Readers' Comments
Total Comments: 12
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Choosing the Right Life Insurance Policy: Universal Life Addresses a Variety of Needs
Total Comments: 12
Page 1 of 1
Page 1 of 1
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March 18, 2010
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Thanks for the Ad
US Army
Wed Apr 29, 2009 8:40 AM
Post Reply
Yeah. Thanks for the advertisement for Universal Life from an insurance salesman.
Please print unbiased articles that present both sides. When an article begins with, "Many financial advisors would agree..." I am skeptical. At the very least you should have had an article featuring someone advocating Term and one advocating Universal.
Most of the advice I hear is not to buy universal life, but buy Term and invest the rest.
Lets keep it fair and balanced folks.
Re: Thanks for the Ad
HHS
Wed Apr 29, 2009 1:49 PM
Remember, this site is for federal employees. I read the articles and choose to place importance on each as I see fit.
You want one-sided articles, choose the Wash Post. Oh, that's right, they're Washed Up.
Re: Thanks for the Ad
DoD
Wed Apr 29, 2009 2:37 PM
"I HATE WHOLE LIFE INSURANCE
I HATE UNIVERSAL LIFE INSURANCE
I HATE VARIABLE LIFE INSURANCE
THE ONLY TYPE I LIKE – FOR THE PURPOSES FOR INSURING YOUR LIFE – IS TERM INSURANCE!
If you are smart with the money you have today and you get rid of your mortgages, car loans and credit card debt and put money into retirement plans you don’t need insurance 30 years from now to protect your family when you die."
How about an article from an independent financial advisor instead of an insurance salesman.
Re: Thanks for the Ad
HHS
Wed Apr 29, 2009 4:08 PM
Cover Your Bases
Somewhere
Wed Apr 29, 2009 12:10 PM
Post Reply
It appears space limitations may be why there isn't a full blown discussion of all the insurance options available. I agree, there should be a series on this topic.
I have FEGLI, $350K in 15-year term taken 9 years ago, and $200K in universal taken about 4 years ago. I also have long-term care insurance.
I was diagnosed with Stage 4 cancer a year ago, and with aggressive treatment was "cancer free" in December'08. However, now I am "uninsurable." About when my term policy expires (after a 5-year waiting period of being "cancer free") I can qualify for life insurance at prohibitive rates.
I will still have the $200K universal policy that has a guaranteed benefit, and the FEGLI that I will take into retirement without the reduction. Also, I have the long-term care policy.
Point is, cover all your basees and get what you can while you are still healthy. Better to have it and not need it than to need it and not have it.
Re: Cover Your Bases
USPS
Thu Apr 30, 2009 8:20 AM
Re: Cover Your Bases
Somewhere
Thu Apr 30, 2009 10:41 AM
So this is primarily to make sure her needs are met in the event something happens to me. If something happens to her, I can take care of myself.
Life Insurance help
None
Wed Apr 29, 2009 2:25 PM
Post Reply
I get lost with the life insurance buzz words. This site helped me and I thought i would pass it on.
Biased view
FAA
Wed Apr 29, 2009 2:31 PM
Post Reply
The only thing I agree with is the first sentence-“Many financial advisors would agree that the foundation of a good financial plan is life insurance.” After that it's all bunk. Sit down and crunch the numbers and you will discover that it never pays to buy universal life insurance. If you don't know how, then get an independent fee for service only financial planner. By the way, every other aspect discussed in the article can be accomplished via a different vehicle at less cost.
Universal Life insurance
SSA
Wed Apr 29, 2009 3:37 PM
Post Reply
This information is true, just as stated you can and I have taken withdrawals from my policy. A lot of people do not like u-life because of the cost. I have used it as an investment and do make 5% on the policy. I know I am guaranteed a policy my entire life. Try to renew your TERM policy if you have a health condition.
Re: Universal Life insurance
Somewhere
Thu Apr 30, 2009 6:03 AM
Insurance is just ONE instrument for an overall investment strategy. And insurance has many options. I have covered a few of the high priority options, and as you point out, Term Insurance is no longer a viable option for me due to unplanned and unexpected health issues. But I still have my universal, FEGLI, and long-term care insurance.
Term insurance is only good for the term. If you are good at predicting how long that will be, buy young, buy outside FEGLI, and buy when healthy for the best "deals."
I have had a few financial advisors suggest getting a term insurance upon retirement (at a higher rate mind you) and WAIVE the survivor benefit. Of course at the end of the term, if you are still alive then croak, your survivor that outlives you gets no pension, unless you have other serious investments (TSP, SS) to cover. Other financial advisors that crunch those numbers say that's not worth it for the short term savings.
Get more than one opinion.
Advice
DOD
Fri May 8, 2009 8:44 AM
Post Reply
I expect to retire in 9 years at 66 yrs. I have some term and FEGLI. Unfortunately, I also have a 25 year mortgage. Based on health issues for my spouse and me, I don't think we'll see 80. I look at the mortgage payment as "rent" fully expecting that I'll never pay it off. What kind of life insurance should I be looking at to pay off the mortgage so that the survivor is cared for? We do have long term care insurance.