Sounds to me like you're taking life (or should I say death!) way too
seriously. Just enjoy yourself!
I suggest you go home and be with your family and enjoy what life you
have together.

Curranpg[at]hotmail.com (Pat) wrote in message news:<729fef0d.0411142232.57f71d04[at]posting.google.com> ...

Your adopted daughter obviously depends on her parents. Do both of you
have adequate life insurance? That is the first need to be met.

- quote -



Love it..........................

a little bit like Peggy Lee singing "Is that all there is"

Cal Lester CLU

"Dave Dodson" <dave_and_darla[at]Juno.com> wrote in message
news:80526350.0411160549.22df9a77[at]posting.google.com...
- quote -

Most of the burial policies paid today were purchased by parents, and by the
time the insured was an adult, the policy was self-supporting. The
ownership often transfers when the policy payor dies, often when the insured
is well into adulthood. The more prudent among them, after looking at how
cheap it is to keep (i.e. ZERO out of pocket), keep it. I have over 10,000
in my book like this, and pay many of them every month.

In my collective firms 200 plus years delivering death benefits, nobody has
ever said they didn't want the money. Most wanted more.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://members.cox.net/brentdgardner1378/

Si vis pacem para bellum!

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry.

- quote -

Dave, in all probability, you purchased some form of WHOLE LIFE
contract on your children, as I am certain your parents did for you.
Unfortunately, most whole life contracts have little or no flexibility,
as they are SPECIFICALY designed to provide a Death Benefit.
This is NOT something that a young adult needs or wants.

Whereas, most Universal Life contracts have a great deal of
flexibility, and can often be used for MANY different purposes.
They can accumulate (income tax defferred) LARGE sums of
money, provide inexpensive or"no-cost Death benefit"
(under certain circumstances) etc. etc.

Cal Lester CLU

"John A. Weeks III" <john[at]johnweeks.com> wrote in message news:<151120040925084371%john[at]johnweeks.com> ...
- quote -

Let me tell you my story. When my children were small, I bought life
insurance policies for them because my parents had bought one for me.
I gave them the policies after they finished college. One of them
cashed the policy in to help with the down payment on a house. The
other cashed it in and blew the money (my opinion shows here, doesn't
it :-). Neither one of them wanted the life insurance. They would have
been better off if I had started a mutual fund account for them and
invested the premiums. I suppose it could have turned out differently
if either one had become uninsurable, but I wouldn't do it the same
way again.

Dave

John and Cal; Thanks very much for the reply and the useful
information. I would like to do both. My thoughts are that it will
make a useful wedding gift for her down the road.

As far as investments go, I am not sure how to go about that either. I
make 48k a year and my wife does not work. We have 2 houses, one 1600
sq ft that we will live in and a 960 sq ft house that we will rent
out. Both houses will be paid off by 2008. The rental property
currently brings in 600 a month. In 2007, I will retire and my
retirement from the military will be 30k a year. I will be 45 and will
probably get a second job making about 25k a year.

I would like to set up an investment port folio for my daughter to use
for college. I am not sure if I should put it in her name or mine. I
was told if I put the account in her name it could make financial aid
harder for her to qualify for. I was thinking about 100 to 200 dollars
a month and telling her that if she needs it for school it is there
and if she studies hard, and gets a scholarship it is hers. Either she
pays herself for her study habits or she pays the school. Please
advise on if I should set up an IRA in my name or a 529 plan in her
name or an IRA in her name with education provisions.

I cant thank you enough for this advice because here in Korea,
everything I have to do has to be done by email.

John A. Weeks III wrote:
- quote -

No particular disagreement with this thought. Any Life Insurance
policy is "primarily" designed to "replace potential income". Since
she is NOT an income producer at this time, then her death in the
"near future" would not constitute a loss of income to heirs.


- quote -

I disagree wholeheartedly with THIS comment, in that Universal Life
is no kore expensive than any other type of Life Insurance. As a matter
of FACT, I can show you a number of TERM policies, where the
commissions amount to OVER 120% of the intial annual premium. The
actual commisson paid to the Insurance Agent are NOT deducted from
the Cash Value of the Universal Life contract. They are in fact paid to
the agent from the "general fund" of the carrier. They only monies that
are actually DEDUCTED from a U/L premium are the C.O.I., and a
"policy Fee", normally $4 to $6 per month.


- quote -

All Life Insurance contracts are "oriented towards death". Statistically.
more people DIE every year, than get injured or disbled to the point
that they are unable to earn income, for more than 1 year....

- quote -

If the writer were specifically interested in an "investment vehicle"
for his daughter, one would assume that he might have mentioned
it in his post. He did not. He did mention what he percieved as a
NEED for Life Insurance in his daughter's future. With that in mind,
the purchase of any Life Insurance contract (EXCEPT TERM INSURANCE)
at an early age does have many long term benefits.

Cal Lester CLU

Pat wrote:
- quote -

What you seek, (in our parlance) is called "Option B" (or option 2).
A U/L policy with Option B,(at issue) will provide a Death Benefit
that will equal the Initial Face Amount (50k) PLUS the increase in the
Policy Fund (cash value account). In 20 years, if the C/V account were
to amount to $23,639, the Death Benefit would be $73, 639.


I would also like a
- quote -

Many companies offer some form of G.I. benefit, usually in 3 year
increments, that would normally expire around age 40. That type
of benefit would allow her to purchase "specific" amounts each time,
without having to show insurability.......................

Allstate sugested
- quote -

I will not at this time offer any comparable plans, but I will state that
Lincoln Benefit Life is an EXCELLENT company.

Cal Lester CLU

In article <729fef0d.0411142232.57f71d04[at]posting.google.com> , Pat
<Curranpg[at]hotmail.com> wrote:

- quote -

I would suggest taking a pass on this one. You daughter has no
need for life insurance. While I am sure that you would be heart-
broken if she were to pass away, no one would suffer a monetary
loss over time if she were gone. That is, she isn't supporting
anyone.

Universal whole life is very expensive, and many pundits suggest
that it is a poor investment. It also has stunningly high
commissions to the dealer.

This plan is also oriented towards death, but in reality, people
are far more likely to injured or disabled during their lifetimes
than to need life insurance during their working lifetime.

A better plan might be to start an investment account in a good
diversified mutual fund that has a good 10 year track record and
no load charges. This would give your daughter a far better
investment mechanism than what life insurance provides. Then,
when she has a ligitimate need for insurance, she can purchase
a term policy. Term insurance costs far less than whole life
insurance. This gives the best of both worlds...a far better
investment portfolio, and far cheaper life insurance (when it
is needed).

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

Hi,
I am in the Army stationed in Korea. Because of this, I am not able to
speak with any finacial planners in person and I will be here for two
more years. My wife and I have a very stable marriage and have been
married for 21 years with no children. We recently adopted an 11 year
old daughter name Laura. I would like to purchase a Universal/Whole
life style policy for her that she can use for life. After she
finishes college, she can take over the premiums. I want a cost of
living rider so that if I get a 50K policy today, in 20 years it is
still worth the purchasing power of 50k today. I would also like a
guaranteed insurability clause (where she can occasionally raise the
rate of coverage). I am thinking that as she ages and takes on more
responsibilities (at age thirty with a husband, mortgage, and two
children) she might want to up her coverage to 250k. Allstate sugested
an Ultra Plus policy from Lincoln Benefit. The premium is 362 dollars
a year on a 50k policy. We claim Virginia as our home state. Could you
please reccomend comparitive plans along with any recomendations on
this particular plan as to weather it is priced high or if I should
get a different type of plan? Thanks for any and all advice on this.

Pat