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

Was let go as a staff 2 at 77k in September and currently have 3 offers in deciding between them. Would really appreciate any feedback. 1. 3rd year associate at PWC -HIA at 85k. 2. Transformation analyst at a big 3 automaker 83.5k 10% bonus. 3. Product development role at a healthcare startup. 100k 7.5k sign on and 7.5k bonus in 3 months. Potential 20% bonus at year end.

like

Got hit hard with Covid and was out from 2 weeks causing me rethink life and I don’t want to work for forever anymore. What are your retirement strategies?

like

Anyone in Florida? Have 1 year of experience and making about 95,000. Minimal benefits of 2 weeks pdo and 401k after 1 year. No bonuses, no health insurance. Really wanting something with higher pay and more benefits.

I am new to Deloitte. My background is in agile transformation and product management within provider settings. I have found tech projects, but none within healthcare. Any advice for finding these?

likehelpful

What are shift timings in Sunlife , also is it mandatory to come to office daily or 2 times a week, or is it psbl to take wfh if staying in Noida.

Also what is there medical insurance policy. Spouse child employee ....how much cap??
Are parents covered under same policy or they charge extra premium.

like

Hi guys, I am looking into investing amidst this pandemic. I am new to Robinhood and will like to invest in buying shares from there. Any recommendations on what o should be look at and for pls? Also, what alternative investment opps will you recommend at this time. Anyone with Real Estate investment opportunities in the DFW area? Many Thanks for all your recommendations

like

For any Alvarez and Marsal fish, how has your work life balance been? Very interested in hearing from those in their healthcare industry group, but anyone is welcome to respond.

like
like

I’m fairly new to investing. 39, no children, and made some poor financial decisions in my past and now making progress toward saving. 12k in savings + 60k in employee stock, 5k crypto, 50k among 401/Roth/trad. Really just want some insights into lessons learned, how to optimize, etc.

like

See my issue is I want tech benefits and pay but I’m a clinical social worker 🙃 so we get healthcare / no benefits

like

I know I’m not the only one burned out on insurance. Has anyone thought of moving into a different career? If so, what?

likesmart

What is the average employee health and benefits account manager making? I have 7 years of experience in Employee Benefits.

like

Does anyone take DE? Are there actual health benefits like people say?

like

I have a question for my fellow PI paralegals in Texas. TPCIGA requires that we submit all medical bills through the clients insurance before proceeding further. The client in question has Aetna. I sent the bills with a cover letter to Aetna via certified mail. I am having so much trouble getting a status on said claim. Does anyone here have experience with that and can assist me? Any help or guidance is appreciated.

like

Currently a collegiate financial rep in the intern program at Northwestern Mutual for the straight path to an advisor role… looking for reassurance that I’m with the right company and that I’m not missing out on any other entrepreneurial opportunities like this (I’m on track to have a BBA in Finance from the University of Miami by May 2024, projected GPA to be 3.5+)

like

Can anyone explain epam anywhere's Bench policy of 50k in detail or with couple of example if you are sure ?

Now a days expenses are more than 50k.

helpful

Does anyone know how much on average NPs make in a NYC health system given they have 6 years of experience? I know it depends on specialty and location but just wanted to get a range. I'm asking this in the context of clinical research as well as just clinical management.

Thanks!

like

Anyone know of NYC firms hiring outside insurance defense? It doesn’t have to be big law (I know this is the bowl for that), I am just looking to get out of my current job which I hate. I am about three years experienced. I have tried recruiters, LinkedIn, indeed, etc. any help is appreciated.

like

I have been investing in vanguard funds for the past 2 years with recurring deposits every month. I’m at 20% profit so far and was thinking of selling some of these to book profit. I will continue my recurring deposits but wanted to see if selling some of them right now to book profit seems like a bad idea? List of funds are below. My age is 30 is that warranta aome different strategy. TIA

Post Photo
likeuplifting

Anyone here know anything about Unify Consulting? They reached about looking for senior roles to build their National Healthcare and Life Science vertical.

like

More Posts

What are the yearly hike range in DBS?
Also how frequently are promotions done?

like

My husband and I are both very ready to start a family. For those who have finished their PhD while pregnant or with a young child, do you have any regrets?

like

What could this ending possibly be?!?

For those in Strategy & Ops roles - are there any Google certificates that would be a value add for an applicant to have?

like

Just an observation...

Fellow fishes, the company name is spelled as "Deloitte" 👍🏻

and not Delloite or Deloite or Delooite or Delloitte 🤦‍♂️😓

like
likesmart
like

Tips for helping kids stay on task during zoom? Our little class (9 kids) has been doing zoom circle times twice a week but I noticed they are really distracted. Also every meeting a kid leave...

like

Any insights to PWC’s Denver office & the office’s Tax/Private Company Services group?

like

Hi fishes I have a offer with LTI and Common wealth bank which one to choose? Which is better

Teabaggers is back!

like
like

Hello everyone, this bowl is just the start. We will make it big. Request you to stay here after joining. Meanwhile, do share this in your network. It would be a great help.

Till the time this bowl is growing, you can post confessions, advice, requests etc.

Use the format:
Age, Gender[M,F or any other]
Then your post.

like

Is $165 good for a first-time creative director?

like

Interview help! If I have a terminating offer in three weeks, and an upcoming interview this week for a role I’d prefer, is it okay to ask the upcoming interviewer about their timeline? Or should I not mention the competing offer upfront.

like

Could I move to a different city without telling Deloitte? Thinking about keeping my home office in Chicago but relocating.

like

Thoughts on ACN S&C Analyst moving to Monitor Deloitte as Consultant? Jump or nah

like

Anyone know the salary for Senior Initiation CRA at Parexel ?

like

Fresher's drive in Innoppl, Chennai@innoppl

Post Photo
like

Finance professionals, what sort of trends/insights are you seeing in the ESG space that you think are interesting? Aware of banks issuing green bonds/sustainable financing initiatives. What are your thoughts on the ESG space 2/5/10 yrs from now?

likefunny

Additional Posts in Consulting

How have you managed being in consulting and not know what you are doing? There are days I get good feedback and days I get coaching advice. But nevertheless I truly don’t know what I’m doing everyday and on feel on the verge of client finding out. What to do?

like

Does MBB have cyber security consultants? If so, any idea how hard it would be to join from a big 4 cyber risk? Also, do you need to eventually get an MBA? Thanks much.

FAANG friends in program management or other non-engineering/product management roles, what part of the compensation were you able to negotiation and how much?

like

Lots of us are skilled at delivery but most sales books seem to focus on the pitch and closing... What are your best resources for learning to develop and nurture strong, lasting client relationships?

like

Any good book recommendations?

like

At what age do you want to retire? And how much do you think you need saved up as a nest egg in order to do so?

like

Does anyone know if all MBB and big 4 have policies regarding what level they can hire you at based on your Years of experience?

like

Book recommendations, fishbowl? I have months of SFO to BOS ahead of me...

like

what’s the ratio of equity/stocks to bond/fixed income in your Merrill lynch 401k plan?Do you make any modifications or just use recommended distribution? First job with 401k and not sure what to do!

like

Any recs for CIPM study books?

like

For all my buddies traveling every week. What’s your laundry and dry cleaning schedule look like?

like

What is it a
Specialist vs Senior Consultant
Specialist master vs Manager
In Deloitte?

like

Before tax 401k or roth401k or combination of both? Any insight would be helpful

like

How do I go from financial consulting to product management? I have 1 YOE and an MS in info systems management. Realllly looking to make this change but genuinely don’t know the path to do so. Your answer will go a long way in shaping my future. Thanks for any advice in advance!

likehelpful

Buying a new house and need to install baby gates for the central stairwell that goes down to basement and up to second floor. Want something that’s easy to use and to install since I’m unfortunately not very handy. Any suggestions would be helpful!

like

How much do you withhold from Uncle Sam?

like

Goal for 2017: stay in every single room in my usual Sheraton

like

I'm looking to improve my communication skills to navigate a very political environment better (i.e. I need to be more diplomatic). Any books recommendarions are appreciated 💁🏼‍♀️

like

I received a strong offer from another company. I'm certain Deloitte will not be able to match it. How does Deloitte manage this when you give your two weeks notice? Does Deloitte give you two weeks to transition? For how long do they cover your health insurance? Any other thoughts and advice are welcome.

like

Could I move to a different city without telling Deloitte? Thinking about keeping my home office in Chicago but relocating.

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