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kindaworried
LIF Zygote
Member since 7/07 6 total posts
Name:
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Message edited 11/19/2012 10:00:10 PM.
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Posted 7/26/07 2:23 PM  |
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Long Island Weddings
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Need help re Life insurance & medical issue
Posted by Smiley
Posted by donegal419
first of all.... good luck!!!! i hope everything will be just fine for you medically!
in terms of insurance, i would stay away from a term policy if you can... essentially, in a lot of ways, it is like throwing money away. in the probable event you're alive when the policy is up, you've thrown away thousands of dollars. my DH just fininshed a financially planning course with NY Life... they invest part of your money that you give to them for life insurance.. so even if it's term, you do get some of it back as it's been invested. i would see if you could look into other options instead of a point-blank term life insurance that gives you nothing unless you die. hope that makes sense.
GOOD LUCK!
My DH used to work for NYL.
Please note, WL insurance does NOT work for everyone. You can ask 1,000 people which type is better and you will get 1,000 different responses. It's best to do your own research.
NYL (and every other insurance company under the sun) also does not give financial planning courses. They give you training on how to sell life insurance and make the most money for yourself and the company. WL policies are SIGNIFICANTLY more expensive. Note: I have both types of policies (all with NYL). My term policy, which is about $1.5M costs me about $60/month. Had I opted to get WL for that amount, it would have cost me over $800/month!! (Insurance agents get about 50% or the first year's annual premium as a commission, i.e. $4,800 commission had I purchased that WL policy. If that's what you need great, but don't just sell me a WL policy becuase you get paid best on it).
Different products work better for different people. Term insurance is designed to cover a temporary need (mortgage, college, etc). WL is more for those who may require some estate plannin down the road. It is under no circumstances retirement planning or an invenstment account. And just for the record, the money in a WL policy is NOT invested. They are earned dividends and they are NOT guaranteed. The best bet is to find yourself an honest insrance agent (yes, there are a few out there) and ask the hard questions and listed for unbiased answers. Don't let any agent tell you that term insurance is a waste of money. Trust me, your family won't think so if you end up using it.
With all due respect, tell your husband to do his best to conduct himself honestly and not to drink too much of the Kool-Aid they serve over there. He will be most successful if he is honest and does the right thing for people. I would also suggest he find outside clients and not just sell all your family and friends, that well dries up very quickly.
ITA! I'm a former agent
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| Posted 7/26/07 2:34 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Need help re Life insurance & medical issue
Posted by Blu-ize
Posted by Smiley
Posted by donegal419
first of all.... good luck!!!! i hope everything will be just fine for you medically!
in terms of insurance, i would stay away from a term policy if you can... essentially, in a lot of ways, it is like throwing money away. in the probable event you're alive when the policy is up, you've thrown away thousands of dollars. my DH just fininshed a financially planning course with NY Life... they invest part of your money that you give to them for life insurance.. so even if it's term, you do get some of it back as it's been invested. i would see if you could look into other options instead of a point-blank term life insurance that gives you nothing unless you die. hope that makes sense.
GOOD LUCK!
My DH used to work for NYL.
Please note, WL insurance does NOT work for everyone. You can ask 1,000 people which type is better and you will get 1,000 different responses. It's best to do your own research.
NYL (and every other insurance company under the sun) also does not give financial planning courses. They give you training on how to sell life insurance and make the most money for yourself and the company. WL policies are SIGNIFICANTLY more expensive. Note: I have both types of policies (all with NYL). My term policy, which is about $1.5M costs me about $60/month. Had I opted to get WL for that amount, it would have cost me over $800/month!! (Insurance agents get about 50% or the first year's annual premium as a commission, i.e. $4,800 commission had I purchased that WL policy. If that's what you need great, but don't just sell me a WL policy becuase you get paid best on it).
Different products work better for different people. Term insurance is designed to cover a temporary need (mortgage, college, etc). WL is more for those who may require some estate plannin down the road. It is under no circumstances retirement planning or an invenstment account. And just for the record, the money in a WL policy is NOT invested. They are earned dividends and they are NOT guaranteed. The best bet is to find yourself an honest insrance agent (yes, there are a few out there) and ask the hard questions and listed for unbiased answers. Don't let any agent tell you that term insurance is a waste of money. Trust me, your family won't think so if you end up using it.
With all due respect, tell your husband to do his best to conduct himself honestly and not to drink too much of the Kool-Aid they serve over there. He will be most successful if he is honest and does the right thing for people. I would also suggest he find outside clients and not just sell all your family and friends, that well dries up very quickly.
ITA! I'm a former agent
Me too!!!!!! I am of the opinion that insurance is to manage a "risk". Although there may be some appropriate estate planning devices that are insurance based, that's a very individual thing. I would and do invest the money I would have spent on a whole life policy but, I understand that many people do not.
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| Posted 7/26/07 2:51 PM |
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| Pages: 1 [2] |
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