Cash Value Life Insurance

[iknowaghost]

I've been using mint for a few days now and I love it. It's so much easier being able to see everything in one place at one time. So I wanted to start by saying great job guys.

However, I think cash value life insurance is an extremely important asset to net worth and an important investment tool that, as far as I can tell, mint has overlooked. when planning for financial events like buying a house, funding children's education, and retirement, life insurance is an extremely important part of any portfolio.

It can be used to help cover debts in the event of a premature death and can also be used as an investment and savings vehicle for the future. Mint should work to add cash value life insurance (and other types of insurance for that matter) into their already stellar system to help everyone here see how their insurance fits into their portfolio and how it corresponds with their current level of debt.

Am I missing this somewhere in this system or is anything currently being worked on as far as life insurance goes?

please let me know or i may have to find another way to incorporate it into my online financial planning. thanks.

[iknowaghost]

i would also like to hear opinions from others on the board about life insurance, so please feel free to share.

[knarfoh]

I have 3 life insurance policies that I bought when I was very young. I am now 58 and the cash value of these policies are a REAL ASSET. If I croak right after I finish typing this or wish to borrow against the cash value, I can. I cannot be turned down by my Insurance Company by borrowing against my cash value like a bank can turn me down today if they wanted!

On the anniversary date of each policy, I get a statement from my insurance company (Northwest Mutual Life) telling me what the cash value of the policies are... I get 3 statements from them, one for each policy.

I think there should be a way to add this cash value (and maybe the death benefit) to my records. :)

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[benzaiten]

Agreed! Tracking cash value is important but the closest thing we can do is to view the sub-accounts if it's a fully variable product. Check to see if your company can be linked first. If isn't available try to link it by adding the URL and see if it works then. But before this make sure your company allows you to view your account online. So you may want to call their customer service too.

Additionally, I love cash value especially if I prudently seven pay my account; this is unbelievably AWESOME! The power of compounding is truly visible when you do this! But of course this may not be suitable for everyone.

Please check first with your financial advisor or at least your life insurance provider. If you only have life insurance from a group aka your employer this discussion will not apply to you. Cash value life insurance generally is not offered through an employer. Sorry!

Email me directly if you want more information on your alternatives.

Anyways, I definitely think adding cash value or tracking it is too advanced for Mint to be honest and I would recommend just login directly to your provider it is much easier and causes less headaches IMO. Good luck to all!:)

[daisy7386]

When you shop for life insurance, you've got two basic options: term or permanent life insurance.

Term life insurance covers you for a specific period of time, usually 10, 15, 20 or 30 years. If you live past your policy's term, there is no payout to your beneficiaries.

Permanent life insurance, such as whole life insurance, universal life or variable universal life insurance, covers you for the duration of your lifetime. It also offers a feature that's commonly viewed as a strong selling point: cash value. In addition to lifelong insurance coverage, a portion of your premium payments goes toward a cash value account that grows tax-deferred over time.

The cash value account is one reason whole life insurance premiums are higher than premiums for term insurance. When is building up cash value
---------------------------------
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[tmijs789]

I learned from this article about health/life insurance like --- Co-insurance is shared medical costs between the insured and the insurance company after a deductible is met. As well there are Indemnity plans where the insured can use any doctor or hospital without them being associated with a network (network of providers for medical care, treatment and services) which means there's no out-of-network payment penalty.
Quite a few tidbits of information was provided in the article. I figure the better informed we are, the better we'll understand our policies.

[brittymcsmartypants]

I think this would be a great addition to Mint. +1

[flyjinx]

Term is much cheaper than Whole/Variable/Universal Life (Cash Value) because it is just life insurance. Think about it, when was the last time you saw an old lady at the grocery store trying to use her life insurance policy to buy food? NOT!! You gotta have cash in retirement. A life insurance policy won't do you any good. That's why you save cash for the later years and become self insured.
Ask yourself this: Do you have a savings account attached to your car insurance?
If the answer is no, then why do you need a savings account attached to your life insurance? By the way, that savings account is netting 3-5% over the years when you could get the same in a money market account. Also, that cash disappears if/when you die and your beneficiaries get the death benefit. Also, if you borrow that cash, and the key word is borrow, then you die before being able to pay yourself back, the amount owed is subtracted from the death benefit.
Most financial professionals say to never mix insurance and investments. If you want your family to get both the cash and the death benefit from life insurance, get term and put your cash into separate investments like mutual funds, stocks, etc. Don't forget about 401Ks, and IRAs!!
;)

[kevinn33]

Term life (http://myallstatefinancial.com/financial/financial-products/term-life-insurance.aspx) insurance is usually less expensive because it only covers a set amount of time-such as 10, 20, or 30 years. You choose the amount of time and the amount your policy is worth. Then, your beneficiary receives a lump-sum payment from your policy if you die before that term is over.

But you can convert it to perm later if you want.

Hope this helps.

Kevin
Allstate (http://myallstatefinancial.com) Insurance Advocate

[misko]

Is it possible to link The Guardian Life insurance company of America to mint.com so I can access my whole life cash values. It is a big part of my assets