Life Insurance
- Thread starter Scott34
- Start date
**** apparently you've never heard of the 25%+ interest group... yes have actually seen people with this as a vehicle loan. unfortunately is quite common for dumb asses in service.
damn throw me out in the woods and let nature take care of the rest... save the money and go buy a few kegs for the party celebrating I lasted so long...
Your employer is picking up most the cost if you are only paying a few bucks for a $400k policy. That is a nice perk that I hope you dont ever have to use.
I disagreed only because my dad got me a whole life policy as a child and today the dividends pay the premium ($700/yr) while the cash value($50k) and death benefit($280k) goes up every year.
Would it have better to buy me a 50 year term and invest the difference? Maybe. But for both a "free" savings account and insurance policy it's a way better deal than what I could buy today. Hell, my term policy costs me $65/month for $250k benefit, which is more cost than my whole life policy.
$65 a month seems really high. Do you have medical issues or a little long in the tooth?
My employer benefit is 2X my salary.
I pay next to nothing for an additional 8X my salary through my employer.
I also picked up a $500k 15 yr term and a $250k 30 yr term.
I tiered it because I figured after 15 yrs, the kids would be mostly through college and the house would be paid off. The remaining $250k should be fine to get my wife & her new boyfriend to start their lives together.
I pay next to nothing for an additional 8X my salary through my employer.
I also picked up a $500k 15 yr term and a $250k 30 yr term.
I tiered it because I figured after 15 yrs, the kids would be mostly through college and the house would be paid off. The remaining $250k should be fine to get my wife & her new boyfriend to start their lives together.
I cringe at the thought of how much money has been sunk into that.
I bought a 20 year term at 40. It just ran out. Kids are gone. Looked for a replacement policy. Looked for 75k just to pay property taxes, and utilities for a while if something happened. Had a bout with cancer 3 years ago. Any reasonably priced policy will not accept me until I am cancer free for 4 years. Also, my rates will be much higher. Get a term policy longer than 20 years. Then if the time comes that you dont need it quit paying the premiums. My 2 cents.
For what purpose? Life insurance is to replace income. Does the kid have an income that needs replaced? Whole life is mostly terrible unless you are using it to shelter money from taxes. You need to be making like 250k+ per year for this to maybe make sense last I read.
It's return of premium, premium waiver if I get laid off, and I have some hereditary issues .
Fancy funeral...
Just prepaid mother in laws final expenses, 12k. That was with casket and burial plot, facility rental and everything else. Probably not food or the fireworks I'd be lighting off...
Odds of my kids dying are very low, 10k will be fine and I have enough cash to cover the difference.
Again, not replacing income so not worried about insurance.
Its going to be way cheaper if you start before 40. After 40 a million dollar policy is going to be probably $2k - $3k a year.
This is correct as well, my policy pricing increases by about $500/year after 40, that's why I started at 37. I have a 20 year, by 57 all the kids will be done with school. My insurance guy is going to start a smaller, 20 year term for me in my mid 40s that will run until I retire. Once I retire, my 401k's and investments will cover my wife in the event I die, no need for life insurance at that point.
Wasn’t fancy, it was the charges for my mom a couple weeks ago. Services, casket and vault were all basic level (mom hated spending money so we went that way). It included the organist, sound system, pastor, meal for 75, floral, paper (some of the papers charge 300 bucks now). Plot was bought durning dads passing. All the honorariums were pushing a grand and flowers were another 500-700.
I agree with what you have now but if someone does not have kids and is married you still want to get enough to cover your income for your wife for 5 years or so just so she can not struggle to pay off other debts plus has enough to not worry for awhile. It really is not much more to add 100k to it
