My Rep Says I Should Get More Term Coverage..

adamsmw6

New Member
5
So I have NM and a whole life policy of $200,000... I pay about 225 a month for this.

My rep states I should get more term coverage now while im young and convert it later on to more whole life coverage..

Apparently, this whole policy is an "investment" for me, says my rep.

I am a single 26 year old with no financial obligations expect a car. :err:

Opinions?
 
So I have NM and a whole life policy of $200,000... I pay about 225 a month for this.

My rep states I should get more term coverage now while im young and convert it later on to more whole life coverage..

Apparently, this whole policy is an "investment" for me, says my rep.

I am a single 26 year old with no financial obligations expect a car. :err:

Opinions?

and how much term does he want to add....
 
He has not given me a figure yet..

What would be a good figure or is this a good thing to do?
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Why do you have life insurance if you have no need for it? Do you have disability insurance?

He did tell me that I should have disability insurance, and of course I signed up for it.. I am now paying 242.00 a month.. My annual income is about $30,000 with about 5 to 8k commission extra.
 
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He has not given me a figure yet..

What would be a good figure or is this a good thing to do?
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He did tell me that I should have disability insurance, and of course I signed up for it.. I am now paying 242.00 a month.. My annual income is about $30,000 with about 5 to 8k commission extra.


There is probably a need to lock in life insurance today, if you plan on having a family down the road. What was your agents reasoning for having a whole life policy and now adding term??? does this strategy fit your financial plan and objectives???

As far as the disabily insurance, there are some other companies out there that there that are priced more competitively
 
He has not given me a figure yet..

What would be a good figure or is this a good thing to do?


well it sounds as if you have been sold on life insurance as an investment and really do not need what you have on top of the term he wants to add.....personally have never been a fan of life insurance as in investment.....yes it is smart to lock life insurance rates at a young age so thats why I look at Guaranteed UL's that can lock rates age 120 and invest in something that gives a better return....like ammo.....
 
I guess I do not have a financial strategy or plan. I just got my real estate license and will be doing on top of my salary. I do not have children, nor plan to in the future.

I think I pay 18 a month for disability.

What happens if I cancel a plan like this? Suggestions?
 
So I have NM and a whole life policy of $200,000... I pay about 225 a month for this.

My rep states I should get more term coverage now while im young and convert it later on to more whole life coverage..

Apparently, this whole policy is an "investment" for me, says my rep.

I am a single 26 year old with no financial obligations expect a car. :err:

Opinions?
This sounds like a 20/20 annuity sting. Interesting the OP knew to assume we would all know what "NM" meant.

Seems like every time a "consumer" wants us to 2nd guess his agent it's always a "NM" agent. They must be the least trustworthy agents in the business.

Coincidence? :skeptical:
 
Ask your agent why you need term insurance.

Why is your Whole Life so expensive?

male age 26 200k with RNA

Standard N/T $ 114.32 per month.
 
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