OLD SCHOOL (must be 30 and over ITT) Forum

[rupret1]

I'm looking to get some life insurance given that our coverage will expire when my wife leaves her job in August.

Any suggestions?

I wish I knew. I have been trying to get new life insurance, but no one seems interested in selling it me. Maybe go to a broker.

Go to a broker. We used Zander Insurance at the recommendation of a friend and had a good experience. They sent out a nurse to do blood work and family history information and then we got quotes from about half a dozen places. My H smokes the occasional cigar and we were still able to get a decent rate as some companies will categorize that differently than cigarettes.

We are both early-mid 30's, got 30 year, $350K term policies each and the rate is ~ $90/quarter and I added in $15K burial policies on my 3 children as a rider into my policy. H's policy is written by Prudential life and mine is with Transamerica or something like that. We just went with the lowest rate of the quotes the broker gave us.

[rupret1]

I'm looking to get some life insurance given that our coverage will expire when my wife leaves her job in August.

Any suggestions?

I wish I knew. I have been trying to get new life insurance, but no one seems interested in selling it me. Maybe go to a broker.

I got a letter from AAA, which reminded me this needs attention.
$100000 coverage direct term. Monthly rates $13 for me, $11 for my wife.

Given that I've never bought life insurance before I have no idea if this is a good rate.
There don't seem to be any decent websites about it either.

I would avoid term life insurance if possible. Instead, look for a whole life policy. Term life covers you for a specified term (kind of like auto or homeowners insurance). For example, if you buy a year-long policy, you get coverage for a year as long as the premiums are paid on time. After a year, the insurer can re-assess the risk and decide if they want to carry you for another policy term. Either way, you're out your money if you didn'f file a claim.

Whole life insurance is more like an investment. If you continue to pay your premiums, the policy gains cash value that you can use as equity while you're still alive - you borrow against it (to make a downpayment on a house, for example) and in some cases, the dividedn paid by the policy will eventually cover the cost of the premium, making it self sustaining (i.e.: you have insurance without paying anything out of pocket).

Hope this helps!

Whole life insurance is way more expensive than term ($100K in whole will cost ~$100/month for whole and ~$10/month for term) and has terrible rates of return. IME it's better to invest that other $90 into a mutual fund or something that will grow better if you are looking for a way to save money.

[sarahh]

My husband and I are 28, healthy, and non-smokers, and we pay $40 a month each for life insurance through Aflac. We got it through work. I think it is a rip-off. I am planning to contact a broker as soon as we move.

Most people only need life insurance for a specific term, such as until the kids are grown or the mortgage is paid off. There is no need for those people to pay extra for cash-value life insurance. I think it only makes sense if someone needs to have life insurance for the rest of his/her life.

[Skyhook]

Thanks for the suggestions.
My feeling is term is the better option - I'm only looking for cheap insurance to cover the mortgage.
The difference between term and whole could be invested in the market as and when we have the cash available.
My wife and I are both mid-30's, non-smokers and healthy so we should be able to get cheap enough coverage.
Was hoping to avoid a medical exam if possible, unless it really make a difference in premiums.

[Rotor]

Great mnemonic: Whole life=throwing your money into a hole.

As the poster a couple up said-- buy insurance with your insurance money and invest your investment money.

Some folks may want a small whole life policy ($10k or so) to help cover burial/cremation expenses since you know that will happen eventually (even if you survive all of your other big life events perfect for term (mortgage paid off, kids through college etc.)).

[Cornelius]

This thread is providing some comfort to what I'll be going through this upcoming app year, although I am a couple years younger than the 30 cutoff here. The major issue is going to be the wife's job situation. She's just starting her career (post-master's degree) in higher education (think staff, non-faculty), and we're located in the NYC/NJ/Philly area. My LSAT/grades aren't good enough for the T14 schools around here - NYU, Penn, CLS - leaving only T2 schools like Rutgers, Temple, Nova, etc. as options. My preference would be to leave the area and move down South and go to school somewhere like Wake, UNC, UGA, etc. and move into PI/Government work.

Problem is, with the wife's debt load from grad school (not outrageous, but not tiny either), she would need to secure a new job wherever we go, meaning I'd need her to find a new job before deposit deadlines so I can choose between moving out of state knowing she'll have employment or staying in state and going to the T2 schools I mentioned above (she's employed here already). Then there's the issue of when we'll have kids, and if we want to do it sooner, like during law school, would it be better to stay put so we're near family that can help watch them while she works and I do school as opposed to being a few states away, alone, and trying to find daycare with money we probably won't have since she'll be the only one working. Just thinking about making those decisions is stressing me out immensely, especially given that she's just started her career and I'm asking her to look around for a new jobs hundreds of miles away starting in about 4 or 5 months. Ugh.

[Lisi]

Cornelius, there are a bunch of law schools in the NYC area. Brooklyn, Cardoza, Fordum, to name a few. I think you should be able to find something in the area if you apply broadly and get your apps in early (since most schools do rolling admissions).


Speaking of significant others, I won't be going to NYU in the fall because I got in off the WL at Chicago, where my SO has a job. This is such a great deal for us!! It was such a pleasant surprise (got the call out of the blue about a week and a half ago). I had essentially forgotten I was still on the WL, since I assumed for a long time that the class was full.

[firemed]

Cornelius, there are a bunch of law schools in the NYC area. Brooklyn, Cardoza, Fordum, to name a few. I think you should be able to find something in the area if you apply broadly and get your apps in early (since most schools do rolling admissions).


Speaking of significant others, I won't be going to NYU in the fall because I got in off the WL at Chicago, where my SO has a job. This is such a great deal for us!! It was such a pleasant surprise (got the call out of the blue about a week and a half ago). I had essentially forgotten I was still on the WL, since I assumed for a long time that the class was full.

YAY!!!

And Cornelius- Consider Temple, I hear they do quite well in Philly.

Also, several older people have done well with finding their SOs jobs, even ITE, go fig. So it might be worth her looking down south if you get a good deal there.

Ultimately y'all won't have to decide until January-ish really. So try (and I know it is hard) to relax!

[sarahh]

So we were able to fix our water seeping problem and just signed a lease last night with our new tenants! I am so relieved. They have perfect credit and their current landlord said she had no problem with them, so I think they will be good tenants. Now if only my husband can find a job. He had three interviews with a company, then they told him they were going to continue looking and he did not meet the qualifications of the job. Well, then why did you have three interviews with him?

[delusional]

So we were able to fix our water seeping problem and just signed a lease last night with our new tenants! I am so relieved. They have perfect credit and their current landlord said she had no problem with them, so I think they will be good tenants. Now if only my husband can find a job. He had three interviews with a company, then they told him they were going to continue looking and he did not meet the qualifications of the job. Well, then why did you have three interviews with him?

Man we olds have to deal with all kinds of stuff. While the k-JDs are doing the classic 0L prep of relaxing for the last time in their lives, we have to hustle for tenants, hustle for housing, worry about spouses and families and working till the last possible second.

I had one tenant back out at the last minute, then I agreed to rent to someone on a government rental program. I gave him a good deal because I know I won't have to chase down the rent; but now my house needs to be inspected by hordes of rabid bureaucrats, looking to deny him housing, and me rent, because a little paint is chipped. Our house was built five years ago, and we treated it with tender loving care, but we've been racing around neurotically with paintbrushes and spackle, in case the inspectors are in a bad mood.

Oh, and also, my moving helpers didn't show up. 3 bedroom, 1500 square foot condo with a basement is now 70% on a truck - and I got it there almost all on my own, after leaving work at 2:00. If the whole law thing doesn't work out, I should become a mover. I would revolutionize the business.

[northwood]

buyihng replacement insurance sucks. Auto, rental and life/ health.

[firemed]

buyihng replacement insurance sucks. Auto, rental and life/ health.

I really think we are going to end up on the Medicaid.

sigh.

[r6_philly]

So we were able to fix our water seeping problem and just signed a lease last night with our new tenants! I am so relieved. They have perfect credit and their current landlord said she had no problem with them, so I think they will be good tenants. Now if only my husband can find a job. He had three interviews with a company, then they told him they were going to continue looking and he did not meet the qualifications of the job. Well, then why did you have three interviews with him?

Man we olds have to deal with all kinds of stuff. While the k-JDs are doing the classic 0L prep of relaxing for the last time in their lives, we have to hustle for tenants, hustle for housing, worry about spouses and families and working till the last possible second.

I had one tenant back out at the last minute, then I agreed to rent to someone on a government rental program. I gave him a good deal because I know I won't have to chase down the rent; but now my house needs to be inspected by hordes of rabid bureaucrats, looking to deny him housing, and me rent, because a little paint is chipped. Our house was built five years ago, and we treated it with tender loving care, but we've been racing around neurotically with paintbrushes and spackle, in case the inspectors are in a bad mood.

Oh, and also, my moving helpers didn't show up. 3 bedroom, 1500 square foot condo with a basement is now 70% on a truck - and I got it there almost all on my own, after leaving work at 2:00. If the whole law thing doesn't work out, I should become a mover. I would revolutionize the business.

Haha speak for yourself. I am doing 0L prep like the K-JDs. Lots of golf.

[firemed]

Haha speak for yourself. I am doing 0L prep like the K-JDs. Lots of golf.

I am filled with envy and hate!

[r6_philly]

Haha speak for yourself. I am doing 0L prep like the K-JDs. Lots of golf.

I am filled with envy and hate!

I figure you would. I am filled with envy myself!!!

But seriously, it's be great. I don't expect another summer like this for 15 years.

[delusional]

Just drove a 26 foot truck 300 miles to Boston. I think I will soon be diagnosed with PTSD. PSA: Always bring money for tolls, or you may have to wait a precious hour at a rest stop to meet up with your wife and get cash, because there is no EZ Pass in your rented truck. Also, if it's an interstate, and you're surrounded by tractor trailers, it's a good bet that the overpasses have enough clearance. Also, I slowed down and checked each one for you. You can thank me later.

[firemed]

Just drove a 26 foot truck 300 miles to Boston. I think I will soon be diagnosed with PTSD. PSA: Always bring money for tolls, or you may have to wait a precious hour at a rest stop to meet up with your wife and get cash, because there is no EZ Pass in your rented truck. Also, if it's an interstate, and you're surrounded by tractor trailers, it's a good bet that the overpasses have enough clearance. Also, I slowed down and checked each one for you. You can thank me later.

Thanks buddy!

[pkt63]

So how are we olds doing on the freak out factor? I'm actually starting to get a little worried because I am not freaked out at all. I don't feel overconfident, I still know I will have to work hard, but reading some of the other 0L and prep threads, I wonder if I am missing something, or if it is just because I'm older and don't freak out about much anymore.

[northwood]

im freaking out like no other.........

[PDaddy]

I just want to offer my support for all of you. I also want to express what may be an unpopular opinion on TLS. Do I read like I give a damn? lol.

I think the "over-30 set" is far more qualified to enter this profession. I am glad the schools are slowly beginning to favor older students, or at least those with WE. I don't think the typical 22 y/o has a clue about life, himself or what he wants or expects in a career. Of course, there are always exceptions to the rule(s).

Being a lawyer (a good one, anyways) requires a certain maturity that one can only get via significant life experience. Little of one's undergrad education, or law school for that matter, can really prepare a young 20-something to deal with corporate/office politics, or the pressure of dealing with multi-million-dollar accounts. Furthermore, they have not lived, worked, traveled, experienced enough to effectively understand complex racial/ethnic, gender, religious or socioeconomic issues, or environmental politics, etc. They lack the tough skin needed to succeed long-term, which is why so many are quitting the profession. I have always felt that most people should abstain from law school for at least five years after undergrad.

By then most will have decided that the law isn't for them, while others will have a better idea of what they want to do within the law. The other benefit is that the students who are truly deserving and ready get more opportunities. It's a win for all involved.

That having been said, I commend all of you on your brave choice and want to sincerely tell you that I think you will make the profession better. Go forth and doith!

[firemed]

im freaking out like no other.........

+1

I just want to offer my support for all of you. I also want to express what may be an unpopular opinion on TLS. Do I read like I give a damn? lol.

I think the "over-30 set" is far more qualified to enter this profession. I am glad the schools are slowly beginning to favor older students, or at least those with WE. I don't think the typical 22 y/o has a clue about life, himself or what he wants or expects in a career. Of course, there are always exceptions to the rule(s).

Being a lawyer (a good one, anyways) requires a certain maturity that one can only get via significant life experience. Little of one's undergrad education, or law school for that matter, can really prepare a young 20-something to deal with corporate/office politics, or the pressure of dealing with multi-million-dollar accounts. Furthermore, they have not lived, worked, traveled, experienced enough to effectively understand complex racial/ethnic, gender, religious, or socioeconomic issues, or environmental politics, etc. They lack the tough skin needed to succeed long-term, which is why so many are quitting the profession. I have always felt that most people should abstain from law school for at least five years after undergrad.

By then most will have decided that the law isn't for them, while others will have a better idea of what they want to do within the law. The other benefit is that the students who are truly deserving and ready get more opportunities. It's a win for all involved.

That having been said, I commend all of you on your brave choice and want to sincerely tell you that I think you will make the profession better. Go forth and doith!

Thanks man, you rock!

[Rotor]

So how are we olds doing on the freak out factor? I'm actually starting to get a little worried because I am not freaked out at all. I don't feel overconfident, I still know I will have to work hard, but reading some of the other 0L and prep threads, I wonder if I am missing something, or if it is just because I'm older and don't freak out about much anymore.

Don't freak out about not freaking out. The qualities described by PDaddy are likely responsible for your handling the stress. Both options, freaking out or not, are both valid reactions to what you are going through.

[northwood]

never thought it would come down like this. but i didnt expect how difficult it is to say " see you later" to all of my good friends that ive met in college and past. I know its just a normal transgression in life ( along with marriage, births, deaths, and the like) but going out for one last hurrah was strange. I tried to compare it to the lasat night before undergrad ( waay back) and then i realized that unlike undergrad when pretty much all ofmy friends were leaving, only i was. I suppose its one thing to get married and have kids- bc you are still in the same city- but when you have good, strong friendships- even though you know you will still be friends, it still makes the nerves get worse.

[ahduth]

So how are we olds doing on the freak out factor? I'm actually starting to get a little worried because I am not freaked out at all. I don't feel overconfident, I still know I will have to work hard, but reading some of the other 0L and prep threads, I wonder if I am missing something, or if it is just because I'm older and don't freak out about much anymore.

Don't freak out about not freaking out. The qualities described by PDaddy are likely responsible for your handling the stress. Both options, freaking out or not, are both valid reactions to what you are going through.

Yeah, I'm a little confused about all of this LEEWS stuff and whatever, as I thought we were only tested on what was presented/assigned in class. I suppose I am kind of nervous at not having taken a test in the past ten years (other than the CFA and the LSAT), but I always did fine before. None of my classwork before was graded on a curve, so that will definitely be new. But it doesn't seem to change the fundamental dynamic of providing the best possible responses to the test questions.

And the amount of work doesn't seem outlandish. The high end estimate in one of the threads regarding the amount of reading was 450 pages per week, and people were saying probably 10 pages per hour, which is only 45 hours per week. Add in time for classes, and it's like... having a job.

I guess I'm saving my freak out period for mid-November through late December.

[firemed]

Yeah, I'm a little confused about all of this LEEWS stuff and whatever, as I thought we were only tested on what was presented/assigned in class. I suppose I am kind of nervous at not having taken a test in the past ten years (other than the CFA and the LSAT), but I always did fine before. None of my classwork before was graded on a curve, so that will definitely be new. But it doesn't seem to change the fundamental dynamic of providing the best possible responses to the test questions.

And the amount of work doesn't seem outlandish. The high end estimate in one of the threads regarding the amount of reading was 450 pages per week, and people were saying probably 10 pages per hour, which is only 45 hours per week. Add in time for classes, and it's like... having a job.

I guess I'm saving my freak out period for mid-November through late December.

Read "Getting to Maybe" is my advice. It helped me know what sorts of things they test for, and what they want.