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OnlineHost: OnlineHost: *** You are in "MoneyWhiz I". *** OnlineHost: BrlyMkgIt: I am seeking insurance and don't trust many things they say. MW InsGuys: be right there...hang in while i log on! AUTUMNCAT5: what type of insurance are you looking for MW InsGuys: Ok Brly...i am back! MW InsGuys: what ??? do you have BrlyMkgIt: Which is better for me, term or whole life, when premium amounts are at a minimum MW InsGuys: it rally depends on your situation and needs. Term and Whole Life are designed for MW InsGuys: different types of people MW InsGuys: tell me more about yourself BrlyMkgIt: my goal is just to pay off the mortgage and get my wife and boy going in the event of my dea BrlyMkgIt: The mortgage is my only debt. MW InsGuys: how long is your mortgage? 30 yrs, 20yrs, 15yrs BrlyMkgIt: 30 years for 100K BrlyMkgIt: I am 35 years old and in good health MW InsGuys: ok so you need 100K how about burial expenses? BrlyMkgIt: I own a 75K whole life for 300 dollars per annum, but feel more is needed MW InsGuys: ok...does your wife work (outside the home) or would she be willing and able to get a job BrlyMkgIt: I thought I needed 200K total death benefit MW InsGuys: should you die early? MW InsGuys: sorry about prying but i want to give you an accurate picture... BrlyMkgIt: My wife isn't teaching for the first time in 13 years BrlyMkgIt: My boy is 14 months BrlyMkgIt: I am barely able to provide for our needs living on one income, pondering her going back MW InsGuys: how flexible is your budget? trying to keep costs down? BrlyMkgIt: to work again MW InsGuys: never mind MW InsGuys: ok...from the limited knowledge of your situation, i would say term is probably better for MW InsGuys: you right now....check in to a 20 year level term plan becasue your mtg will not decrease BrlyMkgIt: Can I upgrade to whole life with a term policy in the future? MW InsGuys: that much until then BrlyMkgIt: What is mtg? MW InsGuys: yes..you can also consider taking a yearly renewable term plan and converting earlier MW InsGuys: however the difference is not that much at age 35 MW InsGuys: so you might as well lock in those extra years BrlyMkgIt: At what point does term begin costing the same or more than whole life? MW InsGuys: well, at the same age whole life is also going to be more expensive than term until age 100 MW InsGuys: theoretically MW InsGuys: but at what point will the term be more expensive than a whole life policy you could take ou BrlyMkgIt: Are you able or allowed to recommend certain companies? MW InsGuys: today would be abetter question MW InsGuys: really cannot during the show MW InsGuys: autumn...what ??? do you have? AUTUMNCAT5: whole life BrlyMkgIt: Thanks for your help, I have been doing some research on my own as well. MW InsGuys: fire away Autumn AUTUMNCAT5: my concern is that I don MW InsGuys: hi rich ...welcome AUTUMNCAT5: oops! RICHSHEU: hey whats the talk MW InsGuys: go again MW InsGuys: the wonderful and wacky world of Life Insurance! AUTUMNCAT5: my concern is that i don't think my savings is growing the way i want it to MW InsGuys: inside your whole life plan? AUTUMNCAT5: yes MW InsGuys: hi John...welcome MW InsGuys: how long havew you had it and who is it with? JohnBGUN: Hello AUTUMNCAT5: lincoln MW InsGuys: how long have you had it and is it whole life or is it a Variable Life product where you ca MW InsGuys: invest in fund accounts? AUTUMNCAT5: variable annuity MW InsGuys: well, as with any variable product the onus is on the owner of the policy for performance RICHSHEU: does it really matter insurance guy I mean its not really Autumns money anyway right MW InsGuys: what do you have it invested in? AUTUMNCAT5: fixed MW InsGuys: that's a very incorrect assumption Rich....but i understand how you feel...i MW InsGuys: first off, anyone who has a variable product and then puts it in fixed accounts is just MW InsGuys: buying a VERY expensive whole life plan MW InsGuys: unless at a very conservative rate the policy will still carry to age 100 and the only AUTUMNCAT5: how's that MW InsGuys: purpose of the cov'g is estate planning MW InsGuys: Autumn....if you figure someone is never going to use the values inside then you are right b MW InsGuys: but AUTUMNCAT5: so being in a annuity isn't where i should be! MW InsGuys: if he gets to retirement and begins using loans, as long as the policy can support it, he AUTUMNCAT5: rich what did you mean? RICHSHEU: $20000 in cashvalue $50000 face amount at death=$50000 $0 in cash value $50000 face amount MW InsGuys: Autumn..are you in an annuity or a life plan? RICHSHEU: still=$ 50000 AUTUMNCAT5: started in whole life and changed to annuity MW InsGuys: Rich..you are looking at it in a very simplistic way....from your perspective you are right MW InsGuys: but there are many more perspectives than just one...and i am sure you know that MW InsGuys: and Rich...some plans offer an increase in death benefit whenever the cash value increases MW InsGuys: it's called Option B in many Universal Life plans AUTUMNCAT5: rich, how it = 50000? MW InsGuys: Well Autumn, an annuity is a whole diferent story RICHSHEU: correct isnt that where they use the cash to purchase more insurance AngieHollo: Hello... MW InsGuys: hi Angie MW InsGuys: yes they do....but it's term insurance inside a Universal Life....you don't have a problem AngieHollo: I am an Independent Agent....am I in the right room? MW InsGuys: with that, do you Primerica Rep? AUTUMNCAT5: so should i get out of an annuity and buy something that will get me a better return on my AUTUMNCAT5: money? MW InsGuys: no....what is your situation....are you retired ? AUTUMNCAT5: no AUTUMNCAT5: i'm not retired MW InsGuys: how old are you? why did you buy it? give me more info MW InsGuys: Rich ....you're not a very outspoken Term-ite....what's the matter no permanent policies to MW InsGuys: replace? AUTUMNCAT5: 36, a good friend talked me in MW InsGuys: but it uses mutual fund - type accounts? RICHSHEU: That isnt a very nice thing to say MW InsGuys: you are correct, unfortunately with most of your cohorts it is more truth than fiction but MW InsGuys: I will apologize if you do not fit the mold MW InsGuys: If I may get on my soapbox...what really irks me about PFS is that their term product isn't MW InsGuys: even the slightest bit competitive AUTUMNCAT5: mw what is pfs MW InsGuys: ask Rich AUTUMNCAT5: Rich? RICHSHEU: Primerica Financle Services AUTUMNCAT5: rich what do they do? MW InsGuys: John..you are quiet..please join in RICHSHEU: take an educational aproach to teaching people about money JohnBGUN: You and Rich aren't going to come to blows I hope MW InsGuys: Autumn...back to your questions...an annuity is a good product if someone wants to defer MW InsGuys: interest income, does not want a lot of risk (unless a variable annuity using mutual fund MW InsGuys: subaccounts) MW InsGuys: and is generally looking to protect what they have MW InsGuys: a variable annuity uses the same principles but offers the possibility of higher potential AUTUMNCAT5: mw, at my age, is it really a good idea to stay in it. or should i buy a term product. RICHSHEU: we provide debt consolidation loans , Insurance, and investments MW InsGuys: returns (or losses) while still keeping the money deferred RICHSHEU: sorry for the delay RICHSHEU: slow typist MW InsGuys: autumn..an annuity is not a life policy! You are talking about apples and oranges AUTUMNCAT5: then i will talk to my friend and have him explain what he really got me involved in MW InsGuys: that would be a good first step....for my money though Lincoln National Life is a very AUTUMNCAT5: i thought i was coverd and saving at the same time. MW InsGuys: solid company MW InsGuys: i just cannot tell exactly what your friend has put you in....talk to him. MW InsGuys: Lincoln Benefit is also a good company AUTUMNCAT5: is that the company in the quicken program? MW InsGuys: Rich...how long have you been with PFS? MW InsGuys: it may be....i do not use quicken.. RICHSHEU: about 8 weeks AUTUMNCAT5: thank you mw i will look in to it. and i will talk to my so called friend. MW InsGuys: autumn...don't get aggravated at your friend....at least let him go over what you have MW InsGuys: it is probably fine.. i am just getting mixed messages and can't give you a complete MW InsGuys: answert MW InsGuys: answer! MW InsGuys: hi pup Pup10: hi MW InsGuys: Rich...what do you do full-time? AUTUMNCAT5: i just thought my family would be protected and i start a savings plan. MW InsGuys: you amy be Autumn..just go in with a relaxed attitude and you will be fine RICHSHEU: electrician Mw MW InsGuys: hey cowboy!\ Cowboy1581: hello can anyone tell me where I can get info on 401K plans thanks? MW InsGuys: what info do you need? Cowboy1581: What is it about how does it work how should I do it Cowboy1581: ect. MW InsGuys: do you own your own company? Cowboy1581: no Cowboy1581: where can I go on aol to get info? MW InsGuys: briefly: a 401-k plan is a retirement plan option a company can use to help its employees Cowboy1581: yes MW InsGuys: put away $$$ for retirement Cowboy1581: I know my company just got it MW InsGuys: you are in the right place MW InsGuys: do you want info on funds? MW InsGuys: hi Inswo Cowboy1581: yes I do not know what to invest in. MW InsGuys: well..maybe i can help...how old are you? Cowboy1581: 46 MW InsGuys: have you ever invested in Mutual funds or stock before? Cowboy1581: no MW InsGuys: how much are you going to contribute per month? Cowboy1581: is 20% a good way of going? MW InsGuys: yes, but the max you can contribute is 15% RICHSHEU: Mw are you an insurance agent or a broker MW InsGuys: both RICHSHEU: oh ok MW InsGuys: Registered Rep and Insurance licensed...and CLU MW InsGuys: hi GBell Cowboy1581: the plan that my com. has has a 20% plan MW InsGuys: then you may also have profit sharing Cowboy1581: no MW InsGuys: how many employees does your company have? Cowboy1581: 40 MW InsGuys: is your company a non-profit organization? Cowboy1581: it is through Guardian's Advantage in San Fran Cowboy1581: It is a Groc. store. MW InsGuys: Guardian is a solid, reputable company...might it be a deferred compensation plan? Cowboy1581: the paper say's it is a savings and retierment plan RICHSHEU: I thought the topic was Life insurance MW InsGuys: does it say 401-k on it Cowboy1581: yes\ MW InsGuys: Rich..for one hour it was life insurance...now we are all enriching our lives thru education Cowboy1581: is there any way you can E-mail me with more info on this MW InsGuys: well, i am stumped but if i were you and you are able to put 15-20% away...do it!!! MW InsGuys: go with a growth/growth and income fund and don't worry too much about the market for at MW InsGuys: least 10 years. Then reaanalyze your situation and adjust to your retirement MW InsGuys: Cowboy...no one knows exactly what your plan is so what could we email you? MW InsGuys: you might try keyword:stocks and then type in Guardian to see what types of funds are there MW InsGuys: ok gang...it's past my time...join me next week at the same time....Autumn: let me know Cowboy1581: these are my investment options AIM Constellation Fund AIM value fund Fidelity Advisor Equity Inc AUTUMNCAT5: thank you mw for your time. MW InsGuys: how your meeting went and Rich: keep me posted on your happenings at PFS... MW InsGuys: Cowboy: AIM Constellation is one of my personal favorites but it is volatile! MW InsGuys: AIM Value might be a better starting point for a first timer MW InsGuys: or better yet, split them and go half in each... MW InsGuys: see you later Autumn..thx for stopping by