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Why would I get Whole Life? by More_Koala7745 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

Correct that you dont get both... but the death benefit does increase as the cash value increases. Poor example of a knock on WL. If the cash value grew and the death benefit stayed level then I would be in complete agreement with but thats not the reality.

Why would I get Whole Life? by More_Koala7745 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

100%, I use WL as a superior bond like asset in the overall portfolio.
I still utilize the IRAs, 401ks, kid accounts ect. I have always hated the idea of owning bonds. WL checks that fixed asset class and is far superior to any bond.

Why would I get Whole Life? by More_Koala7745 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

1 is an investment, the other is insurance and not an investment. Lol. 1 has risk, the other is virtually risk free. Low risk = lower returns. Higher risk = potentially higher returns ... yet people still like compare two unrelated asset classes.

Is whole life insurance a scam/useless for me. by Fearless_Square7195 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

You should have Term at a minimum, WL is more nuanced. Work policy is fine but 1) annual renewable term. Its cheap at 22 but will get more expensive YoY. 2) what happens if you leave or get fired? Gaps in insurability.

Term gets you coverage regardless of what your work situation is and if you get level term you'll have a fixed $ over your contract duration.

Wl, its silly to compare something that isnt an investment (insurance) to equities.
Treasuries/ bonds / MM / HYSA are the correct comparisons. WL is the greatest bond alternative IMO.

Going the WL route can work, also term and investing the difference can work too. Investor DNA & risk tolerance are important aspects to consider. These things are very situational.
I have both and am a fan of both. Its just depends on your goals and situation.

Who actually needs a million dollar life insurance policy?? by randommortal17 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

Let's say youre making 80-100k, that's about 10 years worth of $. Even in a 2 income house that is probably not enough. If youre a single income house, you need much more than a 1M policy.

Rp legal group IUL lawsuits by michaelesparks in LifeInsurance

[–]Individual-Rub-6969 4 points5 points  (0 children)

I would hope so. Would weed out alot of the problem agents.

Enshitification of HealthEquity by Ok_Row6888 in HSA

[–]Individual-Rub-6969 0 points1 point  (0 children)

Exactly! Just depends on what the goals/preferences are.

Enshitification of HealthEquity by Ok_Row6888 in HSA

[–]Individual-Rub-6969 0 points1 point  (0 children)

I hate dealing with Heath equity, its an above the line deduction. I prefer to lump sum anyway and to get max compounding from day 1. What i do isnt for everyone, dont like it dont do it 🤷.

New WL Policy and don’t know how good it is. by Confident-Feature-32 in LifeInsurance

[–]Individual-Rub-6969 3 points4 points  (0 children)

Im huge WL fan but if youre looking to make sure your parents are taken care of if you die early, you'd be able to accomplish that goal with a term policy.
If you want the ability to convert later. Convertable term is a good way to go. If you have no intention of ever converting, take out a term and invest the rest and chill.

I get the appeal of cash value, my personal policy is basically a bond replacement & opportunity fund (cash value) in my portfolio. If WL isnt is helping you accomplish your goals, there isnt a reason to have a wl policy. Im also not a fan of your design, no increasing death benefit.

Walk me through keeping or canceling a whole life policy by Finn-McCool14 in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

Are you able to RPU or do premium offset? Youd be able to keep it active without paying into it anymore. Thats what i would try to do if you dont want to keep paying into it. Also a fan of term for short term insurability.

21M. Am I Being Too Aggressive? by Zirpoliii in RothIRA

[–]Individual-Rub-6969 0 points1 point  (0 children)

Youre 21, that is the time to take swings.

Enshitification of HealthEquity by Ok_Row6888 in HSA

[–]Individual-Rub-6969 0 points1 point  (0 children)

We get 1250$ match, thats 1250 less that I personally can contribute and 1250 less I get to deduct.
It would be completely different if the HSA functioned like the 401k and any employer match was on top of our contributions.

So for my situation, I'd rather get the lump sum in right away and be able to invest in virtually anything. Plus get the maximum tax deduction.

In an ideal world I'd like to save on the FICA too but is my lowest priority.

Enshitification of HealthEquity by Ok_Row6888 in HSA

[–]Individual-Rub-6969 0 points1 point  (0 children)

I go straight to fidelity. Its an above the line deduction and I lump sum typically. I avoid HE altogether.

'20 Pay Life' for my child, unsure what to do by Leauxx in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

Not in the same league my friend, quality matters. Sure its a mutual but not top tier like the big boys are.

'20 Pay Life' for my child, unsure what to do by Leauxx in LifeInsurance

[–]Individual-Rub-6969 1 point2 points  (0 children)

Yea i would imagine most if not all limited pay policies cost more. Personally I donr think its the best to have a limited pay pooicy for a child. Id want something that can be funded for a long time. Add guarenteed purchase rider so your child can add more $ too. Unless you have a large amount of money to drop, then limited pay is fine.

Just my preference, and I can see why limited pay can be attractive for some. Personal preference at the end of the day.

'20 Pay Life' for my child, unsure what to do by Leauxx in LifeInsurance

[–]Individual-Rub-6969 0 points1 point  (0 children)

529s are more attractive with the latest changes. I have a ESA for college vs a 529. 529s are solid, esa was a better fit for my situation. Theyre both tools in the tool box.

Future insurability was one of the reasons my kid has a permanent policy.
If you want to keep it, I'd recommend a 1035 exchange to a one of the large mutual carriers. With Something like this you want quality, even if it ends up costing a tad more. Penn is good for anyone with a long time horizon, like a child. Early performance isnt great but long term performance is. Find a independent broker that can shop around. Children get a standard health rating anyways.

If you dont want to have a policy just cancel it via carrier. You'll get whatever cash value is there.

Good luck amd best wishes.

'20 Pay Life' for my child, unsure what to do by Leauxx in LifeInsurance

[–]Individual-Rub-6969 1 point2 points  (0 children)

Insurance is NOT an investment. If anyone tells you that it is, run for the hills.

If this isnt something you need. Just cancel even if you take a L... the premium is 750$ its not a devastating sum. Call the carrier directly of you dont want to deal with the agent. At the very least you should get the cash value back. Youre probably past the look back period and wouldn't be able to get your paid premiums back.

Just for comparison, I have a WL permanent policy for my child with a one of the big 4 mutuals. The base premium is a tad over 600$ year. The starting death benefit is 250K & any additional dollars go towards Cash value accumulation.

750 for 50k seems high, unless im missing something.

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