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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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<blockquote data-quote="tt335ci03cobra" data-source="post: 15906678" data-attributes="member: 68944"><p>I have a 30 year term policy that started as $500k and has grown with a rider to $750 (capped) and it costs me at 28 years old about $38 a month.</p><p></p><p>What you are describing is indeed a great experience for someone who does not die, and for their family, so that the policy holder can recoup the cost of the policy. Correct.</p><p></p><p>I have a great net worth into 7 figures but I also have about 18% debt to asset value representing a substanceial 6 figure amount.</p><p></p><p>I would be very unfortunate to carry a whole life policy because it would cost me 7-10 times as much to have the coverage I would need. I can invest or live off the difference better than surrender or so forth will be for me 25 years from now. By paying $38 a month now, I am safely able, as well as with the key man clause on my head, to pass earlier than expected and not leave a mess behind for my loved ones.</p><p></p><p>Term in my scenario is best. What you described is indeed a viable avenue to pursue when debts or more so funeral expenses are destined to be within a small 5 to low 6 figure sum.</p><p></p><p>In my case, a whole policy would be very costly and impact my monthly budget too severly, regardless of income or ability to surrender 20 years later.</p><p></p><p>I think I am educated enough to decide that term is best for me right now. </p><p></p><p>For people using a life insurance policy to cover remaining debts over $100,000, term is almost always the most viable choice. There are exclusions to most any systems, but by and large, term insurance is in my opinion very very applicable and prudent.</p><p></p><p>I still love what I study and learn regarding max funded universal life. It’s looking to be a vehicle I will add to my stable.</p></blockquote><p></p>
[QUOTE="tt335ci03cobra, post: 15906678, member: 68944"] I have a 30 year term policy that started as $500k and has grown with a rider to $750 (capped) and it costs me at 28 years old about $38 a month. What you are describing is indeed a great experience for someone who does not die, and for their family, so that the policy holder can recoup the cost of the policy. Correct. I have a great net worth into 7 figures but I also have about 18% debt to asset value representing a substanceial 6 figure amount. I would be very unfortunate to carry a whole life policy because it would cost me 7-10 times as much to have the coverage I would need. I can invest or live off the difference better than surrender or so forth will be for me 25 years from now. By paying $38 a month now, I am safely able, as well as with the key man clause on my head, to pass earlier than expected and not leave a mess behind for my loved ones. Term in my scenario is best. What you described is indeed a viable avenue to pursue when debts or more so funeral expenses are destined to be within a small 5 to low 6 figure sum. In my case, a whole policy would be very costly and impact my monthly budget too severly, regardless of income or ability to surrender 20 years later. I think I am educated enough to decide that term is best for me right now. For people using a life insurance policy to cover remaining debts over $100,000, term is almost always the most viable choice. There are exclusions to most any systems, but by and large, term insurance is in my opinion very very applicable and prudent. I still love what I study and learn regarding max funded universal life. It’s looking to be a vehicle I will add to my stable. [/QUOTE]
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