Comments for Nifty Insurance Blogger

Comment on What does a term life insurance medical exam consist of? by refinancing

refinancing — Sun, 24 Jan 2010 15:07:09 +0000

Just found your site through yahoo. Glad I found it I’ve learned a lot.

Comment on How Will Buying Travel Insurance Give You Peace of Mind? by Thelma Cooper

Thelma Cooper — Sat, 10 Jan 2009 12:28:36 +0000

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Comment on Is a whole term life insurance with a retirement plan a good idea? by financialguru

financialguru — Sun, 28 Dec 2008 09:38:22 +0000

No. A retirement and investment plan is and should be completely seperate from life insurance. Keep with what you have in term or increase if you need to.

Comment on Is a whole term life insurance with a retirement plan a good idea? by obe231

obe231 — Thu, 25 Dec 2008 20:45:49 +0000

Investing into life insurance plans are never a good idea. Why? In most cases, you or the beneficiary are getting one or the other. Not both.

Buying term and investing the difference is the best approach. That way, as your investments grow and your financial obligations goes down, you won’t need as much coverage later on in your life.

Comment on Is a whole term life insurance with a retirement plan a good idea? by john d

john d — Tue, 23 Dec 2008 23:20:36 +0000

Your talking with an insurance agent. He gets a fatter commsion with a whole life policy. I used to sell insurance. Your term policy is fine. Insurance is not an investment. Never confuse the two.

Invest the difference between your term cost and his whole life costs. You will come out ahead. You don’t think they invest that money for free for you do you? They DO take a cut. Thats how they make a living. You can do this your self if you just have a little education.

you did not tell me how long you have before retirement. That is a critical issue. If your young a simple ROTH is a great ticket.

If your getting close to retirement, whole life is going to screw you.

In as much as I’m not there to ask questions and get financial info from you, you need to find a quilified person to offer you a second opionion. See a cpa and then go to a broker. I use edward jones but just about any will due.

First rule of thumb. NEVER NEVER NEVER see an insurance agent about ANY financial planing. Insurance does play a role but only secondary. Insurance is designed to reduce risk. Thats all and nothing more. Because I have not got enough information from you to give you any real guidence, I can only suggest you get some other opinions from qualified individuals. If you had cancer, you’d get a second opinion. If you are going to retire get some one to help you with this. Then get a second opinion.

Side note. DO NOT let any one tell you that you must act today to get some deal. If they do be polite and run like hell.

Comment on Is a whole term life insurance with a retirement plan a good idea? by Steve R

Steve R — Mon, 22 Dec 2008 01:07:06 +0000

Stick with term insurance. Since we are on the subject, they might try to sell you an immediate annuity as well. With an immediate annuity, you give them say 100K and they give you guaranteed income for life. These have a lot of fees as well as upfront commissions(5% !). If you need really help with your retirement money go to a Certified Financial Planner. They can work with you on getting the most for your retirement dollar. Most of them work on a fee basis and some of them work on a percentage of your assets. The fee basis ones are the best bet.

Comment on Is a whole term life insurance with a retirement plan a good idea? by Kitty

Kitty — Sun, 21 Dec 2008 23:39:44 +0000

NEVER buy a whole tlife insurance policy ! Term is the only way to go… figure how much that whole life would cost you… go get your self a term policy much cheaper and then invest the difference into your IRA, mutual fund, or other. You will be FARTHER ahead plus have that money to spend along the way in your life. The whole life $ $ $ is basically tossed out the window!

Having an Insurance insider… I know they make HUGE commissions seling you this whole life. It is merely a benefit for THEM NOT YOU! Say no and IF he / she (the agent) doesnt let up, move on to a new company. Mine hit me up…I said no he went to next subject and I still have him today as our agent. Respect is very important when running a business… My agent is the best! : )

Comment on Is a whole term life insurance with a retirement plan a good idea? by Joe the Expert

Joe the Expert — Sun, 21 Dec 2008 20:29:29 +0000

Whole Life or some form of Cash Value Life insurance is Best Only when you have MAXED out all other Tax Deductible retirement options (401K, IRA’s, Roth’s etc., etc.).

So the answer is that it depends on how much you earn and how much you save.

If you have Maxed Out and want to tax sheltered additional savings, the best Cash Value Life Policy would be an Equity Index Life policy and NOT traditional whole life!

For all others:

30 Year Guaranteed Level Premium Term Life is the Policy of choice for most people.

If you Earn $75,000 per year, you should have $1 Million of Life Insurance or you are UNDER INSURED! The more you earn, the more life insurance you should have.

Go with an Independent Agent who can shop many companies for the best deal for your situation.

Comment on Is a whole term life insurance with a retirement plan a good idea? by Andy FF1,2,CrTr,4,5,6,7,8,9,10

Andy FF1,2,CrTr,4,5,6,7,8,9,10 — Sun, 21 Dec 2008 15:19:13 +0000

No. I went to one of those sales meetings and the whole purpose of the product is to generate commissions for the selling agent… They usually collect 100% of your first year premiums in commission… You have to leave your money in the plan for a very long time before it will even be worth as much as you paid in…

You’re much better putting it into CDs at your bank first then into mutual funds as your savings grow…

Comment on Is a whole term life insurance with a retirement plan a good idea? by Jon

Jon — Thu, 18 Dec 2008 19:28:43 +0000

No. neither is buying a pet from a car salesman, hope you get my drift.