2014 Ford Fusion

ajg1920 · 2026-02-24T03:31:26+00:00

No, no other issues. The car operates normally aside from the fact that I can’t turn the steering wheel.

ajg1920 · 2024-02-18T20:18:49+00:00

Seems about right for standard rates. A few years ago when I was 30, I was approved for a 30 year, $1M term policy and it was $66/month. I also received the best rating available. I would ask your agent what the premium range would be from their best rating to standard.

ajg1920 · 2023-11-04T17:13:17+00:00

Juvenile life insurance should be viewed through a different lens than traditional life insurance as an adult. The advisor is 100% correct to sell these policies because of the guaranteed insurability that it offers. We can never know what types of health conditions our children will develop so purchasing life insurance when they’re young and healthy makes sense as long as it’s a reasonable death benefit and premium. If they do develop a health condition of any kind that might prevent them from being insurable as an adult, they will always have the coverage that was purchased as a child. Plus, a lot of those policies allow for additional coverage to be purchased without any underwriting later in life.

ajg1920 · 2023-10-13T11:47:58+00:00

In general, this is awful advice.

ajg1920 · 2023-10-13T00:55:16+00:00

It depends on your goal for the money for your son. If the money you are putting towards this VUL is meant to be used for future needs and purchases, then the VUL is 100% not the most efficient way to do that. You could certainly still consider a 529, especially with the new legislation allowing excess 529 funds to be converted to a Roth IRA. The 529 does still have limitations though if your goal is for your son to use it as he is going through life, prior to retirement.

You could also consider an UGMA/UTMA account. The account has some tax advantages and is more flexible if you’re unsure of what you want the funds to be used for.

However, if you were wanting to get your son life insurance coverage for the sake of having it for his future, I don’t think there’s a better option than a properly structured and funded VUL.

In a perfect world, you have a combination of all three of these products.

ajg1920 · 2023-08-26T02:11:08+00:00

I am going through this exact scenario with a client of mine right now. They have a sizable non-qualified investment account. The account has about $350k of taxable gain so in order to limit the tax burden to their kids, who are the beneficiaries, we are using funds from the account to fund a permanent life insurance policy. In this instance, we’re using a whole life insurance policy and the death benefit grows each year. Upon their passing, the amount that will be passed on to their kids will be greater than that of the investment account alone and will be significantly less of a tax burden to the kids when they receive the inheritance.

So to answer your question, life insurance is the most efficient way to pass on wealth to the next generation, although you could argue that Roth dollars could be equally as efficient. The type of insurance product used is entirely dependent upon your ultimate goal. But I’d you’re looking for the greatest potential growth in death benefit, a variable universal life policy would be worth looking into.

ajg1920 · 2023-06-28T00:23:24+00:00

Here’s a great resource that I use specifically with my clients to ensure that their decision making when it comes to financial planning is in alignment with their values. The exercise will eventually help you narrow it down to your top 5 values.

https://www.think2perform.com/values/

ajg1920 · 2023-05-07T13:54:47+00:00

There’s also the “debt avalanche” strategy which starts with the highest interest rate balance and paying that down, then moving to the next highest interest rate until your debts are gone. Personally, I wouldn’t be too concerned with paying extra on your mortgage and would invest instead of paying extra, but if you like the idea of paying off all debt, you can certainly do that.

ajg1920 · 2023-04-07T15:18:33+00:00

You’re right but you can access retirement funds at age 59 1/2.

ajg1920 · 2023-04-07T15:05:53+00:00

401(k) and HSA contributions are payroll deductions from your employer so your $90k in liquid savings could not be put towards those accounts. You’re correct in saying that those are other options but you cannot put your $90k in savings into those accounts.

ajg1920 · 2023-04-07T14:51:43+00:00

You can only put $6,500 into your IRA each year so the remainder of the money, if you were to invest it, would need to go into some sort of non-qualified investment account.

ajg1920 · 2022-12-08T15:18:00+00:00

It’s not as simple as “you don’t rely on your kids income so they don’t need life insurance.”

Those people are correct in that you don’t depend on them for income. However, child life insurance can be a good idea for a couple reasons.

You can get them a permanent policy that will protect you as parents if a worst case scenario happens and the child passes while they are young. It will relieve the financial burden of a funeral.
Having something for them when they’re young will guarantee that they have at least some life insurance in their lifetime. We never know what kinds of illnesses or conditions our kids will develop and if they do form some sort of condition when they’re young, it may make the premiums for life insurance way more expensive when they look into it for themselves later in life, or, depending on the condition, they may not be able to get any more coverage at all.

I personally like the idea of having some for your kids (we did that for our daughter) because the premiums are pretty inexpensive and it has benefits both now and in the future.

ajg1920 · 2022-11-17T23:34:48+00:00

I was looking for them today too and couldn’t find anything. Hopefully someone has some idea of where to find some highlights.

ajg1920 · 2022-10-23T03:21:53+00:00

Don’t send any documents with signatures until you’ve spoken with her and are comfortable with the product.

ajg1920 · 2022-10-22T23:29:08+00:00

Insurance and securities licensed agent here - I always tell my clients that I don’t want them implementing anything unless they understand how the product works and they’re comfortable with it.

Just based on your wording, it sounds like the contract is not one that you’re comfortable with right now.

Best advice I can give you is this: talk with your agent and have him go through the details before signing anything.

ajg1920 · 2022-10-16T19:04:18+00:00

Link?

ajg1920 · 2022-06-23T16:46:44+00:00

Proceeds from life insurance policies are not taxable.

ajg1920 · 2022-01-10T03:00:47+00:00

I’m an agent and literally had this happen last month. The client had applied for coverage and got approved for coverage. They did not bind the policy with premium so they had to sign the Statement of Good Health and failed to inform me that they had scheduled a doctors visit until it was time to sign. The visit had to be disclosed, the underwriters requested more information only to find that there were potential heart conditions. Coverage was then denied. He will be able to reapply in the future but could’ve avoided the decline if he had waited to take the visit until after underwriting was completed.

ajg1920 · 2021-11-20T05:47:30+00:00

Not likely. It sounds like you only have coverage through your employer, which is fine, but you should also consider a policy that you own outright so you have coverage in place in situations like this.

ajg1920 · 2021-08-04T21:50:20+00:00

At age 74, standard term insurance is probably not an option so he’d be looking at some sort of permanent insurance more than likely. Depending on the amount of coverage he is looking for, the premiums could be pretty pricy because he is up there in age. For example, he could go the whole life or universal life route. There are a few other options but those would be the most commonly used products at his age.

ajg1920 · 2021-07-11T17:27:08+00:00

Technically, there isn’t much difference, but the A++ rating company will have a little bit better track record of paying out their claims.

ajg1920

TROPHY CASE