote: Tue Mar 26, 2024 10:49 am
BruDude wrote: Tue Mar 26, 2024 10:09 am ...The death benefit should be thought of as a secondary feature...
Then why combine them with life insurance at all? Why not offer them as standalone LTCi with all the good features you claim they have, but without that "secondary" feature?
I don't design the products or deal with the DOI so you're asking the wrong person. On the surface, a "combo" product sounds good to people for marketing. I personally would never sell this as a viable life insurance strategy when there's better options for both term and permanent coverage. As with any major purchase, make sure you understand exactly what you're buying before you sign and pay for it.
by BruDude
Tue Mar 26, 2024 10:09 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Of course it does First they raid all your death benefit and csv and then the ltci kicks in. If it didn’t then it wouldn’t even be a rider. These are still bad deals. What a great deal for a permanent insurance to eventually still have less csv then premiums. Sarcasm Well if your options are $0 cash value forever or 80-90% of premiums paid as cash value forever, most people would like the idea of the cash value as an escape hatch in case their needs change in the future or they simply decide they don't want to pay for it anymore. With a traditional LTC policy you would never get anything back if you cancel it in the future. The death benefit should be thought of as a secondary feature. Term insurance for a similar amount would be dirt chea...
by BruDude
Tue Mar 26, 2024 9:59 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Chardo wrote: Tue Mar 26, 2024 9:22 am
BruDude wrote: Tue Mar 26, 2024 9:06 am
Chardo wrote: Tue Mar 26, 2024 6:00 am That policy, funded at that premium, will probably lapse sometime in your 70s, just before you need it.
Doubtful. These policies are designed to have lifetime guarantees.
I'd like to see that confirmed. An employer based UL product available down to just 10k? I haven't seen one of those lately with a lifetime guarantee.
Obviously you would need an illustration to confirm and I have no idea what actual product/insurance company is being offered here, but the general idea with these LTC hybrid policies is the premiums are fully guaranteed. It's not a regular UL policy that is interest-rate dependent.
by BruDude
Tue Mar 26, 2024 9:09 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

These products make no logical sense. These long-term-care riders are not really long-term-care insurance because they do not add new coverage . They simply give you the right to divert existing coverage to a different purpose. They let you raid the death benefit to pay for long-term care. Keep your eye on the ball. That's the death benefit. The purpose of life insurance is to provide a death benefit. Don't let the insurance company distract you with sparkly little side goodies. Well, do you need the death benefit or not? If you don't need it, you don't need life insurance and shouldn't buy it at all. If you do need it, you need it. If someone spends their final years in a long-term-care facility, why would their surviving family will need...
by BruDude
Tue Mar 26, 2024 9:06 am
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Chardo wrote: Tue Mar 26, 2024 6:00 am That policy, funded at that premium, will probably lapse sometime in your 70s, just before you need it.
Doubtful. These policies are designed to have lifetime guarantees.
by BruDude
Mon Mar 25, 2024 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Payments are for lifetime. From what you posted, deal I am getting does not sound attractive. Doesn’t sound terrible if you think it’s something you want to have. The $6k/mo equivalent would be around $140/month based on the pricing you mentioned. It would take 35 years of payments to equal the 10-pay equivalent premium of the product I quoted them. Factoring in the time value of money it’s probably a slightly better deal. The policy should also have a guaranteed cash value in case you change your mind later. Most of these type products have 80-90% return of premium available if you cash it out in the future. That said, IMO you’re much better off using the money to buy a good disability insurance policy if you don’t have one yet, and I wou...
by BruDude
Mon Mar 25, 2024 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: LTC + Universal insurance in one product
Replies: 22
Views: 1075

Re: LTC + Universal insurance in one product

Are the payments lifetime or a shorter period? As a reference point I just did a quote with a 41/43 year old couple in NY where $6k/month in LTC benefits for 4 years or $144k death benefit was $5-6k per year for each person on a 10-pay (paid up after 10 years).
by BruDude
Thu Feb 29, 2024 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for a long term care insurance broker
Replies: 3
Views: 712

Re: Looking for a long term care insurance broker

If the policy is 20 years old they will never get a better deal than what they have already.
by BruDude
Tue Feb 13, 2024 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Have you ever replaced a perfectly fine car just because?
Replies: 111
Views: 8664

Re: Have you ever replaced a perfectly fine car just because?

All the time. I went through 7 cars last year alone. It’s what I spend my fun money on, cars and watches.
by BruDude
Wed Jan 24, 2024 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Washington Post: "That 'free' annual checkup might cost you"
Replies: 112
Views: 11913

Re: Washington Post: "That 'free' annual checkup might cost you"

I always tell my clients to let their PCP office know that they only want the services included in the preventative benefit for their health insurance and if anything else is to be done during the visit to notify you prior to being charged. Not 100% fool-proof but it may help avoid these "surprise" charges.
by BruDude
Fri Jan 19, 2024 8:35 am
Forum: Personal Finance (Not Investing)
Topic: Breast Cancer - Life Insurance Question
Replies: 9
Views: 1034

Re: Breast Cancer - Life Insurance Question

You can also convert just part of the policy instead of the whole 250, the remainder would stay as term. Whether it’s a “good deal” or not depends on her prognosis. She won’t qualify for another policy until she’s at least a year clear of any treatment, but it also doesn’t really sound like you need it at this point if net worth is 4m already (assuming a decent chunk is liquid).
by BruDude
Thu Jan 04, 2024 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Can Somebody Explain how HSA/HDHP is Always the Obvious Choice?
Replies: 64
Views: 8425

Re: Can Somebody Explain how HSA/HDHP is Always the Obvious Choice?

It's not always , it depends on the cost of the plan, the deducitble/OOP max, and what other options are available. If a $6k deductible/$8k OOP max HSA plan is $200/month and a $500 deductible/$2k OOP max plan is $250/month, most people would take the $500 deductible plan. If that plan was $600/month, then the $6k deductible probably makes more sense especially when you factor in the tax benefits. Health expenses are a major factor when comparing overall costs. For someone that KNOWS they will hit the HSA deductible because they take a medication that costs $1000/month, then the copay plan might be better if that medication was say a $30 copay under those plans benefits. Total expense for that Rx under the HSA = hit the OOP maximum. Total e...
by BruDude
Tue Dec 19, 2023 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tempting 7-figure job offer (FAANG vs AI startup)
Replies: 93
Views: 13433

Re: Tempting 7-figure job offer (FAANG vs AI startup)

For $6m/year I’d have already signed the papers and then retire after 4 years and do whatever I want.
by BruDude
Thu Nov 30, 2023 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Getting a new car in 2024: Comparing buy vs lease deals
Replies: 12
Views: 7749

Re: Getting a new car in 2024: Comparing buy vs lease deals

https://forum.leasehackr.com/

Leasehackr is the best resource for leasing info and the forums can give you an idea of what kind of deals are possible. Don't know if you're an EV person but there are some pretty solid EV deals out there right now and you don't have to worry about the absurd depreciation with a lease. Whether to lease or buy completely depends on what kind of cars you're looking at and how good or bad the lease deals are on them, and how fast they are depreciating. Some EVs have been losing 30-50% of their value in one year.
by BruDude
Wed Nov 15, 2023 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance
Replies: 2
Views: 518

Re: Disability Insurance

A few things I'd look at here: 1. Is there a reason you haven't opted for the Residual/Partial Disability coverage on the existing coverage and NWM didn't quote it on the new one? That is an extremely important benefit. Most disabilities either start or end as a partial disability along with providing payments when you return to work but are earning less than your income prior to the disability. I've only ever had a couple of clients opt out of this coverage and if it wasn't even quoted for you then the agent isn't doing their job to explain why it's important and you should be buying it. The higher your income, the more likely it is that you're making less money when you return to work from a disability, especially if you are a business ow...
by BruDude
Sun Nov 12, 2023 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

MMiroir wrote: Sun Nov 12, 2023 4:12 pm More opinions that the car market is slowing down.

https://youtu.be/LThIM974gjc?si=3jiWYbWOdnCMhYkv
A lot of people are certainly starting to get a bit desperate. Supply is way up on most cars. Demand has fallen considerably especially for the “new hot car” like the Bronco, Hummer, C8 Corvette, etc. none of these cars are immune to high interest rates except very rare/special edition/low production number type cars.
by BruDude
Fri Nov 10, 2023 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Need a car...what to do
Replies: 83
Views: 8465

Re: Need a car...what to do

Clearly the answer is a Porsche Cayman GT4
by BruDude
Fri Nov 10, 2023 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: 2023 Lexus GX Finance or Cash
Replies: 68
Views: 8214

Re: 2023 Lexus GX Finance or Cash

Are they offering a cash rebate if you don’t take the 2.5%?
by BruDude
Fri Nov 10, 2023 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

Car-enthusiasts come in many flavors, lifestyles and preferences. On a financial-forum we perhaps digress too much, to parse the differences. But I will note, hopefully without controversy, that the real question is the extent to which we feel “justified” in indulging in our personal preference, rather than, whether those preferences are thoroughly defensible or somehow spurious. Self-justification obtrudes in many contexts…whether to buy a second/vacation house, whether to retire early or to work “one more year”, whether to take a lower-paying and lower-stress job, whether to front-load one’s retirement with spending in excess of the 4% SWR, and so on. The unifying theme, is that for a frugal person – or if you like, a flintily parsimonio...
by BruDude
Fri Nov 10, 2023 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

Well that is the dilemma. The only place one can properly enjoy a Porsche GT is on the track, but due to the high costs it makes makes no financial sense to track it for the vast majority of enthusiasts. I certainly wouldn't do it and that is why I have little interest in these types of car, but that calculation will vary from person to person based on their financial situation and the perceived level of risk. In my case, the Lotus was $30 to 40K at the time, and I was financially stable enough to write that amount off in case of a total loss. I was also fortunate that none of my spins collected anything but air, but I was also careful on track, not pushing in inclement weather and staying clear from other drivers that were not trustworthy...
by BruDude
Wed Nov 08, 2023 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

"$25k/yr would more than cover such a car expense as well as future car expenses if they wanted to exchange it for another fun car years down the road." Exactly - and that is what non ehusiasts do not understand about spending the funds on any of these non essential items. It would be very difficult to ever lose $25k total on a GT4 unless you put a ton of miles on it or crashed it, let alone losing $25k per year. The lowest prices I've ever seen on a clean title accident-free GT4 were in the $75-80k range for high mileage before covid. Low end of the market now is ~$90k. Most of those stickered in the $90-110k range for the 981 generation and those cars are now 8 years old and still selling for around their original MSRP. . If th...
by BruDude
Wed Nov 08, 2023 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

"$25k/yr would more than cover such a car expense as well as future car expenses if they wanted to exchange it for another fun car years down the road." Exactly - and that is what non ehusiasts do not understand about spending the funds on any of these non essential items. It would be very difficult to ever lose $25k total on a GT4 unless you put a ton of miles on it or crashed it, let alone losing $25k per year. The lowest prices I've ever seen on a clean title accident-free GT4 were in the $75-80k range for high mileage before covid. Low end of the market now is ~$90k. Most of those stickered in the $90-110k range for the 981 generation and those cars are now 8 years old and still selling for around their original MSRP. Just be...
by BruDude
Tue Nov 07, 2023 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

May I missed it, but has the OP identified the $120,000 car he is interested in? IMHO the only new cars that will hold value in the long run will be Porsche 911 or Cayman/Boxster (preferably with a manual) or Lotus Emira. The value of everything else will plumet once the EV apocalypse happens particularly large sedans and SUVs in this price range. He has. It's in a reply he made above. He wants a Porsche Cayman GT4 (Either the 981 or 718 version). In that case, a GT4 is one of the few modern cars that will hold it's value well in the near future. However, the OP should spend some time in the stock bucket seats. These seats have all of the comforts of a prison cell, and a major reason why these cars tend to turn over quickly is that while t...
by BruDude
Tue Nov 07, 2023 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

Panamera Turbo S. As fast as the car you are looking at. That way car seats fit. Future proof it! https://youtu.be/bxiOlBymmdI?si=5U5xDOnbZEm2M597 I just bought a 2014 Panamera Turbo S as a daily driver, amazing car but very expensive repairs/maintenance and despite how great it is for a daily, it'll never feel like a GT car. Apples and oranges, huge and heavy twin turbo V8 vs. lightweight naturally aspirated flat 6. A lot less expensive entry price though, paid $54k for a car that stickered at $223k. New battery, spark plugs, PDK fluid flush, and PDCC fluid flush were $3,095 today though to get it up to snuff and previous owner jus spent $10k fixing the air suspension, so have to be prepared for those kind of expenses with any German perf...
by BruDude
Tue Nov 07, 2023 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

Panamera Turbo S. As fast as the car you are looking at. That way car seats fit. Future proof it! https://youtu.be/bxiOlBymmdI?si=5U5xDOnbZEm2M597 I just bought a 2014 Panamera Turbo S as a daily driver, amazing car but very expensive repairs/maintenance and despite how great it is for a daily, it'll never feel like a GT car. Apples and oranges, huge and heavy twin turbo V8 vs. lightweight naturally aspirated flat 6. A lot less expensive entry price though, paid $54k for a car that stickered at $223k. New battery, spark plugs, PDK fluid flush, and PDCC fluid flush were $3,095 today though to get it up to snuff and previous owner jus spent $10k fixing the air suspension, so have to be prepared for those kind of expenses with any German perf...
by BruDude
Tue Nov 07, 2023 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

You do realize this is not going to last forever? Covid changed the "toy" purchase dynamic given the huge influx of fed money and associated market run up. Heck, even boats were selling for 20% over MSRP 2-3 years old, Rolexes, etc. My brother just traded his 3 year old VETTE for a $12k profit. GT cars WILL depreciate. Especially given you will be paying $30k over sticker to get one. My 996GT3 cost me $52k, easily a $85k car now. The fun stops, some folks will be holding the bag. The GT car market has always been ridiculously strong compared to any other mass-produced cars. If you know what you are doing it should be very easy to drive the car for little to no cost. I had a 2014 GT3 pre-covid and drove it for a year then sold it ...
by BruDude
Mon Nov 06, 2023 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

My advice: don’t ask a car question on Bogleheads. The only approved vehicle choices are a used Toyota Camry or Honda Accord, preferably early 2000’s with over 100,000 miles. Anything more extravagant and you’re doomed to homelessness and cat food. It’s funny because it’s true! Fully agree. That is the approved car for the Boglehead. For the Boglehead's children/spouse any car > 3 model years old is a rolling death trap in an accident. What do y'all expect? Financially savvy bogleheads would never approve spending a lot of money on depreciating assets. TravelforFun Good thing Porsche GT cars don’t depreciate like the other cars being suggested as alternatives. Almost all GT cars ever made still sell for over their original MSRP or close to...
by BruDude
Mon Nov 06, 2023 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

Panamera Turbo S. As fast as the car you are looking at. That way car seats fit. Future proof it! https://youtu.be/bxiOlBymmdI?si=5U5xDOnbZEm2M597 I just bought a 2014 Panamera Turbo S as a daily driver, amazing car but very expensive repairs/maintenance and despite how great it is for a daily, it'll never feel like a GT car. Apples and oranges, huge and heavy twin turbo V8 vs. lightweight naturally aspirated flat 6. A lot less expensive entry price though, paid $54k for a car that stickered at $223k. New battery, spark plugs, PDK fluid flush, and PDCC fluid flush were $3,095 today though to get it up to snuff and previous owner jus spent $10k fixing the air suspension, so have to be prepared for those kind of expenses with any German perf...
by BruDude
Mon Nov 06, 2023 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

bloom2708 wrote: Mon Nov 06, 2023 2:22 pm Buy a gift when you are 55 and early retired. Lots of forks in the road ahead.

Head down, pump your arms. Buy a $5k bicycle and call it good.
My dad decided he'd wait until the kids were out of college to buy the Corvette he always wanted. By the time he reached that age it was too hard for him to get in and out of the car easily. He never got that Corvette.
by BruDude
Mon Nov 06, 2023 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

cchrissyy wrote: Mon Nov 06, 2023 1:22 pm
there are quite a lot of good cars in between, and they will feel like a huge step up for you while still leaving something to shoot for later. for instance, have you looked at Tesla and BMW?

Have you looked at the resale value of a Tesla or BMW compared to a Porsche GT car? lol.
by BruDude
Mon Nov 06, 2023 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Buying a 120k car... yes, I need your help
Replies: 275
Views: 34086

Re: Buying a 120k car... yes, I need your help

You will never regret buying a GT car. Your worst-case scenario is maybe losing $20-30k in value depending on how many miles you put on it and how long you keep it. With your salary that's a drop in the bucket over several years. They're also an absolute blast to drive, but you'll still want to keep your daily driver. The car is still an asset and GT cars hold their values very well. 981 GT4's and 991 GT3's are still selling for their original MSRP or close to it, even for higher mileage. I'm assuming you're looking at a 991.1 GT3 or a GT4/Boxster Spyder based on the $120k. IMO, the price in a car transaction doesn't matter. The only thing that matters is the difference between what you buy it for and what you can sell it for later, and the...
by BruDude
Sat Nov 04, 2023 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance decision - Trust Maxifi Planner?
Replies: 37
Views: 3417

Re: Life insurance decision - Trust Maxifi Planner?

Silk McCue wrote: Sat Nov 04, 2023 5:01 pm Life isn’t a forecast, spreadsheet or software program. Ask yourself - If I were to die prematurely would I rather my wife and child be able to utilize an additional $1M or $386k?

The premium doesn’t sound burdensome. I personally would keep it.

Cheers
This. I'd also ask your spouse what they're comfortable with, probably relevant!
by BruDude
Wed Oct 18, 2023 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Disability insurance - amount, private policy, riders
Replies: 5
Views: 986

Re: Disability insurance - amount, private policy, riders

Chotch wrote: Tue Oct 17, 2023 11:19 pm What did you end up deciding?

I am an associate at a large law firm which has the same LTD group benefit. I’m considering getting supplemental disability insurance in the hope of “locking in” a low premium at a young age.
Just realized the original post is from January but same info above might help
by BruDude
Wed Oct 18, 2023 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Disability insurance - amount, private policy, riders
Replies: 5
Views: 986

Re: Disability insurance - amount, private policy, riders

Here are my questions: 1. Should I think of DI as "catastrophic insurance" where I buy the bare minimum to meet my living expenses? (i.e. stick with my group policy?) 2. I'm not sure that I'll be with my current law firm forever, so would it be worth locking in a lot of coverage as a 30-something in the preferred plus health category? 3. I am a partner at this firm, so my income is not guaranteed. If there were some "black swan" event where we had a really bad year and then I needed to use my DI the next year, the group policy would look back at the previous years' earnings to calculate my benefit, whereas the private policy would pay me my contracted rate. Is that something worth considering in my decision? 4. Are Mass...
by BruDude
Mon Sep 18, 2023 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: KaiZen Life Policy
Replies: 46
Views: 12306

Re: KaiZen Life Policy

The Kai-zen Illustration here doesn’t make sense to me at all. That’s a nice summary of your first post here on the Forum. Welcome! If you’re inclined to dig deeper, I’d ask two questions - —- Is the interest rate on the bank loan guaranteed for the full 15 years? —- What is the assumed interest rate on the IUL policy, and is it guaranteed for 15 years. (Hint - it’s not guaranteed.) 1. ON THE PROPOSED ILLUSTRATION, THE "Loan Rate including Bank Margin" ARE FOR 15 YEARS: 6.70%, 5.37%, 5.15%, 5.23%, 5.37%, 5.49%, 5.58%, 5.63%, 5.66%, 5.68%, 5.69$, 5.69%, 5.69%, 5.70%, 5.70% This is how they explain: "Because these are projections, future policy performance and interest rates are not guaranteed and are subject to changeby the i...
by BruDude
Mon Sep 18, 2023 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Contesting Life Insurance Beneficiaries
Replies: 8
Views: 1199

Re: Contesting Life Insurance Beneficiaries

Talk to a lawyer. It is incredibly difficult to contest a beneficiary unless there is clear fraud/deception or the owner changed the beneficiary while cognitively impaired.
by BruDude
Sat Sep 16, 2023 11:28 am
Forum: Personal Finance (Not Investing)
Topic: KaiZen Life Policy
Replies: 46
Views: 12306

Re: KaiZen Life Policy

Recently, a client of mine sent me a proposal illustration from a NIW agent to ask me helping him understand what this plan offered him. The structure of the plan basically is an Indexed Universal Life contract using the 7-Pay Guideline Premium from IRS Section 7702. They use the leverage financing strategy (matching concept), like 401(k), but Kai-Zen uses lender money to match your 5 years contribution over a period of 10 years by using your policy as a collateral. This is an outline of the proposal: Man, 50 years old, good health, non-smoker, earning $200k/y Initial Death Benefit: $1,150,000. Contribution Outline: You Bank Years 1-5: $50,000 $33,943 Years 6-10: $0 $82,593 Total: $250,000 + $582,680 = $832,880 Analysis: #1. As a lender, t...
by BruDude
Fri Sep 15, 2023 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance annual policy fee..
Replies: 13
Views: 1363

Re: Life insurance annual policy fee..

afan wrote: Thu Sep 14, 2023 7:41 pm The issue is not whether there is a policy fee, but whether this was included in the price they were initially quoted. If so, and the company is just showing that part of the premium goes to the fee, no problem.

But the OP's post implies that the total cost is higher than illustrated. That is, that the policy fee is on top of the amount quoted. That strikes me as a shady deal. I have not shopped for life insurance for a long time but back when I did the total cost was exactly what was illustrated, not one penny more.
There is no way that I know of to show a software-generated life insurance quote without including the policy fee.
by BruDude
Mon Sep 11, 2023 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance annual policy fee..
Replies: 13
Views: 1363

Re: Life insurance annual policy fee..

Every policy has a policy fee, it’s included in the quoted cost. Generally $50-150 per policy. As far as I know there’s no way to strip out the policy fee when showing someone a quote.
by BruDude
Thu Aug 31, 2023 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

tj wrote: Thu Aug 31, 2023 9:14 pm
I heard that Vegas has garbage health care and people typically will to go to Phoenix or SoCal for care. False?
I’m in pretty good health so I’ve never had any bad experiences. My dad is diabetic and isn’t too keen on some of the doctors he’s had but he also refuses to spend the money for a concierge doctor. Don’t think I’d be traveling anywhere to get healthcare unless I had some rare disease or cancer. The health insurance is reasonable compared to some other states.
by BruDude
Thu Aug 31, 2023 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

It is exactly why I left NY. Not only is everything more expensive and the taxes are huge, they pay physicians much less compared to other parts of the country. Vegas was on my list but I knew that if I went that route I would spend a lot of time in the poker rooms. I’m not good, just good enough to stay away from those better than me so that I can sit at the lower stakes tables and make a little profit. Leaving NY was one of the best financial decisions I ever made. Plus, because I made significantly more money and paid less in taxes while working less than what I had to work in NY, not only did we have more money, we also had more free time to travel and even enjoy NY from time to time. Again, best decision we made. Funny enough, poker i...
by BruDude
Thu Aug 31, 2023 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

Residents are assumed to drive on the state roads every single year. The amount depends on the city or county. For instance, for Fairfax County "The tax rate for most vehicles is $4.57 per $100 of assessed value." That's northern VA for you. Henrico County near Richmond is $3.40 per $100, BUT there is Car Tax Relief. "The rate of relief under the Personal Property Tax Relief Act was raised to 42%. This applies to the first $20,000 in value for qualifying vehicles. Vehicles valued at $1,000 or less receive 100% relief from personal property taxes." And fwiw the state sales tax on cars is 4.15%. "Virginia is required to collect a 4.15% Sales and Use Tax " Wow that is huge. Plus according to google there is 0.75%...
by BruDude
Thu Aug 31, 2023 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

andypanda wrote: Thu Aug 31, 2023 5:00 pm Residents are assumed to drive on the state roads every single year. The amount depends on the city or county. For instance, for Fairfax County "The tax rate for most vehicles is $4.57 per $100 of assessed value." That's northern VA for you.

Henrico County near Richmond is $3.40 per $100, BUT there is Car Tax Relief.
"The rate of relief under the Personal Property Tax Relief Act was raised to 42%. This applies to the first $20,000 in value for qualifying vehicles. Vehicles valued at $1,000 or less receive 100% relief from personal property taxes."



And fwiw the state sales tax on cars is 4.15%.

"Virginia is required to collect a 4.15% Sales and Use Tax "
Sounds awful, glad I left!
by BruDude
Thu Aug 31, 2023 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

Wanderingwheelz wrote: Thu Aug 31, 2023 9:49 am
It seems every state DMV has quirks of their own. My state of residence is sales tax free, but I sometimes wonder how a new resident feels when they buy a used car from a private party and then go to DMV to get their title and learn a hard lesson when the clerk behind the desk gets out their well worn NADA book to work up their “document fee” of 4.25%. Whatever you do, don’t call it a sales tax!
I used to live in VA and they had a property tax on cars that was like 2% per year based on the car's value. Now it's around 4.5% I think. Every single year.
by BruDude
Wed Aug 30, 2023 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

Interesting about the three car annual maximum. I am familiar with the quirky Nevada sales tax rules with regard to private party/dealer sales, but not any other state if there even is one. I’ve wondered what the backstory is on such a law that penalizes auto dealers who are a powerful group of businesspeople in every state. I’ve also wondered why anyone would buy a high dollar vehicle any other way than PP in the state of Nevada. I have no idea how the private party no sales tax thing came to be but I sure am thankful for it. I’ve probably saved around $70k in taxes with it. Definitely would not have bought all of those cars if I had to pay 8.4% tax every time. Even paying the tax on my Wrangler was painful enough. Arizona is also no sale...
by BruDude
Wed Aug 30, 2023 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

When you’re saying “probably worth $X more than I paid” are you able to find private party buyers for these cars you’re only holding onto for months at a time? Or, are you trading them in (hard to imagine since you’re being offered wholesale)? In my experience, finding a qualified buyer is hard enough to also be the same person who actually wants to pay anything close to what you’re asking. It’s can take months if you’re able find a buyer at all. I’ve only ever traded one car, everything else has been private party sales. There’s some 911 and exotic car for sale Facebook groups that get good exposure, Autotrader, FB marketplace, etc. Takes a little while sometimes but I’m never in a rush to sell. Trade offers are currently in the absolute ...
by BruDude
Wed Aug 30, 2023 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

Do you have any daily drivers that you put lots of miles on or take long road trips with? I struggle with this concept myself because I like buying older fun cars that don't depreciate or I make money on. But for longer trips and sort of every day driving, I want to have on modern car with adaptive cruise control, comfortable seats, comfortable ride etc. It kills me though knowing that my 2022 Mercedes E450 is costing me more than if I were to go out and buy something way more fun and interesting. I've driven my E39 M5 halfway across the country and I've done the same trip in my E450. While the M5 was doable, the E450 was just so much more comfortable and relaxing for that trip. I guess my dilemma is that I hate spending money on a dime a ...
by BruDude
Wed Aug 30, 2023 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

I hope your state gives you credit for the tax you paid on the one you sold/traded to get your next one. I live in a state that does, but more don’t than do. The sales tax penalty alone makes it impossible for many Americans to flip cars unless they have a dealer tag, of course. If you’re going through a dozen or more luxury cars a year I can’t see why you wouldn’t want to start a used car lot just to make the whole prepress much less troublesome. I’ve spent probably more than 5 full days time just researching, looking, then buying a single luxury car- which I’ve only done several times not 50 or more like you. You’ve definitely got a part time job as it is, so why not make a business out of it? (I realize you’re getting tax-free gains eac...
by BruDude
Wed Aug 30, 2023 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Rethinking "Keep Your Car for Ten Years"
Replies: 466
Views: 49581

Re: Rethinking "Keep Your Car for Ten Years"

Aston Martin Vanquish - drove for about 8 months, traded for 991.1 GTS. Lost $8k on this one but the sales tax credit made it a wash. Astons are very tough to sell compared to Porsche and Ferrari 392 Wrangler - ordered new, drove for a year and sold for $8k profit (about break-even after paying sales tax and transport cost) Pet peeve that I'd probably ignore but considering this is a finance forum. The Aston was a wash from a profit standpoint (not a loss) but sold for $8k less. The wrangler didn't have any profit it was sold for $8k over purchase price. It sounds like you have a good handle on the actual costs but people often miss some expenses (like you note sales tax, transport, etc) and wonder where their money is going. A reasonable ...