Doesn’t sound terrible if you think it’s something you want to have. The $6k/mo equivalent would be around $140/month based on the pricing you mentioned. It would take 35 years of payments to equal the 10-pay equivalent premium of the product I quoted them. Factoring in the time value of money it’s probably a slightly better deal.Payments are for lifetime.
From what you posted, deal I am getting does not sound attractive.
The policy should also have a guaranteed cash value in case you change your mind later. Most of these type products have 80-90% return of premium available if you cash it out in the future.
That said, IMO you’re much better off using the money to buy a good disability insurance policy if you don’t have one yet, and I would not count group LTD as having that covered since you’ll lose that soon as you leave the employer.
You should also separate your life insurance from the employer. Same issue, it’s gone as soon as you leave the employer and there’s no guarantee a future employer will offer enough (or any at all) or you become self employed. By then a health issue or age could make it much more expensive to buy it versus doing it now.
Statistics: Posted by BruDude — Mon Mar 25, 2024 11:58 pm — Replies 4 — Views 205