Life Insurance

[Scott34]

Been thinking about getting life insurance since I'm getting close to 40 but not sure whens the best time to get it. I dont have any kids but do own my own home that my girlfriend and I own. My insurance guy was pushing it but thought I'd ask some of you guys to try and keep from throwing away money.

 

[coyoteclone]

Buy term to cover a mortgage...dont waste money on other forms of life insurance.

 

[Cyched]

What kind of LI was your "insurance guy" pushing?

 

[CycloneDaddy]

Been thinking about getting life insurance since I'm getting close to 40 but not sure whens the best time to get it. I dont have any kids but do own my own home that my girlfriend and I own. My insurance guy was pushing it but thought I'd ask some of you guys to try and keep from throwing away money.

Check to see if your employer offers life insurance. Mine offers $1million for around $600 per year. Otherwise u can shop online but my assumption is your insurance agent will be in the ballpark expense wise. Term 20 year sounds about right. If u dont really like the girlfriend I wouldnt worry about it.

 

[CloneGuy8]

Only buy term life insurance

 

[brianhos]

20 year term at 40 to cover your family. Nothing other than term, whole life is a scam.

 

[Cyched]

Also, where does the gf stand on the Mendoza scale? Don't want to give her a reason to off you.

 

[Gonzo]

No kids, no wife... why again would you want life insurance?

 

[Trice]

Been thinking about getting life insurance since I'm getting close to 40 but not sure whens the best time to get it. I dont have any kids but do own my own home that my girlfriend and I own. My insurance guy was pushing it but thought I'd ask some of you guys to try and keep from throwing away money.

Before you even consider life insurance, ask yourself if your savings/retirement funds would take care of your girlfriend and whatever other obligations you have in the event you die. At close to 40, hopefully you have a solid footing on retirement savings. Make her the beneficiary and boom, there's your life insurance policy - free of charge.

Beyond that, I agree with others' comments. Get the bare minimum you need and buy a 15 or 20 year term policy. Avoid a whole/variable policy like the plague. And then at some point in the future when your savings crosses the threshold where you're comfortable your girlfriend would be taken care of, cancel the policy.

 

[Cyclone.TV]

Whole life. A lot of it. Best deal you can get.

 

[Cyched]

Whole life. A lot of it. Best deal you can get.

 

[Cyclone.TV]

12%? I got 15.

 

[Tailg8er]

How do you guys feel about life insurance policies for kids?

 

[Cyclone.TV]

How do you guys feel about life insurance policies for kids?

I just wouldn’t go term. But I’d do it.

 

[CYme]

No kids, no wife... why again would you want life insurance?

Correct answer right here.

I have enough that if I die, kids and wife will be good. Probably 20 times my annual salary. Wife doesn't work outside the home, she wouldn't until kids are out of school. If she played her cards right she'd never have to again.
If I didn't have kids? I'd have enough to cover the house for the wife.

If I didn't have a wife or kids? Zero.

 

[khardbored]

Tell me when you're gonna die, and then I'll tell you the best time to get life insurance.

If you're not sure ... now is a good time.

 

[CYme]

How do you guys feel about life insurance policies for kids?

Enough to cover funeral. I've got 10k each.

 

[CivEFootball]

To me Life insurance purpose is to help loved ones pay off your debts, funeral expenses, and short term financal help until a new financal situation for them is figured out should one pass. So figure out that price and go get term for that amount if you don't think you'd have enough savings to cover those items.

To me forftour age and situation I wonder if a Long Term Disability Insurance policy would be more useful than a life insurance policy.

 

[Rabbuk]

How do you guys feel about life insurance policies for kids?

no

 

[Trice]

How do you guys feel about life insurance policies for kids?

There's no reason for it really, other than the cost of funeral services for the child. But some employers include children as an add-on to the adult in a group policy for free or minimal cost, like a couple dollars a month. That might be worth considering. But I wouldn't spend much for it at all.