[Tripin93]

I am 25 years old and want to buy a whole life insurance policy. I am not sure where’s the best place to buy it from. I know there’s a TON of salesmen and advertisements out there. And I even went to college with a guy who sells Primerica. I don’t trust salesmen and all the companies look the same to me. If you own life insurance, where did you buy it from and would you recommend it? Do you know of any companies I should avoid? Thanks in advance.

Motivated by JC. I do it to make God proud.

FAR: 91 July 2015
AUD: 83 October 2015
REG: 81 January 2016
BEC: 83 February 2016

[Andyred04]

MetLife is a solid company… my girlfriend works there 😉

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[Chris]

I'm 26 and have 3 whole life policies through NY Life. I really like my agent. Knowledge is key so do some research, but also find someone who can really educate you on the products and their advantages.

Not to sound too partial, but I know MetLife has spun off their Life Insurance portfolio. I'm curious what changes that may bring to their service. Possibly none. I believe I've heard they are the largest LI provider in the country.

https://www.cnbc.com/2016/01/12/metlife-plans-to-spin-off-its-us-life-insurance-unit-biggest-in-us.html

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[Chris]

I'm 26 and have 3 whole life policies through NY Life. I really like my agent. Knowledge is key so do some research, but also find someone who can really educate you on the products and their advantages.

Not to sound too partial, but I know MetLife has spun off their Life Insurance portfolio. I'm curious what changes that may bring to their service. Possibly none. I believe I've heard they are the largest LI provider in the country.

https://www.cnbc.com/2016/01/12/metlife-plans-to-spin-off-its-us-life-insurance-unit-biggest-in-us.html

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[rmm77]

My dad is an insurance agent, and i have mine through northwestern mutual

FAR-74,92
BEC-85
AUD-8/8
REG-83

[acamp]

Found mine through Zander Insurance. Term Life. I keep my investing separate from my insurance policies.

There's a reason why whole life products need salespeople lol

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

Becker Videos: [AUD - 82]

California CPA

[jeff]

^hiya @ acamp

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I hear you @Acamp.
That's the very same advice I got from Dave Ramsey.
OP, you may want to check out Dave Ramsey's website to gather some sound advice about good investment and insurance.
Good luck!

[Skynet]

My advice is to avoid World Financial Group & TransAmerica Financial Services. Very Shady organization.

[Anonymous]

Highly recommend Guardian or NY Life. Highly recommend Term , not Whole Life. Also consider buying a private disability insurance policy. You're young so it would be really cheap to do it now! I bought one a few years ago at 34 and now wish I bought more.

[rmm77]

I would argue the opposite…getting a term life is pointless if you are young and has zero cash value at expatriation wheras whole life has a cash value. Buy whole life, if you don't believe me google it.

FAR-74,92
BEC-85
AUD-8/8
REG-83

[Tripin93]

Thanks for the input everyone! I send virtual “hiyas” to all of you!

Motivated by JC. I do it to make God proud.

FAR: 91 July 2015
AUD: 83 October 2015
REG: 81 January 2016
BEC: 83 February 2016

[jeff]

Ask your insurance agent this:

“Assume that my whole life policy has a $20,000 cash value + the insurance payout and I die. Who gets the $20,000?”

😉

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[acamp]

Also ask your insurance agent the price of a whole life and the price of term assuming the same death benefit.

Now take the difference, assume a 10%* rate of return and calculate the future value had you skipped the whole life and invested the money yourself.

*S&P 500 Historical Average

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

Becker Videos: [AUD - 82]

California CPA

[Chris]

With regard to the price term versus whole, I would ask what is the price difference when renewing a term policy over the life of the insured? Eventually the cost of term becomes prohibitive. An extremely small amount of people actually collect on term policies. If you're insuring yourself while your children are growing up only, then term is the best plan.

To Jeff's point, cash accumulation is a big attraction to WL, but I never thought to ask if it gets added to the death benefit if I died prior to drawing it.

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[jeff]

^ I'm guessing that most people don't.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Author]

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