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Post by MoBuckChaser on Jan 28, 2017 23:54:04 GMT -6
As much as I don't want to agree with a guy that shoves his nice weather down our throat , I I agree with every post Foggy has made! Cut you losses SD, you will be glad you did!
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Post by Foggy on Jan 29, 2017 8:33:38 GMT -6
Gonna point out one insurance product that might make sense as "whole life" for a few people. That product is called "single premium" life insurance. Its one place you can park a large amount of cash until after you are dead. Why? So the proceeds go to your heirs without probate or without estate taxes. The insurance industry has lobbied for some preferential tax treatment......and they do have a few things to offer in this regard. Most often its not enough to warrant their products......but single premium policies may have a benefit to those with excess cash and old age. Otherwise? Term baby, term. I have not owned any life insurance for many years. Nobody is dependant on me anymore. Now.....I'm just a useless fog.
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Post by MoBuckChaser on Jan 29, 2017 8:43:21 GMT -6
The other thing the sun god forgot to mention is this, the reason most of old bastards don't have Life insurance at our age is, that it costs way to much.
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Post by Foggy on Jan 29, 2017 8:51:23 GMT -6
The other thing the sun god forgot to mention is this, the reason most of old bastards don't have Life insurance at our age is, that it costs way to much. Sun God huh? ......kinda like it. FORE!
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Post by westbranch on Jan 29, 2017 8:56:55 GMT -6
Best reason for whole/perm life that I see is for estate planning, but there are a lot of other options to go through before you get to that and it would be business owners that have 15M+ net worth. Some like to have something that will put some cash into the estate to go to non-business involved kids to keep things "fair". Also see some insurance needed for business owners that have buysell agreements when there are multiple owners. Even for guys in late 50s they just have expensive term policies that will last until they expect to retire.
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Post by Bwoods11 on Feb 13, 2017 9:30:05 GMT -6
SD--In my opinion diversification with a small percentage of your overall portfolio in permanent life is a good idea. The strategy you used, I see nothing wrong with it. Being in the business, I sell both term and permanent. Both have a place depends on the clients needs, and net worth.
For clients with assets we write a Universal Life/Long Term Care policy that covers both life insurance and long term care. We write the life to have a age 100 guarantee. Example 45 year old female $250,000 in life, with the same amount in long term care (add in a accidental death benefit) and the premium is $220 month. She would have $110,000 in cash value at age 65. It is a good policy, written by an insurance company in Iowa (with zero debt.
Term fits many needs, one thing I find with term is some people fail to invest the difference, they have no money around age 60-70 and then the term comes due and they cannot renew the term. So they go without life insurance and the kids end up paying the funeral bill. You would be surprised at how many Americans do not save anything, and live strictly off social security.
Permanent life insurance can be an asset that you can leave your family, with the added Long Term Care Rider, it can save that family from liquidating farms, cabins, bank accounts, etc... I have seen it first hand come into play, the clients were very happy they purchased the insurance. All for equal, a bit more, or even less than a cell phone bill!!
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Post by DoubleLiver on Feb 14, 2017 19:15:40 GMT -6
If SD has his policy with a top rated very safe company and gets a better return from the insurance company even with fees vs 0.1% from a savings account at the bank, what is wrong with that? If he dies some nephew will be fortunate, if he doesn't he has more money in 30 years with no hassle to borrow it. Dont see the negative unless the KC would go belly up.
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Post by Foggy on Feb 14, 2017 20:46:59 GMT -6
^ as was once said: "you can't save 'em all".
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Post by MoBuckChaser on Feb 15, 2017 10:42:43 GMT -6
If SD has his policy with a top rated very safe company and gets a better return from the insurance company even with fees vs 0.1% from a savings account at the bank, what is wrong with that? If he dies some nephew will be fortunate, if he doesn't he has more money in 30 years with no hassle to borrow it. Dont see the negative unless the KC would go belly up. You insurance guys always stick together don't you?
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Post by Bwoods11 on Feb 15, 2017 12:30:22 GMT -6
If SD has his policy with a top rated very safe company and gets a better return from the insurance company even with fees vs 0.1% from a savings account at the bank, what is wrong with that? If he dies some nephew will be fortunate, if he doesn't he has more money in 30 years with no hassle to borrow it. Dont see the negative unless the KC would go belly up. You insurance guys always stick together don't you? We do, except for Duffy he doesn't belong!!
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Post by MoBuckChaser on Feb 15, 2017 12:35:42 GMT -6
Funny!
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Post by MoBuckChaser on Feb 15, 2017 14:36:16 GMT -6
You insurance guys always stick together don't you? We do, except for Duffy he doesn't belong!! All I hope is the Insurance guy from your area has money and can close the deal on one of our farms. Don't care if any of you guys really stick together. Just sayin....
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Post by Bwoods11 on Feb 15, 2017 14:43:19 GMT -6
I am not sure who that is, but I do know a guy from my hometown area Starbuck-Glenwood is going to look at some Missouri farms. I think he knows who you are... I suggested he look at your 200 acre farm.
In a few years, I may consider selling in Iowa and moving down to Missouri (if they keep raising the tag price). I have a good farm now, and would hate to give it up, but you know the old saying...everything is for sale if the price is right!
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Post by MoBuckChaser on Feb 15, 2017 15:40:17 GMT -6
I am not sure who that is, but I do know a guy from my hometown area Starbuck-Glenwood is going to look at some Missouri farms. I think he knows who you are... I suggested he look at your 200 acre farm. In a few years, I may consider selling in Iowa and moving down to Missouri (if they keep raising the tag price). I have a good farm now, and would hate to give it up, but you know the old saying...everything is for sale if the price is right! Is he a friend of yours? Pete or paul, or something like that? If its a guy that is looking at some farms through WTP, that would be him. But after I just got the numbers back from the Logger on the 200 acre farm, I ain't that interested in letting the farm go cheap, or at all now. So we will see what happens.
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Post by Bwoods11 on Feb 15, 2017 17:32:45 GMT -6
I am not sure who that is, but I do know a guy from my hometown area Starbuck-Glenwood is going to look at some Missouri farms. I think he knows who you are... I suggested he look at your 200 acre farm. In a few years, I may consider selling in Iowa and moving down to Missouri (if they keep raising the tag price). I have a good farm now, and would hate to give it up, but you know the old saying...everything is for sale if the price is right! Is he a friend of yours? Pete or paul, or something like that? If its a guy that is looking at some farms through WTP, that would be him. But after I just got the numbers back from the Logger on the 200 acre farm, I ain't that interested in letting the farm go cheap, or at all now. So we will see what happens. Paul yes... that's him. Ok he's gonna look at several.
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