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We are shopping for a term life and disability insurance. The whole process is very interesting but very interesting but this is for another thread. We now need to determine the amount of life and disability insurance we need. Please help us determine that. We believe our number is $5m. We currently have $1.5m financial assets, $500k debt (mortgage, student loan, etc.), and save anywhere between 150k to 200k per year. For planning purposes, let’s be conservative and use 150k. (We work in a fairly stable industry, so we can assume continuous employment unless we are sick/disable.) At 4% real return, we will be FI in 16 years. That means we should buy a $4m term life insurance now and wind it down to zero in 20 years. Perhaps we can do this ...

If a lawyer sends them a scary letter they will respond quickly.

I saw the GT4 driving through the snow a few weeks ago too. The guy passed right by me in Aspen. He had a ski rack and some skis so I guess he was heading to the mountain. Made me feel poor in my e39 M5, but it also made me feel somewhat smug that I could drive through the snow just fine with rear wheel drive and snow tires. Here's a pretty cool video from Kline on the FF in the snow - https://www.youtube.com/watch?v=R70NIzexFOM The E39 is a classic! Always wanted one but I gave up on BMWs after my last blown engine experience. Thanks for that video loved it! That sound is amazing Don’t be afraid of the e39 M5. Some BMW engines have their issues but the S62 is pretty robust with lots of high mileage examples. Mine is 161k miles and the onl...

I bought a Tempurpedic mattress a couple months ago with the adjustable base and it’s been life changing. Retail was $11k but found a local guy selling overstock for $2500. Might want to check your Facebook Marketplace as I see a lot of these on there in large metro areas. Definitely worth the money.

FireSekr wrote: ↑Mon Mar 06, 2023 2:05 pm I saw the GT4 driving through the snow a few weeks ago too. The guy passed right by me in Aspen. He had a ski rack and some skis so I guess he was heading to the mountain. Made me feel poor in my e39 M5, but it also made me feel somewhat smug that I could drive through the snow just fine with rear wheel drive and snow tires.

Here's a pretty cool video from Kline on the FF in the snow - https://www.youtube.com/watch?v=R70NIzexFOM


The E39 is a classic! Always wanted one but I gave up on BMWs after my last blown engine experience.

Ok I'll jump in since I've got a few minutes to spare, these are off the top of my head so some may be a little off: 1. 1989 Lincoln Town Car - free, thanks Dad (until my brother crashed it) 2. 1997 Toyota Corolla - free, thanks Dad (much easier to drive than the land yacht) 3. 2000 Ford Mustang - paid $8k, totaled in accident (other driver's fault), insurance paid out $8500 after I drove the car for 3 years and 40k miles. 4. 2008 Toyota Camry - Paid $19k, drove 4 years, sold to my brother $11k 5. 2010 JCW Mini Cooper- leased, payment was around $350/month, drove one year and sold for payoff amount. Total cost = $4200 approx. 6. 2008 Corvette - paid $35k, drove 2 years as my only car, sold $32k 7. 2009 BMW 335D - took over lease, drove 9 m...

You've done very well. Great choices too. I have to admit that my favorite/ dream ferrari would be the gtc4lusso. They are perfect. Since it's not in my cards anytime soon, I don't have much knowledge on ff vs gtc4lusso aside from it being predecessor. Seems that the ff may be the one to go with for price? I can't tell many difference in looks either. As for me too many cars to list and I am only 33. Many many corvettes, classics, gtos, etc. I'm sure I'm down some money but likely less than my peers who went out and just bought regular cars through the years. Thanks, I like to think I have pretty good taste! The GTC4Lusso is a great car, but just mostly an updated version of the FF with rear axle steering and a much more modern interior. I...

You've done very well. Great choices too. I have to admit that my favorite/ dream ferrari would be the gtc4lusso. They are perfect. Since it's not in my cards anytime soon, I don't have much knowledge on ff vs gtc4lusso aside from it being predecessor. Seems that the ff may be the one to go with for price? I can't tell many difference in looks either. As for me too many cars to list and I am only 33. Many many corvettes, classics, gtos, etc. I'm sure I'm down some money but likely less than my peers who went out and just bought regular cars through the years. Thanks, I like to think I have pretty good taste! The GTC4Lusso is a great car, but just mostly an updated version of the FF with rear axle steering and a much more modern interior. I...

Speaking from experience, BMWs are piles of trash that find a new way to leak something every other week. Avoid.

Ok I'll jump in since I've got a few minutes to spare, these are off the top of my head so some may be a little off: 1. 1989 Lincoln Town Car - free, thanks Dad (until my brother crashed it) 2. 1997 Toyota Corolla - free, thanks Dad (much easier to drive than the land yacht) 3. 2000 Ford Mustang - paid $8k, totaled in accident (other driver's fault), insurance paid out $8500 after I drove the car for 3 years and 40k miles. 4. 2008 Toyota Camry - Paid $19k, drove 4 years, sold to my brother $11k 5. 2010 JCW Mini Cooper- leased, payment was around $350/month, drove one year and sold for payoff amount. Total cost = $4200 approx. 6. 2008 Corvette - paid $35k, drove 2 years as my only car, sold $32k 7. 2009 BMW 335D - took over lease, drove 9 mo...

If I made this post with my history of cars the forum would probably have a collective heart attack.

All of those are important but the terms and definitions for how each of them work are very relevant. Some residual disability riders are better than others, some future purchase options are more flexible. You should also look at the COLA rider and make sure the policy has unlimited mental/nervous disorder benefits. My advice - use an independent broker that specializes in disability insurance instead of PolicyGenius. They will be far more knowledgeable than the order takers at PG. it costs you the same ($0) to use an independent broker as it does to use PG. A good broker will explain the differences between the policy and make sure your health history won’t impact the offers you get or if it does then determining which company is the best ...

I have leased before when the deal was right. In general, the rule of thumb is that if the payment is less than 1% of the MSRP with $0 paid up front and all taxes and fees rolled into the monthly payment, it's a good deal. I leased a Wrangler for $360/month that had $38k MSRP (purchase price $34k) drove it 3 years and 25k miles, and then sold it mid-Covid for $38k so that worked out better than expected. Of course the crazy car market helped which is an outlier.

Check out the Leasehackr forum for good info on leasing and not getting screwed in the process. I would be surprised if there's any great deals out there right now with the high interest rates and lack of massive discounts on new cars, even though the market is softening.

I want to thank the people on this forum again for the wealth of information you provide. As I have shopped insurance my agent has expressed surprise more than once that I was 'really asking the right question.' I am wondering if I can share what I have so far and get feedback. 1) I priced an individual policy through Ameritas. It provides about $3k/month income replacement. I added a catastrophic disability rider, which would add 3,450 per month were I catastrophically disabled. This is an own-occupation policy. It would continue if I went into another occupation earning much less. It does not coordinate with Soc. Sec., and would not coordinate with my group plan below as long as I buy it first. It has a 3% COLA rider. It is noncancellabl...

You have a starting benefit of $192k for your $104k payment, so you really only have $88k of "insurance" but it does compound the entire amount at 3% which is helpful. The 4-year benefit can last longer than that if you aren't using the maximum amount per month (though you likely would in CA in most scenarios other than very basic home care). The policy also probably says that any payouts for the LTC benefit reduce the death benefit proportionally, so you may not be able to receive both if you use up the LTC benefits. Read the contract to be sure of how that would apply. You should also check to see if there's a return of premium benefit for this policy. If you cancel it in the future you may be able to receive a portion of the pr...

If you’re going down the luxury path, for $120k you can get a Rolls Royce Ghost, high mileage Wraith, or an older Phantom. The literal opposite of a Tesla, but a Rolls is a Rolls. Doesn’t get any more luxury than that.

Then you can add the 1999 Corolla for an extra $5k in case the Rolls breaks.

$3.5k is like German car pricing, and the car already had a warranty if it’s new so you’re really only buying another 2-3 years. I’d honestly find that insulting. I just paid $1200 for an 8 year 85k bumper to bumper on a Jeep with the hemi engine which is more likely to break and more expensive to fix. On a Toyota I’d probably just skip it, even if something breaks it can’t be all that expensive. Odds of a major repair are pretty slim.

Work with an agent to run quotes for a new cash value policy with a 1035 exchange to see if a “loan rescue” can be done. Otherwise your options are to cash out and pay the tax bill or keep paying the interest or pay back the loan.

Bikes4life wrote: ↑Fri Jan 20, 2023 7:27 pm Interesting. They were both same rate class, product, terms, dollar amt, both without additional riders etc. I'll have to look into it. Maybe I missed something.

Maybe one of them quoted you the wrong age. There's no way the premiums can be different if the inputs are the same. Agents can't change premiums by adjusting their commissions. The commission is a standard payout from the insurance company with various performance/retention bonuses attached.

Seconded, but I have never seen a BruDude post that was something other than excellent. All great points. 2 after thoughts: 1. If I had a choice, I would have a 1-car solution. A Plaid S would be that, due to range and interior space. As mentioned, a Taycon probably is not a 1-car solution. If I am to have 2 cars, then (as currently is the case) 1 will be a beater and the other will be something sporty. Maybe an Eray is a better choice for me. 2. There are a couple of ways of looking at the Tesla price cuts. You noted 1, and I agree that it really mauls existing owners. On the other hand, as a buyer, I can now get the exact same car for $10k less, and my guess is that it will not depreciate quite as fast at $10k less than it would have at ...

For $120k you can get a certified Porsche Taycan Turbo. If you’re dead set on an EV go drive one of those. I’m not normally an EV guy whatsoever but the Taycan Turbo acceleration and handling blew me away. Will hold its value better, is much more luxurious, and looks 100x better. Even the 4S is pretty quick but the GTS/Turbo/Turbo S are the ones to go for IMO You are my car guy inspiration and probably have forgotten more about cars than I ever will know. Nevertheless, I will point out that most of the Taycan models have a stated range just above 200 miles, whereas the X Plaid is stated at 333. That is quite a difference. The X Plaid has more HP and is slightly quicker than most of the Taycan models. Also, in terms of pricing, if you compa...

I like the look of the Model X mainly. I think it just looks amazing. I did not like the previous model as much. To me it looked more like a van. The Model Y looks small. To me it looks more like a car than an SUV. The other options I am considering are the Mercedes G Class but that's also very expensive as well as Range Rover. I also like the Range Rover Sport which can be very expensive but if I don't get it fully loaded I could save a little bit of money. If you're up for a Range Rover check out the previous generation Range Rover Sport SVR, it's an awesome car, super comfortable, looks great, air suspension, great sound and power. They had a refresh in 2018 so there's a decent price delta between 2017 and 2018, some people like the loo...

Agreed. I have been saying to anyone who listens EVs aren't a good value...yet. My SO wanted one so we bought it, but if I were thinking of replacing my 9 year old vehicle it would be with a hybrid. Just much more financial sense given the premium for equally equipped and sized EV. EVs are also likely to depreciate rapidly due to continuously improving battery technology and there not being anything "special" about them (i.e. limited production, rare models, etc). The "savings" generated by an EV go out the window when the car loses half its value in 2-3 years. A 2019 Model X Performance with Ludicrous mode is around $70k used and was ~$140-150k new. A 2020 Taycan Turbo was around $150k new and still sells for around $1...

For $120k you can get a certified Porsche Taycan Turbo. If you’re dead set on an EV go drive one of those. I’m not normally an EV guy whatsoever but the Taycan Turbo acceleration and handling blew me away. Will hold its value better, is much more luxurious, and looks 100x better. Even the 4S is pretty quick but the GTS/Turbo/Turbo S are the ones to go for IMO

Torching $2k/month on a lease with nothing to show for it at the end seems insane to me, and that’s also an awful lease rate on a $120k car. In general a “good” lease deal is a monthly payment of 1% or less of the MSRP with $0 out of pocket and all taxes and fees rolled into the lease. Harder to do now with high interest rates but that’s the rule of thumb. The Tesla also has awful value retention and Tesla just killed the resale value of their cars even more with the price cut. Neither car would be my choice personally but from a financial perspective the Tesla seems pretty bad while the Lexus will probably hold its value better and you have less to lose. If you’re not dead set on an EV there are plenty of cars that hold their value much be...

Yes you would have to start the underwriting process over again with another company which could include a new medical exam and ordering records again from your doctor(s). Doctors deal with these requests from insurance companies all the time so I wouldn't worry about that. Many of them use a third-party service to send out medical records because they get so many requests, especially if it is a large facility with a lot of patients.

If you use an independent agent they can have you apply with one company and then if the offer comes back higher than quoted they can have the medical records shopped by their brokerage with other insurance companies to see which one can make the best offer.

Life can be hard...drive something that gives you pleasure if you afford it...This said by the guy that has 23 cars right now in his barn and usually drives a 1976 Land Cruiser as my daily driver. Porsches are generally very reliable cars, you could do worse..like anything Italian. Merry Christmas. Funny, I have found my Italian cars to be more reliable than my German ones. Cheaper to fix as well when something goes wrong, and more fun to drive as well. How many Ferrari have you owned? Fiat is one thing...the others,,,well...glad you enjoy driving them, thats whats important. I've had two FF's that have been surprisingly reliable...never had a CEL and nothing really other than general maintenance. Both cars did each have a major repair don...

You are much more likely to become disabled than need long term care services. If you don’t have your own disability insurance policy I would look into that first. An employer-provided group disability policy is not nearly as comprehensive as one you can buy on your own.

MadMaxHero007 wrote: ↑Tue Dec 27, 2022 7:34 pm No allocation yet

Grab a Snickers, it might be a while. Maybe keep an eye out for well optioned CPO cars. The extra two years of warranty is nice.

Answers in red below: My business has a group disability policy (own occupation, 90 day elimination period), but the monthly maximum benefit falls well below what my income is, and since its a group policy, the benefits are taxable. So I am grossly underinsured. I have been looking at adding on an individual own-occupation policy, but the sheer number of options and riders offered on these policies get confusing. Here are some of my questions: 1. What are the best companies for own-occ? I have looked at Principal, Guardian, NY Life, and the Standard. Any others I should quote with? You should also look at Mass Mutual, Ameritas, Ohio National. I believe New York Life policies can still only be sold by NYL captive agents so an independent bro...

Tracking is a very expensive hobby when using your own car. Tires and brakes add up quickly. Wear on suspension components, etc. Track insurance can be a few hundred dollars per day, plus the cost of renting the track time. Lots of fun, but not cheap. For anyone considering a 911/Cayman/Boxster I would very highly recommend going to the Porsche Experience Center in LA or Atlanta and doing the track experience. It's $500-1200 depending on which car you do, lasts about 3 hours, and is worth every penny. They give you a professional instructor to ride along and you go through 6 or 7 different "modules" like full track race, skid pad, cone drill, etc. You get to use their car and can beat the crap out of it without having to worry abo...

For me, it's hard to justify a high end sports car when at least in the United States you're limited to at most 85 mph. Therefore, legally you can only enjoy the performance for a short period of time as you speed from zero to 85 mph. Also, I think it's fun to use the performance when traveling in the mountains, but realistically how often are you going to do this? Finally, the cost to repair these vehicles is 3 times higher than a regular vehicle. Why pay for the performance if you can't use it legally and/or frequently? I understand why the Germans would enjoy this since on the Audubon the speed is unlimited. Have you heard a GT3 sing at 9k RPM though? It’s a beautiful song that can easily be achieved under the speed limit. I let my cars...

Super helpful, thank you! The benefit amount is less than 75% of what you're eligible to purchase. Are you suggesting it could be beneficial to up my benefit amount for this rider? Re: Your other question. I live in Texas but I work for a company in California, if that makes a difference. COLA rider sounds very helpful -- thank you! Standard requires you to apply for at least 75% of the amount you're eligible for in order for you to get the free "benefit increase rider" which guarantees the availability of future coverage increases regardless of any changes to your health. This is the same type of rider that Principal offers, though I can't remember off the top of my head if Principal requires you to apply for 50% or 75% of your ...

You're right on one thing. It's just a dream. The realities of ownership and usability are much different as the dream is always better than the reality when it comes to performance cars. It's not just the purchase price, it's the other costs. -Sales Tax (gone for good without wholesale trade-in and tax credit) -Property Tax (yearly) -Maintenance -Registration -Storage -Expensive Insurance -Depreciation -Fear of putting too many miles on it and seriously devaluing it. -Selling it (highly illiquid unless you trade in for wholesale and take a bath) -Fear of dings, dents, scratches. -Warranty issues and repair issues (dealer only $$). -Expensive tires that wear quickly and low profile tires that damage wheels on pot holes. -Usability is low d...

RE: Standard quote You should also be eligible for the free "Benefit Increase Rider" which allows you to increase your coverage every 3 years regardless of any changes to your health. Don't know why they wouldn't include this on the quote unless you're not eligible for it because the benefit amount is less than 75% of what you're eligible to purchase. Was $6k/month the max or did you choose a lower amount than the max allowed? RE: Principal quote The "regular occupation" optional rider for the own occupation definition, so you're ok there. Are you in CA? I am guessing yes based on mentioning the Recovery rider which is a separate rider in CA but built into the Residual benefit in other states. In CA the Recovery benefit...

Problem is disability insurance is quite expensive so if you can get it from work for free, it is what most will do. I already pay around $12k/yr in insurance premiums and that doesn’t include the employer subsidy or the large deductibles. Personal disability policies for my wife and me would likely run another $800/mo. Math doesn’t work. You get what you pay for, there is a reason that group LTD is cheap and individual DI is expensive. IMO, it is better to have "some" individual DI than none, even if it's only a 5-year benefit with a longer elimination period to keep the cost lower. Some occupations really aren't that expensive for DI, especially if you're a male in your 20's or early 30's with a class 5 or class 6 type occupati...

Any suggestions about what I should do? Potentially nothing. Just because your salary increased, that doesn't necessarily mean that your expenses have increased. And expenses are what you want to ensure are covered by disability insurance. Does your employer offer discounted disability insurance? Mine always did. Any suggestions about what I should do? Potentially nothing. Just because your salary increased, that doesn't necessarily mean that your expenses have increased. And expenses are what you want to ensure are covered by disability insurance. Does your employer offer discounted disability insurance? Mine always did. If one were disabled enough to not be able to work, I think it’s safe to assume expenses would increase. I always use m...

So I purchased a disability insurance plan through MassMutual last year and didn't take into account the potential for a salary increase. My salary has almost doubled in the last year - from 70k to 126k and I realized I didn't purchase a rider for benefit increases. I didn't really foresee myself making this much (thanks, impostor syndrome) so I didn't think about it when I signed up. I contacted the insurance company and asked what my options are; I can either re-apply for a new policy or purchase supplemental insurance to cover the discrepancy. Any suggestions about what I should do? If I purchase another plan, should I bother adding a rider for future wage increases? Has anyone else dealt with this in the past? Does your policy have the...

Maybe the appraiser’s fee is a percentage of appraised value? Kelly blue book for that car in very good condition is about $7,000 for a private party sale. I agree with someone else who said if you really want the car, lowball them with a trade-in price. If not, let it go and pick out a car you really want in your local market. I told the executor the price is much higher than values I found. She said “his recommendation is based on what can be expected to be fetched at an estate sale, not a private sale.” I’m out. Case closed. That makes me laugh. If you can, follow up and let us know what it ultimately sells for. I'll guess under $10k. x2, it will probably get half as much in an estate sale as simply putting it on BAT or CarsAndBids. Thi...

jurassic wrote: ↑Thu Dec 08, 2022 8:05 pm

BobTexas wrote: ↑Thu Dec 08, 2022 8:02 pm Any option to get more coverage thru work?

I think there is a supplemental option through work I could look into. I will research further

It probably requires evidence of insurability and the cancer history would likely make you ineligible, but worth checking into

That is a very steep flat extra, hard to say whether it’s a good offer without knowing more about the cancer history. Only you can decide whether it’s worth the cost for those first few years. Is that price an approved rate or just a quote? thanks for your input. I saw your name mentioned many times :). those numbers are just the quote. I wasn't sure how much personal info to post but my only treatment was surgery (no chemo) if it helps. I have a feeling that's not enough to really help If the broker is independent you should be able to apply and then have the broker shop your medical records/history out to a bunch of insurance companies to see which one will make the best offer. I tell everyone the same thing that has a complicated histor...

jfmiii wrote: ↑Thu Dec 08, 2022 6:43 pm

lazydavid wrote: ↑Thu Dec 08, 2022 2:10 pm Price is truly insane. You can get an M3 of similar age and similar miles for that money, or significantly less if it's not a 3-pedal manual. That generation of M3 is one of the most beloved by enthusiasts, so retains strong value on the used market.

As for the non-M cars, I sold a (much) higher mileage 2000 323i (essentially the same car) for $5500. Eleven years ago. They're very good cars, but not collectible or anything.

Lol.
I’d love to buy a 20k mile e46 M3 in the low $20k range. Please tell me where. I’ll even take SMG for that price. Heck, even a convertible.

I remember when you could get an E46 M3 manual coupe with low mileage for $20-30k...the good old days

Outer Marker wrote: ↑Thu Dec 08, 2022 4:29 pm

BruDude wrote: ↑Thu Dec 08, 2022 4:23 pm Here's a pretty exact comparison with same year/mileage that sold for $16,750 recently on BAT - https://bringatrailer.com/listing/2006- ... rtible-11/

Unless it's a manual transmission wagon in mint condition I don't think you're going to exceed the $22k purchase price. There's almost no way an automatic will be over $22.5k.

That's a convertable coupe, though. A somewhat rare and pricier bird. We don't have any details on the subject car. I don't think it would be anywhere near $16.5K.

I don’t know anything about the 325 market but hardtops almost always go for more than soft tops. Either way I don’t think this car is pulling $22k unless it’s a wagon and a manual, and even that’s probably a stretch.

Agent 99 wrote: ↑Thu Dec 08, 2022 3:55 pm

BruDude wrote: ↑Thu Dec 08, 2022 3:43 pm Why do you have to pay for it if he passed away? There is no way a base model BMW 3 series from 2006 is worth anywhere close to $22k.

His will states that all tangible personal property (TPP) be sold and proceeds donated to charity.

Here's a pretty exact comparison with same year/mileage that sold for $16,750 recently on BAT - https://bringatrailer.com/listing/2006- ... rtible-11/

Unless it's a manual transmission wagon in mint condition I don't think you're going to exceed the $22k purchase price. There's almost no way an automatic will be over $22.5k.

Why do you have to pay for it if he passed away? There is no way a base model BMW 3 series from 2006 is worth anywhere close to $22k.

Two words - 392 Wrangler. Easily one of my favorite cars I've ever owned and seriously might keep it forever as they'll never make another SUV with a big naturally aspirated V8 in it. Amazing sound, practical, comfortable, one touch roof, 4 wheel drive, can take it anywhere, only thing that sucks is the gas mileage (currently averaging 13mpg over 3k miles). Got mine for $14k off sticker on an order, paid right around $74.5k on an $89k sticker. I'd be surprised if they ever fall below $50-60k regardless of mileage. Wranglers in general hold their value incredibly well and the 392 is by far the best version ever built by the factory. Dude, you got me thinking. Initially I woulda said whoever buys an $80k Wrangler is nuts! I paid $30k new for...

That is a very steep flat extra, hard to say whether it’s a good offer without knowing more about the cancer history. Only you can decide whether it’s worth the cost for those first few years.

Is that price an approved rate or just a quote?

The principle still holds, though. The monthly Ferrari payments could have been invested during an extremely crazy bull run. Yes they could, but the stock market doesn’t have a screaming V12 and in the end I did significantly better on the car than the market would have done in the same time period. Results oriented yes, but you could say that about nearly anything you spend money on too. When I go to dinner I don’t think about whether a $50 steak could have been invested in some I-bonds. I’m not saying a car is a great investment or a replacement for one, I’m simply saying that compared to the alternative of buying a cheaper car that heavily depreciates, if you’re willing to think outside the box and do some solid research, there may be b...

marcopolo wrote: ↑Wed Dec 07, 2022 7:42 pm

BruDude wrote: ↑Wed Dec 07, 2022 7:38 pm We don’t know what other benefits the policy has but that price is an absolute steal for the benefit amount and you should keep it unless you no longer want it at all. You’ll never find a price anywhere close to that again.

How can you tell if it is a good deal without knowing the length or max payout of the policy?

What if it only provides benefits for 1 year?

Because it would still be cheaper than anything they could get today at that age for that benefit amount. I can say with 99.6% certainty that any comparable policy to what OP has would cost them much more to buy today.

We don’t know what other benefits the policy has but that price is an absolute steal for the benefit amount and you should keep it unless you no longer want it at all. You’ll never find a price anywhere close to that again.