ozark national life insurance (off topic)

chadsd · Jan 16, 2014

About 10 months ago i bought a balanced program from Ozark national Life insurance. I I thought it was a good deal but now I am not sure. I am paying 60 dollars a month 30 for life insurance and 30 for IRA. My question is if anyone on this site has had any interactions with this company good or bad. Thanks

GeneMO · Jan 16, 2014

How much life ins.? Is it term life ins. or whole life. Bet you have some real high priced term ins.

If you are healthy, and not ancient, term life isn. is cheap.

Gene

chadsd · Jan 16, 2014

it is whole life around 37,000 i am 29 and healthy
as an ox

504 · Jan 16, 2014

I have a retirement account(Pioneer Fund) with them and a disability plan,kinda like Afflac. Whole life is not the way to buy life insurance. The founder of Ozark lives down the road 15 miles from me.

Dalex · Jan 16, 2014

I don't think $30 a month is much of an IRA contribution..Try for at least $100 , and get it invested in a well paying mutual fund.

Anonymous-0 · Jan 17, 2014

The first question is if you even need life insurace. Do you have a family that needs to be taken care of if something happens to you ? A health 29 year old should be able to get 20 year term life policy costing $30 a month with a $500,000 benefit. Frankly I would run away from anything called balenced, whole life ect. Insurence is insurence and investements are investements. Save for stuff like excess premiums paid for really rich guys. Ever notice there are no "balenced" or "whole" homeowners or auto insurence policy ? It is absurd to think my auto policy is a retirement policy,or homeowners policy, ever could be a retirement plan. They are their in case my house burns down or I wreck my car.Life Ins is in case I die and need to take care of my wife and children.
.

Stephen Newell · Jan 17, 2014

I think they must all be bad. I use Metlife and they charge me 20 bucks service fee to cash the premium checks I send.

DaninKansas · Jan 17, 2014

Don't buy whole life.

If there is a whole life plan that works as good as paying for term while depositing the rest in an IRA I haven't seen it. Even "charity" plans like the Catholic Knights of Columbus plans are poor at best while whole life plans offered by the likes of Prudential and AllState are downright acts of fraud.

Phlash in OK · Jan 17, 2014

We have been with the Ozarklife and Pioneer fund since 1987. We are satisfied with there service. Like most life insurance the death benifet decreases after 70, I think.

DaninKansas · Jan 17, 2014

So you are paying roughly $60 a month for $37,000 in whole life insurance. I'm 46 years old, OK health and packing a few extra pounds but passed the physical with flying colors - just bought $250,000 20 year term life $36 a month. I would think you would be less than half that (my 42 year wife was). With $16 a month paying the 20 year term (with $250,000 in coverage instead of $37,000) that leaves you $44 a month to put in an IRA. At 6% return in 20 years your IRA will be worth $20,588.

If you could get 9% return it would be $29,444 at the end of 20 years.

ozark national life insurance (off topic)

chadsd

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GeneMO

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chadsd

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504

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Dalex

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Anonymous-0

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Stephen Newell

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DaninKansas

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Phlash in OK

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DaninKansas

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