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Deciding on a VUL plan

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  • #16
    Originally posted by mboston View Post

    He explained it but I also read through my benefits package to verify. I get 52.8% of my last years salary if I stay with this company 32 years. (the percentage declines if I leave sooner. Vested after 5 years). I can take the full 52.8% as a single participant meaning if I die, my wife gets nothings after I die. Or I can take a 2/3 joint ownership where I take 66% of the 52.8 offered to me and if I die, my wife will also get 66% of the 52.8% until she passes.
    seems easy enough to understand

    has nothing to do with needing a VUL policy

    dont know other family details but you probably need life insurance so go get term insurance

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    • #17
      Originally posted by billy View Post
      Run away from this guy. You can do both your pension and the 401k, correct? or just one or the other? If its just one I would still go with the 401k unless you are certain you will stay long enough to make the pension worthwhile.

      I will get a tiny pension from NYC from my teaching years- like yours I'm vested but it will be a small amount because I only stayed there 6 years. I still put in money in the tax deferred option (TDA- their version of a 401k) while working there. The TDA grows at a 8% now, guaranteed never to fall below 7.5% unless they rewrite the law. When I started getting disability and life insurance, the salesman tried to get me to buy whole life instead of term (I only bought term), then annually attempted the sell WL, including asking me to move my TDA into it. When he still tried to convince me after I said "dude, you think you can beat 8% guaranteed with whole life?" I confirmed he was FOS and told him to buzz off. Do the same to your "friendly advisor".
      Yes, I can do both. Thanks for the advice!

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      • #18
        Originally posted by jacoavlu View Post

        seems easy enough to understand

        has nothing to do with needing a VUL policy

        dont know other family details but you probably need life insurance so go get term insurance
        I have term insurance through my employer.

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        • #19
          Originally posted by mboston View Post

          I have term insurance through my employer.
          what happens if you lose / change your job?

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