52 Week Money Challenge ... week 26 of 52. halfway there...

[6 Rings G.O.A.T.]

Week 8?

 

[spidermachine916]

212

 

[yung flip image]

$72 strong. Been increasing by $2. 

 

[crcballer55]

How much would a policy like that cost each month? Say for a 25 year old with $400,000 coverage and in great health?

Ran a quick Nationwide policy.... Rounds to about $215 with an included LTC Indemnity rider. If you really want to maximize the death benefit option, u can probably opt to add a base insured rider that can double your face value. LTC = Long Term Care. If you qualify for it, which is a higher likelihood than you would think, they will send you the check, not the hospital.... so you can do as you please. Also, other companies might be better, but as far as I know.. Nationwide's Universal Life w/ LTC is very good as of now. 

There's many tweaks you can do with this policy, but you guys are right, it is pricey but do you really think insurance companies are going to insure you knowing you won't outlive your policy?

That's about 10x more than I pay on a similar term policy. I did some quick calculations on a term policy of $250/yr. on a healthy 25 year old with the rest invested at a market rate of return (10%). After 25 years, you'll have $260k. In that instance, it would make sense to do the Universal life if you don't plan to make it past 50 because you would have the $400,000 death benefit to your beneficiary . At year 30 you would break even. However, if you live to at least 65 (40 years), you'll have $1.1M and in 10 more years, would have about $2.5M (with more conservative investments). It seems like if I'm planning to live past year 30 of my policy, I'd be much better off just doing a term policy and invest the difference from a UL policy.

 

[nycknicks105]

I'm going to start this by monday!

 

[bes1rk]

That's about 10x more than I pay on a similar term policy. I did some quick calculations on a term policy of $250/yr. on a healthy 25 year old with the rest invested at a market rate of return (10%). After 25 years, you'll have $260k. In that instance, it would make sense to do the Universal life if you don't plan to make it past 50 because you would have the $400,000 death benefit to your beneficiary . At year 30 you would break even. However, if you live to at least 65 (40 years), you'll have $1.1M and in 10 more years, would have about $2.5M (with more conservative investments). It seems like if I'm planning to live past year 30 of my policy, I'd be much better off just doing a term policy and invest the difference from a UL policy.

But you are assuming that your money in the market will compound at a steady 10% rate of return.... That's just not realistic.

 it would make sense to do the Universal life if you don't plan to make it past 50 because you would have the $400,000 death benefit to your beneficiary.

No, because if that's the case term would be a better choice. There is absolutely nothing wrong with buying a term policy, as matter of fact, anyone who is smart enough to spend some money in getting themselves insured for the benefit of their family is definitely thinking ahead. But, in the case that you do outlive your term policy, which you probably will, the cost of re-insuring yourself can be exponentially higher. At that point, you might not even be insurable anymore due to conditions you might now have. In MY opinion, a UL policy is at it's strongest when it is purchased while you are young and healthy. The cost of insurance during this time is much lower, and if someone can afford it, it'll be more beneficial for them because it is a permanent plan for the most part. There is also some form of cash value within it which grows at at minimum of 1% - 3% and as years go by, you can opt to pay the policy using the cash value that you've already accumulated. This product is not for everyone, but for those that can afford it, I don't see why they shouldn't especially since most providers updated it to include LTC. 

 

 

[water]

Haven't done this in two weeks now. Need to catch up quick. 

 

[6 Rings G.O.A.T.]

I need to catchup as well..

 

[antidope]

Bumpington

 

[thejet]

working at the bank, you realize small ways of saving.

A perfect one is to have a savings acct that's not linked to your debit card.

So you can't touch it if you are going to withdraw

 

[dabottom305]

Having to withdraw the funds to save is more difficult than I thought, smh..

 

[6 Rings G.O.A.T.]

What week is it?

 

[degenerate423]

What week is it?

We're in week 11.  I need to catch up too

...

 

[216301baller]

Ivrspbeen out since I left school but now I work 2 jobs so I'll be back in this thang again

 

[216301baller]

Ivrspbeen out since I left school but now I work 2 jobs so I'll be back in this thang again

 

[decemberlove]

Started from OP now we here

 

[captainsneakerhead23]

week 12 fellas .. hopefully everyone is still on track

 

[three6mafia]

This extra $ will come in hand for my vegas trip in september

 

[senior flight]

tripple digits

 

[dabottom305]

week 12 fellas .. hopefully everyone is still on track

This is tougher than I thought.

 

[spidermachine916]

ugh... i'm saving 50 each week (for vegas trip) plus the 52 week challenge.... :x
this is difficult... but i can handle it

 

[6 Rings G.O.A.T.]

I need to get back in the game..

 

[951guero]

this is a very interesting concept which i would like to follow! i'm a few weeks late, but i'll try!

 

[brandoldguy]

I'm in. Starting today, Get bux up.

 

[spidermachine916]

324 for the 52 week challenge
150 for vegas