World Financial Group (WFG) started to reach out to me and some of my friends a few years ago. They are selling life insurance products but it seems that most agents are not familiar with their insurance products. So I had to pass. Once a director told me he/she bought many different types of life insurance for his/her family and he/she thinks life insurance is as necessary as 401K. I trusted this director and hope to get more input on Blind. 1. Do you think life insurance is necessary for software engineers? 2. How do we choose life insurance(insurance companies, different products) as mid-class engineers ? 3. Where can we get accurate information or have some meaningful discussion? No more finanical planning expert or WFG guys please😂
Whoa... what are the differences between these? I thought there was only one "life" insurance..
Tldr: Whole life is more scammy than term
World Financial Group is a MLM, and any dunce can become an "agent" with them. Good that you didn't buy anything through them.
I have term. But the counter argument to it is “its like throwing money away (like rent).” How do you respond to that if someone is saying whole life is better?
A large portion of the premiums go to the agent selling you that policy. Buy term and invest with a brokerage (schwab, fidelity, vanguard, etc). There’s no reason to mix the two.
No, it’s not like rent. It’s like buying insurance without a bad investment vehicle attached.
One the agents actually told me don’t bother getting if double income in tech and no kids
If nobody depends on your income, then this may be true. If you have a home with your partner, I’d consider it. You don’t want your partner having to worry about the mortgage if you pass.
Depends? Term is the cheapest and can get u protected temporarily. Whole life is steady and safe, Variable is dependent on ur risk tolerance and not all agents can sell variable life-u need to have FINRA license, universal index life ties to SP500/HengSeng/Eurostoxx, etc. And every agent will have a different take on which is better. I personally like Index Universal better, it gives me an option to have cash values where i can withdraw in case of emergency.
At the salaries we make, I'd self-insure. Life insurance has a negative EV. The reason to do it anyway is to hedge an "unacceptable risk". Until others depend on your income, and once you've saved enough, IMHO there's no need for life insurance. Also, remember that life insurance doesn't sustain a child or unemployable spouse indefinitely. Say you have $500k coverage. That will cover several years, but after that it won't be sufficient. Life insurance is intended to cover until the dependent can get on their feet and earn. If your self-insuring already covers that gap, no need for life insurance.
Also, if you're doing life insurance, I've always heard to do term. Everything else convolutes the picture but is statistically a worse deal.
Every product has its place. Term fits most people's needs to a certain extent. Some permanent insurance doesn't hurt.
Statistically speaking people that buy them never use it.
Term is the one to get. Don't fall for any of the others.
Thanks)
I do 20 yr term at 10x TC to protect my family in case something happens to me. After 20 years, you should be self-insured assuming you’re a responsible person.