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Whole life? I know , I know

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  •  Peds 
    Participant
    Status: Physician
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    Joined: 01/08/2016
    Splash Refinancing Bonus
    If you get a prenup, then it means you’ve already chosen suboptimally.

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    sigh such old world thinking.

    #189819 Reply
     Kamban 
    Participant
    Status: Physician
    Posts: 1959
    Joined: 08/01/2016

    Normally the posts on whole life here are only from people who finally realize they have been duped and asking the forum the best way to get out.

    Probably this is the first time I see someone who knows about the risks of whole life wanting to get in. Why?

    #189820 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3954
    Joined: 05/13/2011

    Giving scenarios seems to turn into long posts so imagine back to internship the quick factual presentations

    52 yo male divorced 4 children youngest in 11th grade. 529’s will cover most college cost. 2 term policies expiring within next 10 years are part of settlement.
    Solo and slower practice(I.e. Less lucrative) by choice and plan on working till full retirement age.

    Now about one year into relationship that likely will be long term/forever. She is 37yo with 2 elementary children and barely financially gets by. It seems she accepted bad settlement to get out.

    Should our relationship continue is this one of the few scenarios where a whole life policy might make some sense. Not financially I know, but in regard to permanent product given our age difference and my desire to make sure I leave some type of estate for her.

    I believe at age 55 insurability takes a big hit and premiums climb. I had thought maybe a 10 to 15 year term and a small whole life policy.  Because I have only had term( thanks to the wise program director) I know little about the complicated world that is whole life.  Reasonable thought?  If so what type: universal ? Plain whole life?

     

    Again all hypothetical but would appreciate a little feedback.

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    When will you be financially independent? Why can’t your younger spouse and children live on the same nest egg that you plan to retire on? Will the spouse work?

    I suppose if she isn’t going to work and you wish to provide for her and you will be working until you’re 80 that a case could be made for it. But if you’re retiring in 5 years and will have enough for all of your and her needs at that point, then no, just use term.

    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

    #189833 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1441
    Joined: 01/03/2017
    Disability Insurance
    Probably this is the first time I see someone who knows about the risks of whole life wanting to get in. Why?

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    The honeymoon phase of a relationship makes us all do funny and irrational things.

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

    #189839 Reply
    Liked by jz
    Scott at MD Financial Services Scott at MD Financial Services 
    Participant
    Status: Website Sponsor, Insurance Agent, Small Business Owner
    Posts: 357
    Joined: 01/14/2016
    $1 million 30 year rate lock policy for about $325 per month 

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    that cracks me up when I think of the quote that I got (age 35 for a 20 yr term) after divulging that I used my free time to hike up tall hills…$1200/mo!!!

    Click to expand…

    LOL, just goes to show some reps don’t know what they are doing or how to shop a client correctly.  Assuming good health and not climbing but rather hiking as you said should be about $35 for a 35 year old, $1 million and 20 year rate lock!  Let us know if you need help.

    Click to expand…

    Hiking…climbing…such subjective terms…. ?

    It’s all good, I stayed out of the greater ranges (and also gave up cave diving) for a few years and then truthfully reapplied for an acceptable rate.

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    Agreed terms can be tricky but if you are using a rope, helmet, harness, needing a chalk bag, D rings, cam’s or crampons the insurance company will certainly want to know more otherwise they really don’t care about a ‘hike’.  Glad you got taken care of.

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

    #189842 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3954
    Joined: 05/13/2011

    Normally the posts on whole life here are only from people who finally realize they have been duped and asking the forum the best way to get out.

    Probably this is the first time I see someone who knows about the risks of whole life wanting to get in. Why?

    Click to expand…

    It happens and usually they’re talked out of it. But if they’re not, at least they’re going in with their eyes wide open, have realistic expectations, are far more likely to be happy with their purchase, and are more likely to keep it until they die.

    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

    #189862 Reply
     Anne 
    Participant
    Status: Physician
    Posts: 712
    Joined: 11/07/2017
    $1 million 30 year rate lock policy for about $325 per month 

    Click to expand…

    that cracks me up when I think of the quote that I got (age 35 for a 20 yr term) after divulging that I used my free time to hike up tall hills…$1200/mo!!!

    Click to expand…

    LOL, just goes to show some reps don’t know what they are doing or how to shop a client correctly.  Assuming good health and not climbing but rather hiking as you said should be about $35 for a 35 year old, $1 million and 20 year rate lock!  Let us know if you need help.

    Click to expand…

    Hiking…climbing…such subjective terms….

    It’s all good, I stayed out of the greater ranges (and also gave up cave diving) for a few years and then truthfully reapplied for an acceptable rate.

    Click to expand…

    Agreed terms can be tricky but if you are using a rope, helmet, harness, needing a chalk bag, D rings, cam’s or crampons the insurance company will certainly want to know more otherwise they really don’t care about a ‘hike’.  Glad you got taken care of.

    Click to expand…

    So I guess the insurance company is ok insuring Alex Honnold? 😉  JK, I guess he’s got the chalk bag.

    #189883 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3954
    Joined: 05/13/2011
    $1 million 30 year rate lock policy for about $325 per month 

    Click to expand…

    that cracks me up when I think of the quote that I got (age 35 for a 20 yr term) after divulging that I used my free time to hike up tall hills…$1200/mo!!!

    Click to expand…

    LOL, just goes to show some reps don’t know what they are doing or how to shop a client correctly.  Assuming good health and not climbing but rather hiking as you said should be about $35 for a 35 year old, $1 million and 20 year rate lock!  Let us know if you need help.

    Click to expand…

    Hiking…climbing…such subjective terms….

    It’s all good, I stayed out of the greater ranges (and also gave up cave diving) for a few years and then truthfully reapplied for an acceptable rate.

    Click to expand…

    Agreed terms can be tricky but if you are using a rope, helmet, harness, needing a chalk bag, D rings, cam’s or crampons the insurance company will certainly want to know more otherwise they really don’t care about a ‘hike’.  Glad you got taken care of.

    Click to expand…

    So I guess the insurance company is ok insuring Alex Honnold? ?  JK, I guess he’s got the chalk bag.

    Click to expand…

    I’d sell him disability, but not life. 🙂

    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

    #189884 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5227
    Joined: 01/12/2016
    $1 million 30 year rate lock policy for about $325 per month 

    Click to expand…

    that cracks me up when I think of the quote that I got (age 35 for a 20 yr term) after divulging that I used my free time to hike up tall hills…$1200/mo!!!

    Click to expand…

    LOL, just goes to show some reps don’t know what they are doing or how to shop a client correctly.  Assuming good health and not climbing but rather hiking as you said should be about $35 for a 35 year old, $1 million and 20 year rate lock!  Let us know if you need help.

    Click to expand…

    Hiking…climbing…such subjective terms….

    It’s all good, I stayed out of the greater ranges (and also gave up cave diving) for a few years and then truthfully reapplied for an acceptable rate.

    Click to expand…

    Agreed terms can be tricky but if you are using a rope, helmet, harness, needing a chalk bag, D rings, cam’s or crampons the insurance company will certainly want to know more otherwise they really don’t care about a ‘hike’.  Glad you got taken care of.

    Click to expand…

    So I guess the insurance company is ok insuring Alex Honnold? ?  JK, I guess he’s got the chalk bag.

    Click to expand…

    I’d sell him disability, but not life. ?

    Click to expand…

    Cant imagine he’s insurable for anything other than a mint.

    #189895 Reply
     IntensiveCareBear 
    Participant
    Status: Physician
    Posts: 35
    Joined: 12/22/2018

    …52 yo male divorced…

    Now about one year into relationship that likely will be long term/forever. She is 37yo with 2 elementary children and barely financially gets by. It seems she accepted bad settlement to get out…

    Click to expand…

    It’s a bird, it’s a plane… it’s… Captain Save-a-Ho!

    Nothing is forever. People change, needs change. If you have fun with the woman, enjoy your turn. No need to ever get legally married to do that. It is fine to help her or her kids out a bit from time to time if you have extra cash, but if she says there is a need for legal marriage or other major financial obligations, that should be your first clue of what her true intentions are… and to start moving on. I have a feeling you are being fed quite the line of BS by the new woman if you are even asking this stuff, but you will learn more by finding that out for yourself.

    [Profanity removed and poster warned.]

    If you get a prenup, then it means you’ve already chosen suboptimally.  Just don’t get married….

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    ding ding ding^^ …except don’t get married, no matter how optimal a person is. Things change. Legal marriage offers the higher income partner no advantage and a world of downside. There is no advantage; you can do anyting “married people” get to do without being legally married. It is hilarious how women understand this well within a few decades of commonly becoming breadwinners, yet it has taken men centuries and centuries of marriage causing them “doh” moments, financial ruin, or worse.

    #189919 Reply
     AR 
    Participant
    Status: Physician
    Posts: 607
    Joined: 03/10/2016
    If you get a prenup, then it means you’ve already chosen suboptimally. 

    Click to expand…

    sigh such old world thinking.

    Click to expand…

    Did you read the rest of my post?   If you’re confused, I strongly support prenuptial agreements, in general.

    #190004 Reply
     jz 
    Participant
    Status: Physician
    Posts: 608
    Joined: 01/09/2016

    google these search words:   beta provider, white knight, captain-save-a-hoe.      and I advise this out of respect.

    #190267 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 1441
    Joined: 01/03/2017

    I know we’re all kind of giving you some likely unwarranted relationship advice but relationships and finances intertwine. What do all of your basically adult children think (honestly!) about the relationship?

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

    #190283 Reply

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