I need a term life policy, any one heard of RBC Liberty Life?

[selena]

Their rates are decent and I can just do it all online. I've never heard of them though.

[After Shock Media]

Bank is about as old as dirt.

Now why do you need term life?

[selena]

Originally Posted by After Shock Media

Bank is about as old as dirt.

Now why do you need term life?

I just want a short term policy that would take care of things if I were to die in the next 10 years. The manchild is old enough to take care of himself, but the munchkin is only 10, and I'd want a cushion there for him.

At the risk of sounding like an ex-wife, his father isn't much of a provider.

[squishypimp]

ive hear of liberty mutual, could be the same as liberty life.

[After Shock Media]

Originally Posted by selena

I just want a short term policy that would take care of things if I were to die in the next 10 years. The manchild is old enough to take care of himself, but the munchkin is only 10, and I'd want a cushion there for him.

At the risk of sounding like an ex-wife, his father isn't much of a provider.

Why not longer term, something that builds value and just name the child as the beneficiary?

[selena]

Originally Posted by After Shock Media

Why not longer term, something that builds value and just name the child as the beneficiary?

Well, my thoughts are this...

and they could be bad thought, so if you see a hole in my logic, point it out. ~smiles

If I do a 10 year policy, it would go into a testamentary trust that my 19 year old (the manchild) is the executor/trust admin of. He'd make sure that the 10 year old had what he needed, without letting the ex benefit from him.

I could have that piece of mind for a $300 or so a year on a 100K policy.

At the end of 10 years, the little one will be 20. Sure, he'd still may have some educational debt, but the bulk of getting him raised finacially would be over.

And...at the end of that same 10 years...I am on track to be 100% out of debt, including my mortgage. If I decide to not pay off the mortgage and fund investments instead, I'd get there quicker. But even if I took the full 10 years...at the same time I am able to feel a reduction in my financial obligations as a parent, I will be debt free and able to build value via investments.

Hopefully that all made sense.

[After Shock Media]

Id go for a 20 year policy and not a 10 unless you are old.
I would also go for more than 100k, 500 or more makes the most sense.

You can lock in a cheap rate now for 20 years, and if you feel you do not need it anymore after 10, let it expire. Other side is if you do a 10 year, and want to extend it you will spend more in long run.


P.S. I am not a fan of whole life, or cash value. Just was curious.

[selena]

Originally Posted by After Shock Media

Id go for a 20 year policy and not a 10 unless you are old.
I would also go for more than 100k, 500 or more makes the most sense.

You can lock in a cheap rate now for 20 years, and if you feel you do not need it anymore after 10, let it expire. Other side is if you do a 10 year, and want to extend it you will spend more in long run.


P.S. I am not a fan of whole life, or cash value. Just was curious.

Well, I'm old enough to be the mother of alot of people on here, but I'm not at the stage of needing a nursing home. ;)

I was taking your questions as meaning why was I wanting term instead of whole life. I'm going to think on your suggestions, becuase they seem to make alot of sense.

Thank you!

[After Shock Media]

Originally Posted by selena

I was taking your questions as meaning why was I wanting term instead of whole life. I'm going to think on your suggestions, becuase they seem to make alot of sense.

Thank you!

I asked it that way to get the best response. People are funny about insurance questions.

I figure if you look around you will see a bigger policy and 20 year is not much more than the 10 year version. Which if you renew in 10 more years well it will be a whole shit load more, inflation and your age and all.

[LiveDose]

I'm not a fan of term life insurance but you explained you reasons well. I would bump up the cash value a little though. It's probably not that much of a cost difference with a term policy.

[After Shock Media]

Originally Posted by LiveDose

I'm not a fan of term life insurance but you explained you reasons well. I would bump up the cash value a little though. It's probably not that much of a cost difference with a term policy.

Please explain your views. I have yet to see a good reason behind whole life.