I love your radio show Dave Ramsey. I have a question I have a 500k 20 year term. I’m 60 yo and my insurance is expiring. I found out that my rates is 10x if I renew it every year and it is going to increase every year. If I still want to have insurance so I can build a legacy to my family what would you suggest?Thanks
you either live long or die early. regardless insurance should be in your wealth building plan in the beginning and when you have enough money from your savings or investments (depending if your adviser is efficient) you should be able to live off of it down the road and cancel your insurance.
Why would anyone use life insurance as an investment vehicle? It has an otherwise valid purpose, namely being a safety net for loved ones who cannot support themselves (usually children). People buy life insurance on the understanding that if they survive the term, it's money well spent. If something terrible happens, their loved ones are protected. I think Dave misses the nail here.
Depends on what their expenses are, how old their kids are. My husband and I have just $200,000 each to cover our mortgage and childcare costs if something happened to the other. We don't need more than that so why pay for it?
I have a $100K life insurance policy through my work and that is plenty for a single and childless man like me. I am debt free, mortgage free and fattening retirement accounts. Getting more life insurance would only make my mother and sister more insurance rich.
Somebody please call the swat team on this old man family and radio station crew name Dave ramsey... he haves a voodoo doll and he hurts the guy as a hostage ...him and his family wants to kill the guy with witchcraft black magic
index funds are not magical. a one-time 5% fee can be cheaper than any other fee, if you hold the fund long enough. 5% divided by 30 years, is cheaper than .05% fee per year, every year, for 30 years.
a fee of up to 1% can be justified if the fund out-performs the S&P 500. The following Fidelity funds match or beat the S&P 500.
Ticker Symbol - Avg Annual Growth / Year of Inception / Annual fee. Asterisk (*) indicates 4 or 5 star rating from Morningstar. Data accurate as of 27 December 2017.
Large Cap funds
FCNTX - 12.58% / 1967 / 0.68% *
FMAGX - 16.05% / 1963 / 0.68%
FMILX - 13.43% /1 992 / 0.54%
FOCPX - 13.82% / 1984 / 0.84% *
FTRNX - 11.84% / 1958 / 0.74% *
FBGRX - 11.69% / 1987 / 0.70% *
PARWX - 12.84% / 2005 / 0.95% * [Not a Fidelity fund, but available for purchase through Fidelity]
Mid Cap funds
FLPSX - 13.86% / 1989 / 0.68% *
FDVLX - 12.27% / 1978 / 0.67%
FLVCX - 12.33 % / 2000 / 0.80%
FCPVX - 11.56% / 2004 / 0.99% * [Closed to new investors]
FISMX - 14.35% / 2002 / 1.34% *
FSRPX - 13.78% / 1985 / 0.78% *
FDLSX - 14.07% / 1984/ 0.80% *
FDFAX - 12.69% / 1985 / 0.76%
FSCHX - 14.25% / 1985 / 0.80% *
FSPHX - 15.78% / 1981 / 0.74% *
FBIOX - 13.58% / 1985/ 0.75%
FSPTX - 13.21% / 1981 / 0.77%
FSCSX - 15.99% / 1985 / 0.76% *
FSRFX - 12.99% / 1986 / 0.83% *
FSELX - 12.46% / 1985 / 0.77% *
FBMPX - 12.42% / 1986 / 0.82%
FSDAX - 12.16% / 1984 / 0.79% *
jestic faith - If you are young you can get a Large Life Insurance Policy very cheap. If you get life insurance early and keep it up it will be much cheaper than looking for life insurance in your 30’s, 40’s, etc.
I've met so many through the years in their 20s with no kids and not married with life insurance.
Also some that have insurance on their girlfriend and even her kids at times and forget while still auto paying the monthly premium years after they break up.
Those agents are good.
And the reason I invest in certain insurance company stocks.
Brian Howard yes absolutely. I use to be active duty and my husband still is. You want 10 x the coverage of what you make a year. I think Dave says ten, double check. But it’s so important to have one outside the military because you never know when you might get out, be forced out, or want to get out.
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