Buying a Personal Policy, Need Advice

[insuremeplz]

I'm mostly a health guy so I'd love some advice on buying a personal life insurance policy. I've maxed my IRA contributions so I'm looking for somewhere to stuff away some extra cash, plus I'd like to be able to say I own life when I do on occasion sell a policy. Here's my criteria:

- I'm single and young and don't have dependents so I'm not worried about the death benefit, only the cash accumulation of the policy.
- I want to spend between $100-$150 per month
- I barely know the difference between whole and universal, and would love some advice on what fits my situation best
- I don't currently smoke, but have within the past year. Other than that my H/W and health are perfect.
-Major bonus points if the company will advance the FYC on a personal policy, I originally considered an ING policy but this wasn't an option.


Thanks for the help! I'll also consider putting the contract through whoever is able to spend some time with me and help out.

 

[Larry Tew]

What state are you in?

 

[rayluk]

Max fund a cash value policy with smaller death benefit up to MEC limit. You have choices of WL, IUL, VUL, UL to choose from. That is up to your flavor.
I will suggest you place a one year renewable term with a big face amount, with good conversion provision. You will not be single forever. That way you do not have to worry about health

 

[Dan3211980]

Definitely a UL is what you want. get an increasing benefit with max level premium to your desired monthly cost. I'd look into variable, Phoenix Life has a good one, or IUL.

 

[LGilmore]

license yourself with either guardian or ohio national. Good products, pay yourself. No games, no fuss, no muss, just good results.

 

[Tahoe Ray]

Obligatory "this is the only way to go"

Obligatory "you should do it this way"

Obligatory "this thread has good information"

Seriously, your past posts make it seem like you're in CA, north or south? You have some good options for personalized advice either way...as Larry requested, let us know where you are and you can get some specific direction.

 

[insuremeplz]

Thanks for the help so far. I'm in Northern California. The only FMO I've really worked with in the past is Ritter and their life selection isn't huge. I guess I also need a suggestion for someone that can run quotes for some of the companies mentioned.

 

[BNTRS]

If only there was a resource somewhere on the interwebs about how to design cash value life insurance specifically focusing on wealth accumulation and income generation...

I suppose it would need to detail for both whole life insurance as well as universal life insurance.

It would also be cool if it had some comparative information among companies and their products.

 

[xrac]

If only there was a resource somewhere on the interwebs about how to design cash value life insurance specifically focusing on wealth accumulation and income generation...

I suppose it would need to detail for both whole life insurance as well as universal life insurance.

It would also be cool if it had some comparative information among companies and their products.

Insuremeplz, BNTRS is as knowledgeable on this subject as anyone on this forum. I think he can offer some good direction. BNTRS in his situation what product do you prefer?

 

[0b1kanobee]

If only there was a resource somewhere on the interwebs about how to design cash value life insurance specifically focusing on wealth accumulation and income generation...

I suppose it would need to detail for both whole life insurance as well as universal life insurance.

It would also be cool if it had some comparative information among companies and their products.

If I was in this guys boat I'd call you and if I were fortunate enough you might split the commission with me. Either way you'd get something out of the deal. Brandon is the shizzz!!