Life Insurance

Discussion in 'Off-Topic' started by Scott34, Nov 15, 2019.

  1. UNI1ISU2

    UNI1ISU2 Active Member

    Jun 7, 2019
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    Make sure you read the terms on the insurance too. Not all life insurance is the same. Some exclude a lot of causes of death so if you die from one of those it does not pay out. Most don’t cover suicide for the first 5 years and some even exclude cancer and heart attacks.
     
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  2. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    How about getting knocked of by rocko and Bruno when they come to collect gambling debts? You checked that out?
     
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  3. matclone

    matclone Well-Known Member

    Nov 13, 2016
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    One potential advantage to life insurance is that it passes directly to the beneficiary(s) without having to go through the estate. In other words, if you die with 300k in savings (or other assets), there may be some delay before your heirs get that money. On the other hand, a life insurance benefit should be paid without delay.
     
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  4. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    Over 11MM exemption now. At that amount, I would be happy to just get a cut.
     
  5. matclone

    matclone Well-Known Member

    Nov 13, 2016
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    Premiums will always go up as we age--and they will escalate.
     
  6. UNI1ISU2

    UNI1ISU2 Active Member

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    Her policy was probably a policy that was good till age 72. Now the premium she got is to get a whole new policy at 72. Which rates at 72 are going to be high
     
  7. matclone

    matclone Well-Known Member

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    The cost of life insurance (or any kind, actually) is a little like going to a casino. You may win, but in the long run, the house always wins. The incidence of death in a group at a certain age is fairly predictable, and insurance cos. hedge their bets in setting premiums. So, a 70 year old may be in perfect health, but will not find an inexpensive life policy.
     
  8. RedBlooded

    RedBlooded Well-Known Member

    Jun 11, 2010
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    Depends, you may not need it if you have your final expenses taken care of, but its all about your preferences. Do you need your funeral covered by a life policy, or do you want to leave a legacy behind to your beneficiaries?

    People act like life insurance is a scam. The problem is, everyone dies at some point and if you bought the policy it will pay.
     
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  9. SDCyclonesFamily

    SuperFanatic SuperFanatic T2

    Oct 21, 2016
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    Agree - just wrote the check for my dad's funeral from June. It was just under $14k and we didn't do anything fancy. He died unexpectedly at 66 and didn't have any life insurance or retirement funds. Luckily his house was close to being paid off, but small town real estate took us 4 months to sell. I really wish he would have told me he was going to discontinue his life insurance policy. It was only an extra $100/year and I would have gladly paid it to not have to deal with wondering how we were going to come up with the funeral costs.
     
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  10. DreamyCy

    DreamyCy Active Member

    Nov 13, 2013
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    Your dad didn’t have 14k to his name?
     
  11. kingcy

    kingcy Well-Known Member
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    Why do you want to leave money for the next guy your GF dates or marries? I got a 20 year term so my wife could pay our mortgage off and have college money for the kids, if something were to happen.

    My wife has a policy from when she was young. For almost 40 years it has been paid into for a small payout and the buyout sucks. So what do you do?

    There is a reason the insurance brokers push these policies so hard, the money they make on these policies is good and in some cases they get paid on for years and years.
     
  12. SDCyclonesFamily

    SuperFanatic SuperFanatic T2

    Oct 21, 2016
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    Not immediately accessible. He had equity in his house but the average time on the market in his small town is pushing one year. Former dairy farmer and basically was living on social security (contested divorce late in life will wreck your financial health). My brothers and I had to front the costs of everything until we could close on the house.
     
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  13. mtowncyclone13

    mtowncyclone13 Well-Known Member
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    Odd take, but you do you. I mean, I have kids that need money for school and a house.
     
  14. Cyched

    Cyched Minister of Culture
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    I think he's addressing the OP specifically. GF with no kids
     
  15. CycloneNorth

    CycloneNorth Well-Known Member

    Mar 29, 2010
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    Quick question for all the CF life insurance experts. I’m 30, wife is 29, and we have a newborn. Well on our way to a good retirement. What would you recommend for life insurance?
     
  16. CloneGuy8

    CloneGuy8 Well-Known Member
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    Only get term life insurance. Rule of thumb is to get 10x your annual salary as coverage. If you go to https://www.zanderins.com/ they will shop around for you, and you can see which company will give you the best rate (there are other sites like zander, but can't remember their names)
     
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  17. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
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    grab a million each 20 year policy and you should be about set for as long as you will need LI.
     
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  18. farminclone

    farminclone Well-Known Member

    Nov 16, 2009
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    Agree with this, except I went to 30 years because I wanted to make sure it was in place until all my kids went through college, and 20 years wasn’t going to do that for me.
     
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  19. CoachHines3

    CoachHines3 Well-Known Member

    Oct 29, 2019
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    Ya at ur age no need for permanent life ins yet. Look at a term plan you can convert to perm ins in 20/25 years without having to go through underwriting again.
     

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