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Farm bureau, thanks for the info

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Midwest redneck

04-24-2007 14:43:01




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I talked to the sales guy today, I should save about $100/year on the home insurance. The guy spent 1/2 hour yapping about Life insurance and that I dont have enough, bla-bla-bla. I finally said "hey I am pressed for time and I need to leave in 20 minutes, lets get to the home insurance" A friend of mine from work also has FB and he likes it. This buddy of mine had $15k in damage to his house 3 years ago from a massive hail storm and FB paid it. As far as life insurance goes how much do you have on yourself and your wife, chime in here. I have $100k on me and $100K on my wife if we drop dead, these are term life insurance policys. The FB guy tried to sell me the policys where you can "cash out" in X# of years, like an investment. I dont feel comfortable with those policys, I have always been taught that term life is the way to go.

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GeneMO

04-26-2007 10:58:20




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
They get pushed so hard to sell life ins. All of their contest revolve around life sales. Their commissions and cross sell bonuses all require life to be tied in with the "total account" They make more commission on the auto, homeowners etc, if the tie life in with it.

The whole life really is a poor investment. Buy term and invest the difference.

There are worksheets that you can fill out that do a pretty good job of letting you know how much you need. It depends on how many kids, debts, income, etc.

The Farm Bureau company itself is honest and fair for the most part.


Gene

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Stephen R. Horton (Tx)

04-25-2007 07:51:17




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
We checked out FB for term life insurance; they were NOT competitive in that area. Instead, both me and the misses went through SelectQuote on the internet. They hooked us up with separate companies for term policies--reason being that a man can get the best rate with one company and a woman with another. Both of the companies we went with are established companies (been around for close to 100 years), and we saved a bunch. We also got a discount for paying the premium upfront for a whole year at a time. -stephen

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VADAVE

04-25-2007 05:39:39




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
I had farm bureau but they kept raising the rate and lowering the pay out. I was bothered by the rule that a building with an open side was not covered for wind but the premium wasn't all that much lower. What finially did me was when FB pushed through the state legislature a rule change so they could require farm truck to carry full highway insurance. Other companies just roll the farm vehicles under the farm policy with a mileage limit.

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Dave from MN

04-25-2007 04:45:16




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
We carry $450,000 term policy on both of us. Reason being is the farm and 3 kids. I do not want her to deal with making a mortgage payment if I leave this earth. Kinda had a feeling all my life bout only making it to 50 or so. I hope I live longer , but seem things you just can not shake. I know alot of people that dont have any at insurance at all, not even health, because they cant afford it with all the debt they have trying to keep up with the Jones's. I feel b ad for the kids if the Lord would take the parents, there would be nothing for them kids

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Jim in NC

04-24-2007 19:15:43




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
Not long after I bought a farmowners policy from FB, the agent began pushing life ins. on me. We had a meetin' ane he recommended a universal policy. I ran his numbers my way-meaning I used money to by term ins. and the savings derived from his premiums theoretically invested in mutual funds. Using market averages the amount was much larger for 10 and 20 years with mutual funds than with the ins. policy. Years later, I took the cash value that had accumulated from my first whole life policy, invested it in a fund, paid for term insurance with it and what was left quadrupled in 10 years. Why do you think they sell this type of life? Simple, more money for them.

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Midwest redneck

04-25-2007 02:47:26




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 Re: Farm bureau, thanks for the info in reply to Jim in NC, 04-24-2007 19:15:43  
I agree with you 100%. I wouldnt go to a grocery store and expect to be able to buy deck lumber or drywall. Simply put, I dont use insurance policys to invest money, (not a good rate of return) (unless you like getting 5% average return)



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Jim in NC

04-25-2007 03:26:46




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-25-2007 02:47:26  
The stock market has returned about 10% over its history, even with the Great Depression and downturns. The key is time. One can't jump in and out.



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Tom Nelson

04-24-2007 15:52:47




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 Re: Farm bureau, thanks for the info in reply to Midwest redneck, 04-24-2007 14:43:01  
Can you replace your home for what it is insured for? This might be a more relevant question.
How much income do you expect your life insurance to replace? 8 to 12 times annual is a rule of thumb. How much indebtedness? How many children? Any college funding plans? What are you doing towards retirement? There are many questions to answer before determining the right amount of life insurance. Call a different agent if you don't like the answers you are currently getting. Far more likely to have too little than too much. If you haven't guessed by now I'm an agent.

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woodbutcher

04-25-2007 04:19:16




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 Re: Farm bureau, thanks for the info in reply to Tom Nelson, 04-24-2007 15:52:47  
To save money I opted for the highest deductible on our full-replacement homeowners policy. Our roof is twelve years old and needs replacing. After some wind damage, an adjuster sent a check that he said paid for half the roof less depreciation and deductible. Deductible is set at 2% of value. Since the value of the house had gone up, the deductible has gone up also, cutting the amount they had to pay out. It doesn't seem fair to me.
Butch

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steve from mo - dangit!

04-25-2007 08:47:04




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 Inflation/full replacement rider. in reply to woodbutcher, 04-25-2007 04:19:16  
Locally, we have been getting insurance companies to cover the full cost of a damaged roof by using the replacement value rider. The insurance company cuts you a check for their bogus "depreciated" value and then cuts you another for the balance of the cost.



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