Thoughts on taking whole life insurance? Been doing reading on the internet but haven’t totally understood the pros/cons. Any insights?

like
Posting as :
works at
You are currently posting as works at

General advice is to use Term for life insurance and invest the rest outside of Whole (max 401, IRA)

like

I have chosen to do term. Basically I look at it like this: I am currently 38 with 4 young children. I only see a need to have life insurance to carry me through my children reaching adulthood. Once I reach 60 I will have a sufficient estate to provide for my wife should I pass. I see no point in carrying increasingly expensive insurance past 60 years old or so. I’ve also never been convinced as to efficacy of whole life as an investment vehicle.

I should also note that I am in no way against insurance. I carry somewhere around 17.5x my base salary. Between that and my savings/retirement my family would be quite well taken care of.

like

P1, how much does something like that cost?

Less than $45 a month.

Thx PwC1 - good insights.

Similar to P1. $45/month is great. Mine is $1000/year for $1.5M.

I should mention that mine will be somewhat artificially low as I have VGLI and USAA. Still, less than $100 a month through age 60 to know that my family is taken care of is a pretty good deal in my book.

I was also looking into insurance this week. I was thinking about purchasing Term with Return on Premium. It’s a little more expensive but I like the idea of getting my money back if I don’t use it.

Related Posts

How many years of experience does an insurance defense attorney need to have to bill at a senior partner rate vs junior partner?

like

Experts - Best redemption option for Amex reward points (the ones that come with standard green Corp Amex card)??? I use them on Amazon but checking to see what other options are better...

like

Hey everyone! IPG Health is thriving with new business wins, and we are hiring in every department! I am a boomerang to the network because honestly the agencies within IPG Health provides great benefits and colleagues. DM if interested!!

like

Thoughts on specialty life insurance? I don’t have my LLQP. This is based in canada. They are offering paid training

like

Ladies, I need work/fashion tips. I work in center city Philadelphia. Our dress code is “business casual.” I want to implement more outfits with sneakers. I struggle with what hem length and pant style (tapered, flare, etc.) work best.
When I look on Pinterest, most of the results show very casual work outfits w/ sneaks & while I think dark wash jeans, blouse and blazers can look cute/presentable, it’s not appropriate for my office (I’m in healthcare).

like

How do you calculate what tax bracket you will be at when you retire? Keep reading choose the option based of what tax bracket you will be at retirement but I literally have no clue

like

@EYFishes - What can you get for the $500 EY Health and Wellness benefit, other than the gym memberships?

like

Once I’ve maxed out my 401k and IRA accounts, where else can I do with my savings if I wanna continue investing in stocks? Feel like keeping a stash in a high yield savings acct isn’t the best rn.

like

Any women working in Commercial Insurance in B.C. (Broker, Underwriting, Account Manager or Management) that work for a company you like or love? I'd love to hear what company and why you like them.

like

Do people use their HSA to actually pay for health expenses or just as a triple tax advantaged savings account for retirement? Seems like all talk on here emphasizes the tax benefits of it, so I am curious if people use to spend or just save

likehelpful

This is my first job in a large corporate company, and I’m trying to gauge how long it normally takes to move from entry level to another internal position in the insurance industry. I have been applying internally for a year now and I am wondering if this is normal or if my company is just slow? I am a top performer, with great metrics, and I have some wonderful connections I’ve made who support me. I just can’t seem to move up. How long did it take you to move up? How many tries did it take?

like

What's the most effective way for a small RIA to recruit FAs who have a few years experience, want to break away from large/corporate firms? I'm a $70M fee-only (commissions for insurance) independent RIA with a generous comp schedule that enables FAs to own their own book while they grow. As the owner, my focus is to help FAs succeed; as a firm, our focus is on client service and helping them succeed. I can afford a small salary, but not benefits. I'm especially interested in female FAs.

like

Tax question. I am a fully remote employee that lives in a different state across the country from my company. Do taxes automatically get set up correctly? Or do I need to worry about double paying and need to ensure it's set up correctly myself? Thanks for the help.

Does anyone use Zoominfo? If you do, would you recommend using it, or have you found a better platform? We provide a SaaS platform for WFM and our main verticals are Healthcare and Manufacturing across North America.

like

Anyone here familiar with Manatt, Phelps & Phillips / Manatt Health Strategies? Would love to chat

like

Hi all— I practice primarily insurance defense, but my firm also handles plaintiffs’ cases. Reach out for any cases in OH, FL, MI, IN, KY! Thanks!

like

Hello! I recently finished a Master of Public Health from the University of Waterloo and I’m currently working as a Policy Analyst for the federal government. I’m really intrigued by healthcare consulting and would love to learn more about Canadian opportunities for that if anyone is willing to chat! I have over 5 years of experience working in community healthcare (mainly administrative roles). I also have a BSc (Hons) Neuroscience. Just looking for advice on where to start! TIA :)

Got married, bought a house, doing a major remodeling, planning to have a kid… safe to say that I am no longer on track with my FIRE journey 🥲

likefunny

What does a mental health day look like for you? Took one today & it was the best thing I’ve done for myself. Bonus Q: did you own up to it being a mental health day or did you go to “the dentist"

like

INSURANCE HEADHUNTER/RECRUITER RECOMMENDATIONS: I currently work for small MGA in the southeast that has E&S P&C binding authority markets. I have 7 years experience in insurance industry. 4 of those years as MGA marketing rep personal & commercial lines and past 3 years at current MGA restructuring, managing, & growing commercial lines book but do not have UW experience. I have accomplished restructuring goal and it is time to move on. Thanks in advance for any advice or suggestions!

like

More Posts

Sales leaders are hypocrites.

The same sale leaders that push their reps to find out why they were ghosted are the same leaders that ghost other salespeople.

like

Guessing this one is going to go viral.

Not cringy necessarily but is pointed enough to have "high engagement"

Post Photo
funnylike

Walmart hr collected all the documents from me but she hasn't come up with an offer from the last one month...., Will Walmart give me an offer or not??
@walmart

like

Looking to relocate to the Denver area and need to be able to access the airport, downtown 6th street, and ski resorts (in that order of importance). What areas should I be looking at with a house budget of $500k? School district is another consideration

like

At Yash RnR is for specific folks?
Literally I see politics here....

Any marketers with ABM-specific knowledge and/or experience looking for work? Let’s talk!

like

What benefits, perks, and other work life balance things would you like your firm to have in an ideal world?

I have an offer from Accenture with fixed CTC of 7.25 lpa and variable 0-21%, Current CTC in TCS is 3.85lpa after 2.1 years of experience.Should I join Accenture?What about Job Security and Ethics in Accenture as compared to TCS?

like

New here. In terms of making a transaction, correct me if any of these steps are wrong (or should be enhanced):

1) deposit US $ into coinbase or gdax (preference here?)

2) transfer acquired...

Any websites/resources to prepare for supply chain interviews?

like

Hi Fishes,

What would be my in-hand salary?
TIA

Post Photo
like

I know that a lot of people think it's somehow faith-denying to study evolution but to me it reveals an elegant, intricate level of intelligent design

like

DM for Microsoft referral

likeuplifting

Just came across Formex Essence online and it looks awesome for the price point. Have never heard of this brand before, have i been living under a rock? Any opinions on the company?

like

Let’s talk sign on bonuses! What has been your largest sign on bonus? Which company offered snd for what level of position?

like

Had a really great convo with a friend who still hasn’t got the vax yet, and they said it opened their mind when I was willing to discuss with them openly and hear how they feel (I got the vax early). I’m curious, if you still haven’t been vaccinated what type of conversation might change your mind?

like

So I'm the only black advisor in my office and I feel so out of place. I walk into meeting early and people won't notice I'm there and everyone wears really expensive shoes and clothes. They all have their cliques and then there's just me.

like

Hey fishes, pls help me unlock DMs. Thanks!

like

If your job declines you a raise and cut your hours and I’m the only employee who hours are getting cut is there anything I can do

like

What are other account directors making right now?

like

Additional Posts in Consulting

like

KPMG Senior Associate Salary for Financial Transformation in NYC?

like

"Get me an estimate of when you'll be done with my estimate."

like

If I had a dollar for every time I’ve heard the word ‘perspective’, I’d probably be as wealthy as the folks who post their net worth on here

funnylike

I had 200% utilization for the two weeks for the month. Will hat get flagged for something? Honestly worked all those hours and am burnt out too..

like

Ugh. Deloitte is making it impossible for me to find out the salary range and the compensation ratio for my position. Anyone with suggestions for a GPS pursuit manager within enabling areas? Other big four: what’s the average salary for this position at your firms?

like

Worried about my parents’ retirement. Is it possible for me to open up a Roth IRA on behalf of my mom? My dad has a IRA & my mom is relying on her state jobs’ retirement plan.

like

I feel like I’m in the twilight zone seeing all this turnover/layoffs and practitioners firm jumping

like

I take the water bottle off the FC armrest (where Delta puts a bottle for each person), stuff my bottle in the seat back pocket, and the dude next to me proceeds to put his drink down in that spot!?!

like

For consulting extern programs, what does the pay / benefits structure look like? Does your extern company pay salary and benefits? Does it ever turn into a pay bump?

like

Anyone have an recs for self help books that help with work anxiety? I've felt so low on the totem pole since I joined in 2015 that I rarely give any opinions at the office. Obvi this is (cont'd)

like

What's with all the BCG layoffs? My buddy was just let go....

like

Have a date coming over tonight but just got hit with an urgent deck fix request - shouldn't take long but worried that date will be bothered to wait around the apartment while I fix it up? But I'm also thinking it might be impressive to her to see that I'm working with a high-value client and high $ figures. Wanted to see what ya'lls take on this was... wish me luck!

funnylike

Went on three dates in last three weeks. Two of them backed out when they came to know that I travel everyweek. The one left was unhappy this morning when I got up at 4 to catch my flight. FML !

like

After a year using my home office setup, especially the 27 inch monitor, how can I ever go back to the traveling life with tiny laptop screen? 😔

likesmart

Had a meeting with my counselor yesterday and I got a 2. She thinks I should've gotten a 1 but with this new YE format, she could not suggest/defend a rating. Bummer!

like

Big 4 folks- what is the pension actually worth? Does it become a meaningful part of your retirement if you spend a career here and wind up at, say, SM?

like

Any Deloitte members have insights on any internal Supply Chain Consulting positions for someone with 1YOE.

like

Any recommendations on a good office chair below $500?

like

Any 🐠 fam have an ergonomic chair at home and have a recommendation? Currently looking at Steelcase “Think” and Knoll “Regeneration”? But also, can’t justify the cost. 😱

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal