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  • Life Insurance

    Who wants to school me on life insurance?
    NRA Life Member
    NRA Basic Rifle Instructor
    www.unconvictedfelon.com
    www.facebook.com/blackcoyotesrt

    I was thinking of his cannon.

  • #2
    Broadly two basic types of policies term and whole life. Term is basically pay as you go premiums are generally less expensive insurance company pays your beneficiary/estate amount of coverage if you die for covered reason while policy remains in force. Certain exclusions including war, sometimes terrorism suicide etc. Premiums can be fixed for certain period regardless of age for example $250 per month for 10 years or vary based on age for example $200 per month between 40 and 44, $225 per month between 45 and 49 etc. May or may not require health exam. Policy has no cash value. Stop paying premiums before death and coverage stops. Whole life is much more robust. Premiums are generally more expensive but policy builds cash value over time that you may be able to borrow against or withdraw as lump sum or annuity before death for example you will need $1000 per month income at retirement. You may have ability to direct investment decisions much like an IRA or 401k. Policy pays face value at death for covered reasons. Stop paying premiums before death and there may be a residual value that you can withdraw or use to keep policy inforce for additional time. There is much more to it but that is basic gist. I can put you in touch with my nephew who sells for Northwest Mutual (I believe). He's much more knowlegable than me on this stuff...
    Gun and magazine bans - the government has no business dictating what types of firearms good, honest people are allowed to own. President-Elect Donald J Trump

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    • #3
      Talk to a professional, and then just get some. The more, the better. And get it now while you're young and healthy. I have a 10 year term that I will gradually shift to whole life over the last 5 years of the term.
      Beer is like porn, you can buy it but it's more fun to make your own

      I have to bend over too far

      I get a boner.

      bareback every couple of days, GTG. Bareback, brokeback, same $hit!

      I joined a support group to help me deal with my social anxiety but I just can't seem to work up the nerve to go to a meeting......

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      • #4
        Originally posted by thughes View Post
        And get it now while you're young and healthy.
        Is Thug trying to butter me up for something?
        NRA Life Member
        NRA Basic Rifle Instructor
        www.unconvictedfelon.com
        www.facebook.com/blackcoyotesrt

        I was thinking of his cannon.

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        • #5
          Whole life could also be considered a form of forced savings. Don't go overboard with insurance, you don't want to become insurance poor. Maybe get enough to pay for your BASIC funeral services and pay the mortgage for a year. While it might be nice to get a policy large enough to pay off the house I feel that probably wouldn't be affordable or realistic.

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          • #6
            ...
            Last edited by Tony; 10-11-2018, 03:13 PM.

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            • #7
              Originally posted by WARFAB View Post

              Is Thug trying to butter me up for something?


              Beer is like porn, you can buy it but it's more fun to make your own

              I have to bend over too far

              I get a boner.

              bareback every couple of days, GTG. Bareback, brokeback, same $hit!

              I joined a support group to help me deal with my social anxiety but I just can't seem to work up the nerve to go to a meeting......

              Comment


              • #8
                My wife and I purchased twenty year term policies when my daughter was born, we are each worth about 250,000 in that 20 year time period. The main reason is if something happens to us while my daughter is a minor and the other has to stop working to care for her or one of our salaries ends the other can still make the mortgage payments and so on. I purchased a $50,000 whole life policy for my daughter so she would have some savings built up by the time she is ready for college, or to make a down payment on a home when she is ready.
                But, like was said above, don't get so much you have to pay crazy premiums and can't afford to live. Remember what I was told long ago, Life Insurance isn't for the dead, it's for the living, it's to get your family through hard times if something happens.
                What you talkin' 'bout Willis?

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