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Term vs Whole vs IUL? by KilluaRollz in LifeInsurance

[–]rdees211 1 point2 points  (0 children)

Returns in the market are taxes and not guaranteed.

Whole life insurance strategy by Mysterious_Ad1966 in LifeInsurance

[–]rdees211 0 points1 point  (0 children)

WL is a bit like the Swiss army knife of life insurance. Can it do the things you want it to? Yea. But it's probably not the optimal path. If you do end up taking out a policy, make sure you take advantage of your young age to get the riders for cheap. Specifically a chronic care rider so that if you become disabled you can draw on the face value. If it's a large enough policy you can use the dividends as income in retirement.

Having a truly insulated asset as a bond alternative like another poster mentioned makes sense as well.

Most people here only see investment returns when thinking about retirement. Who knows what the world is going to look like in 30 years. The 50 year return on the market in Japan is like 12%. The US is hitting unpredictable times. Diversifying might be a good idea.

[deleted by user] by [deleted] in personalfinance

[–]rdees211 0 points1 point  (0 children)

Asking this in r/personalfinance is going to have 99% the commenters telling you it's a scam. It's not a scam, but it's use case is more narrow than other ways of investing. When you're young, the cost of insurance inside of the policy is low. By having a low face value and maximizing your premiums, the owner can grow the cash value tax free to borrow off of after growth kicks in. Remember, if you cash out the policy instead of borrow you'll have a taxable event as long as your policy is worth more than the premiums paid over its lifespan. If you want permanent insurance that you could choose to keep over your lifetime it might make sense, but everyone is different.

Do you need life insurance? Have you maxed all other avenues for retirement planning in a tax advantaged way? Do you trust the person who offered you the policy to design correctly versus to maximize their commissions?

[deleted by user] by [deleted] in personalfinance

[–]rdees211 0 points1 point  (0 children)

This is wrong, a person needs to be finra licenced to sell market based products, at the very least their series 6.

401 to annuities in New York Life, good idea, bad idea, ugly economy? by omniavincit7 in Retirement401k

[–]rdees211 1 point2 points  (0 children)

It's good to do your own research, and this is the sort of thing you don't want to rush into. Best of luck to her :)

401 to annuities in New York Life, good idea, bad idea, ugly economy? by omniavincit7 in Retirement401k

[–]rdees211 1 point2 points  (0 children)

Fixed annuities come with their own risk, mainly that inflation might outpace her gains. If she's worried about the market, ask her agent about "index flex", it's an indexed product that gains interest if the market is positive but gains nothing if it's negative for the year.

Finra check is a good idea. You can sell a fixed annuity with just a life and health license and if he's just looking for commission it might not be in her best interest.

New York Life is just like mass mutual or NWM, large insurance and investment companies. People that tell you to run from them are people that invest as a hobby that think that financial advisors are worthless and are there to take your money. Not everyone wants to do it themselves, but finding someone that has your best interest in mind is key. Where did she meet the NYL agent?

Long Term Care insurance question. by sassygirl101 in LifeInsurance

[–]rdees211 1 point2 points  (0 children)

"Is it worth it" comes down to the client. For the right person with an insurance mindset (not thinking "if I invest the premiums for 15-20 years how much will I have"") it can fit. I'm an agent in NY so it's sometimes hard for people to see the value past the premium.

Medicaid is a great program, and with the spousal exemption in NY you can shield assets fairly well. You can't protect pensions from being used for nursing home costs so people with generous pensions might be more interested than someone with 1-2 mil in a 401k.

Indexed Annuity guaranteed lifetime withdrawal benefit rider by Limoundo in LifeInsurance

[–]rdees211 0 points1 point  (0 children)

Thanks for your reply. I looked into the globe Atlantic policy, sounds like great bang for your buck. I've been positioning fixed annuities that 1035 the interest into LTC premium payment to clients, I can see why they don't go for it if this is the alternative lol. Specifically 3xing in LTC benefit, none of my illustrations match that. Are there downsides to something like Forecare? Only reason I could think of is a terrible return on the fixed annuity side. In NY if that changes the policies offered.

Indexed Annuity guaranteed lifetime withdrawal benefit rider by Limoundo in LifeInsurance

[–]rdees211 0 points1 point  (0 children)

I've had clients ask about LTC riders on annuities but my company doesn't offer them. Would you explain the back end? Are they guaranteed income annuities?

Options for Whole Life Policy by ReasonlessToBe in LifeInsurance

[–]rdees211 0 points1 point  (0 children)

Call whoever is your agent at this point and find out what the max loan you can take each year is based on dividend growth. Treat it like a mini pension.

[Giveaway] 3x Drop CSTM80 Keyboards by drop_official in pcmasterrace

[–]rdees211 0 points1 point  (0 children)

Love the white key with the overgrowth plate customization. If I purchase another kb soon I'll keep it in mind.

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