jselsor
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Post by jselsor on Feb 24, 2017 14:36:52 GMT -6
Well I called my FCS rep and told him to get the ball rolling for the 15/yr fixed. Thanks guys. Always nice to bounce ideas off guys that have been there done that.
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Post by kl9 on Feb 24, 2017 15:08:30 GMT -6
This would be my advice too. They keep saying rates will shoot up, but keep in mind our government--trillions in debt would then have to pay more in interest as well...! Yep, and interest rate hikes would kill our economy. How do you figure that? Interest rate increases are coming, probably up to .75% this year in the fed funds rate. |
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Post by Reagan on Feb 24, 2017 18:14:22 GMT -6
It looks like you have your answers and plan. But I have to ask.
Do you have enough term insurance? When I became a home owner and later a parent, I bought enough term insurance to make sure my wife could pay everything off and then some.
I then bumped up my amount a couple years ago so she could pay off the house, kids college and be comfortable for several years.
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Post by chummer16 on Feb 24, 2017 19:20:39 GMT -6
Rates are going up. I sell heavy equipment 200K and up and rates have not moved in a long time. They have ticked up a little recently and the banks are nervous. They are only giving us quotes that are good for 7 days. Previous it was 30 days.
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jselsor
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Posts: 136
Likes: 79
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Post by jselsor on Feb 24, 2017 19:35:56 GMT -6
Rates are going up. I sell heavy equipment 200K and up and rates have not moved in a long time. They have ticked up a little recently and the banks are nervous. They are only giving us quotes that are good for 7 days. Previous it was 30 days. I have 250k term policy and another 80k policy that my work pays for. Be enough for my wife to be debt free and have some in the bank. Prolly should have more. Term is pretty cheap really. I dont play with whole life... |
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jselsor
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Posts: 136
Likes: 79
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Post by jselsor on Feb 24, 2017 19:36:47 GMT -6
Rates are going up. I sell heavy equipment 200K and up and rates have not moved in a long time. They have ticked up a little recently and the banks are nervous. They are only giving us quotes that are good for 7 days. Previous it was 30 days. I have 250k term policy and another 80k policy that my work pays for. Be enough for my wife to be debt free and have some in the bank. Prolly should have more. Term is pretty cheap really. I dont play with whole life... Good to know TKS Chumer! |
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ace
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Post by ace on Feb 24, 2017 20:33:27 GMT -6
Rates are going up. I sell heavy equipment 200K and up and rates have not moved in a long time. They have ticked up a little recently and the banks are nervous. They are only giving us quotes that are good for 7 days. Previous it was 30 days. I have 250k term policy and another 80k policy that my work pays for. Be enough for my wife to be debt free and have some in the bank. Prolly should have more. Term is pretty cheap really. I dont play with whole life... Off topic, but...why don't you play with whole life? |
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Post by chummer16 on Feb 24, 2017 20:54:40 GMT -6
This is all I know about whole life. One of my best friends has sold life insurance since we got out of school. I do not have whole life. He sells a lot of whole life but would not sell it to me. That tells me his agency pushes it for profits but he won't sell it to his friends.
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jselsor
Full Member
Posts: 136
Likes: 79
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Post by jselsor on Feb 24, 2017 21:42:20 GMT -6
I have 250k term policy and another 80k policy that my work pays for. Be enough for my wife to be debt free and have some in the bank. Prolly should have more. Term is pretty cheap really. I dont play with whole life... Off topic, but...why don't you play with whole life? Whole life is expensive for the coverage you receive term is reasonable Simple an Roth IRA made more since to me for investment purposes |
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Post by Catscratch on Feb 25, 2017 5:43:37 GMT -6
Off topic, but...why don't you play with whole life? Whole life is expensive for the coverage you receive term is reasonable Simple an Roth IRA made more since to me for investment purposes Jselsor, my wife and I went the same route. No matter how we crunched the numbers we couldn't make whole life work for us. We have enough term to pay everything off and then quite a bit extra after the debt is eliminated. Our plan has the term life lasting until a few yrs after retirement. The money we didn't spend on whole life has been invested in a variety of retirement plans and paying dept off. When we retire we will owe nothing except; taxes, insurance, utilities, and probably vehicle payments. Our investments will more than cover those expenses if needed. |
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