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Print in friendly format Send this term to a friend  4L80E
Automatic Transmission - 4 Speed

1st Gear: 2.43
2nd Gear: 1.49
3rd Gear: 1.00
4th Gear: 0.75

Reverse: 2.07

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Re: HERE IT IS MONDAY

Subject: Re: HERE IT IS MONDAY
by Ultraman on 2018/10/29 16:08:31

I have always carried a goodly amount of term life insurance. It was the cheapest way to carry the amount I wanted which was a million dollars..... That sounds like a lot but it would have paid the house off and put the kids through college but Mama would have had to still work to make ends meet......

As time went by and we accumulated some savings I let some of the policies drop as they came due. The smartest thing I did was to convert the Term insurance which the monthly premium goes up more and more the older you get, to a Universal Policy which locks the payments in at where you are at now, and will not go up as time goes by. They also accumulate money in an account that makes interest and that we can take out with not having to pay it back. That's how we paid for our daughters weddings. So its like a saving account.... Some companies make it a loan and you have to pay it back. Theoretically, if you let enough money build up it will pay your premiums when you get old...... or want a new Corvette....

Whole life costs a lot more now but I wish I would have taken out a million dollar package when I was in my 20's and the premium was like 250 bucks a month....I would now have a million in paid up insurance that would look good on my asset page and I would not have to keep paying premiums.

So I will keep paying premiums till I fall over if I want the death benefit to got to my family. I would say in your case I would make sure you convert to Universal life to freeze the premium where it is and start building up money.

Also make sure you can dip into it if you develop a terminal sickness and want some of the money to spend on how you wish if that would ever happen..... God forbid it does.

That is what I have learned about life insurance....in my 68 years...... glad to share my vast knowledge with you....
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