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Life Insurance Review

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  • Avatar jjj 
    Participant
    Status: Physician
    Posts: 3
    Joined: 02/07/2019

    Hi. I recently fired my financial advisor. He “managed” our money for 5 years with high load funds, individual equities and 1%AUM. After reading WCI and Bogleheads last year, I got rid of him. However, he did sell me and my wife term life and disability policies (he tried to push whole life and wanted $70K per year policy- had the spidey sense to not bite). My question is this- since Iam fairly sure all of his dealing were shady to begin with, should I have my term life and disability policies reviewed by an independent insurance agent in case we got taken for a ride? I can’t really tell; premiums are $1900/yr for $2M policy for me. (I was 38 and relatively healthy with no major past medical problems). Thanks for your time!

    #188731 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7143
    Joined: 01/09/2016

    Yes, I would recommend an independent review. Start with the list on WCI (s/b all you need). You are not looking to be sold, you are just looking for a review and opinions. I know several on the “recommended list” who will do that, but I have confidence that none at this link will try to sell you something that is inappropriate. If I am wrong, just email WCI and I am sure he will rectify.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #188738 Reply
    Liked by ChadCFP, jjj
    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 330
    Joined: 06/12/2017

    Based on what you shared, I would definitely get the policies reviewed.

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    http://www.fswealthadvisors.com | (717) 496-0900

    #188769 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1836
    Joined: 01/03/2017

    You can go to term4sale.com and it’ll give you quotes that you can compare your current insurance to. Your disability insurance would best be reviewed by any of the sponsors here that deal with it.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #188827 Reply
    ChadCFP ChadCFP 
    Participant
    Status: Financial Advisor, Website Sponsor, Small Business Owner
    Posts: 67
    Joined: 10/04/2017

    Hi. I recently fired my financial advisor. He “managed” our money for 5 years with high load funds, individual equities and 1%AUM. After reading WCI and Bogleheads last year, I got rid of him. However, he did sell me and my wife term life and disability policies (he tried to push whole life and wanted $70K per year policy- had the spidey sense to not bite). My question is this- since Iam fairly sure all of his dealing were shady to begin with, should I have my term life and disability policies reviewed by an independent insurance agent in case we got taken for a ride? I can’t really tell; premiums are $1900/yr for $2M policy for me. (I was 38 and relatively healthy with no major past medical problems). Thanks for your time!

    Click to expand…

    I agree with all the previous posts to get a 2nd opinion.

    For fun, I plugged you into our quote comparison tool using age 38 with a preferred rating (2nd best rate class) and then assumed a 30-year term: Lincoln was the lowest at $2,622, AIG was at $2,645, and Protective was at $2,820 for comparison (there were a lot more, but that should give you a good idea). Assuming your rating class and 30-term match up, your plan looks good. However, if it was a 20-year term there were a few closer to $1,500-$1,600. You are 5-years older now so those same quotes today will be a little higher.

    Anywho, check out term4sale to get your specific quote range and then contact one of the insurance pros for a 2nd opinion. Some insurance providers (i.e. Ohio National with lower your DI premiums by 10% if you also get $1.5m in term) will provide discounts if you buy term and DI together. So even if term4sale shows a low quote, wait to make any changes until you chat with one of the insurance pros.

    Good luck!

    Chad Chubb, CFP ® | WealthKeel LLC
    https://wealthkeel.com/wci | Gen X & Gen Y Physicians

    #189038 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4195
    Joined: 05/13/2011

    Hi. I recently fired my financial advisor. He “managed” our money for 5 years with high load funds, individual equities and 1%AUM. After reading WCI and Bogleheads last year, I got rid of him. However, he did sell me and my wife term life and disability policies (he tried to push whole life and wanted $70K per year policy- had the spidey sense to not bite). My question is this- since Iam fairly sure all of his dealing were shady to begin with, should I have my term life and disability policies reviewed by an independent insurance agent in case we got taken for a ride? I can’t really tell; premiums are $1900/yr for $2M policy for me. (I was 38 and relatively healthy with no major past medical problems). Thanks for your time!

    Click to expand…

    It doesn’t hurt to get them reviewed. Here is my recommended list of independent insurance agents:

    Insurance Agents

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #189043 Reply
    Scott at MD Financial Services Scott at MD Financial Services 
    Participant
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 378
    Joined: 01/14/2016

    Hi. I recently fired my financial advisor. He “managed” our money for 5 years with high load funds, individual equities and 1%AUM. After reading WCI and Bogleheads last year, I got rid of him. However, he did sell me and my wife term life and disability policies (he tried to push whole life and wanted $70K per year policy- had the spidey sense to not bite). My question is this- since Iam fairly sure all of his dealing were shady to begin with, should I have my term life and disability policies reviewed by an independent insurance agent in case we got taken for a ride? I can’t really tell; premiums are $1900/yr for $2M policy for me. (I was 38 and relatively healthy with no major past medical problems). Thanks for your time!

    Click to expand…

    When you do look at it since it is now 5 years old you can look at a policy that is 5 years shorter than the original one if the duration that is left on that policy is still the appropriate time frame.   Example would be if it was a 30 year rate lock now you only have to look at a 25 year rate lock to have a true comparison of rate to rate.

    S. Scott Nelson-Archer, CLU, ChFC with M. D. Financial Services, Inc.
    Direct Phone 713-966-3932, Email [email protected]

    #189071 Reply
    Liked by AZPT, Hank

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