Financial Planer

**dmclone** · 05-02-2012, 05:49 PM

Any recommendations on a financial planner that could talk me through life insurance, disability, and a will? I'd rather not use someone that will make a commission of me purchasing one of their products.

I don't need advice on investing, retirement, etc., I have that covered.

**letsCYber** · 05-02-2012, 05:56 PM

They all get paid commission

**CyPride** · 05-02-2012, 06:02 PM

Originally Posted by letsCYber

They all get paid commission

there are fee-based providers that do this kind of stuff.

**kingcy** · 05-02-2012, 06:12 PM

Originally Posted by dmclone

Any recommendations on a financial planner that could talk me through life insurance, disability, and a will? I'd rather not use someone that will make a commission of me purchasing one of their products.

I don't need advice on investing, retirement, etc., I have that covered.

Why not talk to an insurance salesman, yes they will try to sell you something but they are the experts on insurance. For a will use legalzoom.

**Go2Guy** · 05-02-2012, 06:21 PM

Originally Posted by dmclone

Any recommendations on a financial planner that could talk me through life insurance, disability, and a will? I'd rather not use someone that will make a commission of me purchasing one of their products.

I don't need advice on investing, retirement, etc., I have that covered.

I'm pretty sure then you don't need a Financial Planer, and I'm interested your same issues, so it sounds like we need an insurance agent and a lawyer - specifically for the will & living will, and we would need lawyers who are board-cert in our respective states.

**dmclone** · 05-02-2012, 06:40 PM

Originally Posted by kingcy

Why not talk to an insurance salesman, yes they will try to sell you something but they are the experts on insurance. .

Here is an example, my wife called to transfer her 401k in to an IRA and while on the phone the person said that we were very underinsured and that we should have over a million dollars in life insurance.

Everything is paid for except the house and no kids. Both of us have similar income. I just think it's crazy to throw out a number like "you should have 1.3 million dollars in life insurance" without knowing the whole situation. Our income isn't a lot so this seems like a crazy amount to me. In summary, I'm clueless when it comes to life insurance.

**Mr Janny** · 05-02-2012, 06:44 PM

Get em, Sheba!

**CyPride** · 05-02-2012, 06:49 PM

Originally Posted by dmclone

Here is an example, my wife called to transfer her 401k in to an IRA and while on the phone the person said that we were very underinsured and that we should have over a million dollars in life insurance.

Everything is paid for except the house and no kids. Both of us have similar income. I just think it's crazy to throw out a number like "you should have 1.3 million dollars in life insurance" without knowing the whole situation. Our income isn't a lot so this seems like a crazy amount to me. In summary, I'm clueless when it comes to life insurance.

that is an example of a commission based insurance agent.

**Senolcyc** · 05-02-2012, 06:58 PM

Originally Posted by dmclone

the person said that we were very underinsured and that we should have over a million dollars in life insurance.

If you had 20 million in coverage, some maggot selling insurance would tell you that you're under insured.

Rule #1: don't ever say life insurance. There's no such thing. There is DEATH insurance. You get it in the event of death. That's what it is for. It's not an investment. It's not a magic bean. Your wife should not be more wealthy with you dead than she is with you alive. Term life to pay off the house, pay off debts, cover college, etc. That's it.

And if she works now, there's no reason she can't work if you die. And if she doesn't work now, there's still no reason she can't work if you die. Your death should not be like hitting Powerball for your wife. And if the insurance salesmen have their way, it will be.

**MilehighClone** · 05-02-2012, 07:05 PM

Bernie Madoff is looking for new clients, not sure that he has a toll free number anymore... Consult family and/or friends and get a referral that has a done a good job...

**CyPride** · 05-02-2012, 07:09 PM

Originally Posted by Senolcyc

If you had 20 million in coverage, some maggot selling insurance would tell you that you're under insured.

Rule #1: don't ever say life insurance. There's no such thing. There is DEATH insurance. You get it in the event of death. That's what it is for. It's not an investment. It's not a magic bean. Your wife should not be more wealthy with you dead than she is with you alive. Term life to pay off the house, pay off debts, cover college, etc. That's it.

And if she works now, there's no reason she can't work if you die. And if she doesn't work now, there's still no reason she can't work if you die. Your death should not be like hitting Powerball for your wife. And if the insurance salesmen have their way, it will be.

agreed.

**4429 mcc** · 05-02-2012, 07:12 PM

Looking for advice too have a couple people we use but have a little too much cash in money markets not doing too much.

**brianhos** · 05-02-2012, 07:16 PM

Go talk to a lawyer, and get them to work on your will. Then ask them about life insurance options, but at your age, you should be thinking 20 year term....

**dmclone** · 05-02-2012, 07:32 PM

Originally Posted by brianhos

Go talk to a lawyer, and get them to work on your will. Then ask them about life insurance options, but at your age, you should be thinking 20 year term....

That's what I was thinking (20 year term).