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Topic: Life Insurance, Who has it.< Next Oldest | Next Newest >
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PostIcon Posted on: Mar. 10 2013, 5:41 pm  Skip to the next post in this topic. Ignore posts   QUOTE

Hello everyone, hope everyone is good. I post a question to you. How many here in this forum has life insurance? The reason I ask, is because my family was shocked to find out that I don't have any especially with things I like to do. So any thoughts! I am going to get some cause you never know? :)
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PostIcon Posted on: Mar. 10 2013, 6:39 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Yep sure do.

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PostIcon Posted on: Mar. 10 2013, 6:51 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Yup, I do

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PostIcon Posted on: Mar. 10 2013, 8:40 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Currently I do not, however I am in the process of getting a policy.

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PostIcon Posted on: Mar. 10 2013, 9:14 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I had some that was provided by my employer until I retired.  Now, I have a small amount provided by my wife's employer. IMO, Life insurance is for protecting the ones you love, in case you have a terrible accident.  Since my car insurance will cover me in the event I die from an auto wreck, I see no reason to buy more.  My personal savings and stock portfolio will help my wife if I should pass away suddenly.

At 61, Life Insurance is not cheap.  Term Life is recommended for those who feel it is necessary at whatever stage of life they are currently in.  Do your research, and read Consumer Reports at your local library.  


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PostIcon Posted on: Mar. 10 2013, 10:18 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I have life insurance.  I don't know your age but I can tell you what a survivor receives upon your death from social security for burial is $250.  
My husband died at 45 yrs old.  Our kids were 16 and 18 when he passed.  SS benefits for your kids cease upon turning 18 and graduating high school.  It's a serious financial cliff....spouses receive no benefits for children 16+


Get life insurance

You really cannot comprehend how devasting it can be
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PostIcon Posted on: Mar. 10 2013, 10:39 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Life insurance is a bet between you and the insurer. They're betting you'll live long to earn them more than they'll pay out. You're betting you'll die first.

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PostIcon Posted on: Mar. 11 2013, 2:50 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I have  enough life insurance to keep Mrs. big_load going if I kick the bucket.  She doesn't have any.  I'm getting to the point where I'm a lot more concerned about long-term care insurance than life insurance.
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PostIcon Posted on: Mar. 13 2013, 4:21 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

When I was young and healthy, I never thought I would need it. Now I can't get it at any price. The only thing that will keep my wife from destitution is that in the last decade, I bought two group policies "no medical questions asked" from two different employers, and ported them into individual policies when I left said employers. Of course, insurers know that if you do that, it's because you can't get insurance on the open market and price it accordingly, so I pay about 400 bucks/month for 500K in coverage, if I was healthy, even at my age that would run 75 bucks a month, give or take.
But I am grateful for what I have, and would let my home be foreclosed before I allowed those policies to lapse.


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PostIcon Posted on: Mar. 14 2013, 11:58 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I don't since I have no kids (that I know of ... drum roll, please).

If I had those type responsibilities, sure I would get some but if single, no kids, .. why?  I do have a will however.


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PostIcon Posted on: Mar. 14 2013, 2:44 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

We both have a will, POA and yes, full life insurance. He carries more than I do (he is double insured, he has a work policy on top of our regular), but we have 3 kids. God fearing anything happened to either of us, the one left behind wouldn't be destitute, nor would the kids. Planning is depressing - but it must be done if you have loved ones who rely on you.

We got the full insurance when younger, knowing it would get pricier - or unattainable if either of us got sick.

Even when I was a single mom I carried life insurance on myself - what would have happened to my oldest son if something had happened?


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PostIcon Posted on: Mar. 14 2013, 7:20 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Key question is about dependents.  If you have none, no real reason for life insurance (medical, yes.  Life, no).  If you provide significant support for anyone, including your parents, then you need insurance.

In our case, with 2 kids, we insure the DH very well, as he is the primary earner (and at this point it would be very hard for me to reenter the workforce at a very good wage, if at all).  I am covered for less, to help out mostly with the things I do that would have to be paid for if I weren't here to do them.  When the boys are through college, I think we will drop my coverage.

My mom gets 1/2 of my Dad's pension and 1/2 of his SS (the formula is apparently either you get your own or 1/2 of the partner's, whichever is greater).  A big fat policy would have been a help.


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PostIcon Posted on: Mar. 14 2013, 9:18 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I do not have any life insurance since I am single, no kids and have plenty of money to burn me up and toss the ashes on the water or wherever.  I also do not have long term care insurance.  At my age a long term care policy would cost about $500 to $600 a month.  In its place I have saved enough money to meet the demands of most any illness including a stay in a nursing home.  This gives me a lot more flexibility than a nursing home policy would. I hope when and if the time comes I can use my savings to keep me in my own home with caregivers as needed.   That is what I did with my mother and it worked out well for her.  
I have a will, power of attorney for both finances and health care and a health care directive (living will) etc.  I keep information more or less up to date so my estate can be settled without a lot of problem if something unexpected happens and there is no time for me to get things in place


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PostIcon Posted on: Mar. 14 2013, 10:35 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Tell MsDolly I will aid in the distribution on the water.  

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PostIcon Posted on: Mar. 17 2013, 8:22 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(SW Mtn backpacker @ Mar. 14 2013, 11:58 am)
QUOTE
I don't since I have no kids (that I know of ... drum roll, please).

If I had those type responsibilities, sure I would get some but if single, no kids, .. why?  I do have a will however.

I am also single and no kids, however I something should happen to me who is going to pay the cost of it. My mother live paycheck to paycheck and my younger sister has been out of work for over a year. So I think life insurance isn't a bad thing to have even if you are young and do what we do. I'll get it for them just a small policy, cause you never know.
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PostIcon Posted on: Mar. 18 2013, 4:01 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I have it. My wife has it.

And it's silly in a sense, but my two kids have it too. It's a low dollar, but they're carrying some too.


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PostIcon Posted on: Mar. 25 2013, 8:38 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(ol-zeke @ Mar. 14 2013, 10:35 pm)
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Tell MsDolly I will aid in the distribution on the water.  

You sound pretty confident that you will still be around to spread all those ashes.   :)


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PostIcon Posted on: Mar. 25 2013, 11:39 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Roger @ Mar. 25 2013, 5:38 pm)
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You sound pretty confident that you will still be around to spread all those ashes.   :)

I am younger, but you might be looking in the wrong direction.  No one is saying Ms Dolly will still be around.  :)  

OK, If I am still around, and MsDolly is handling the distribution, I will be happy to help her.  


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PostIcon Posted on: Apr. 05 2013, 6:59 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Yes, through my work.  We also have mortgage insurance, so the house gets paid off should either of us die.  My hubby also has accident insurance (he drives for a living).  We have life insurance for the kid as well, which will automatically double when he turns 18 - should be around $20K - which should help for college!

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PostIcon Posted on: Apr. 07 2013, 11:37 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

yeap not only do i have life insurance, i have home insurance in case of fire, travel insurance when i fly, especially when i buy travel deals and they are not bundled in them and oh there is this insurance that helps you save while ensuring that your life is covered in case of any accidents as well. Call me paranoid but its better to be safe than sorry.
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PostIcon Posted on: Apr. 10 2013, 9:02 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

My company pays a policy that I think is equal to 2 x my annual salary, so that should be enough to cover my debts and expenses.  With no kids or dependents, I haven't seen the need for anything more.  

Although, I really do need to get a will drawn up - not that I have much in the way of assets but would rather see my friends' children taken care of than everything going to my sister!


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PostIcon Posted on: Apr. 26 2013, 2:49 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I have some life ins through work, but I also have an insurance contract that is long-term care insurance and life insurance together, depending on what my needs might be.  Noone depends on me except for me.  I've also got a will, DPA, etc set up by a competent estate attorney with the intent that liquidating my affairs will be as little trouble as possible, with beneficiaries that I chose myself.  

I've heard it said that disability insurance is pretty important for a single person, preserving my ability to provide for myself, but so far haven't done anything about that.


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PostIcon Posted on: Apr. 26 2013, 10:45 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

For 50 years we've put the exact amount that we would have spent on a policy for both of us into investments.   We've beaten the odds.  

BUT the odds are that if you have lived this long...the chances are you will live a lot longer.  

To top that, all of the people I now know are still alive.


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PostIcon Posted on: Apr. 27 2013, 9:14 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(ktrboston @ Mar. 17 2013, 8:22 am)
QUOTE
I am also single and no kids, however I something should happen to me who is going to pay the cost of it. My mother live paycheck to paycheck and my younger sister has been out of work for over a year. So I think life insurance isn't a bad thing to have even if you are young and do what we do. I'll get it for them just a small policy, cause you never know.

If you don't have dependents then you really don't need life insurance. If you are concerned about funeral costs you could get a small policy that should cover it or there are "funeral insurance" products, but that's all you should need until you have others dependent on your income.

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PostIcon Posted on: Apr. 28 2013, 12:08 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(JRinGeorgia @ Apr. 27 2013, 9:14 pm)
QUOTE

(ktrboston @ Mar. 17 2013, 8:22 am)
QUOTE
I am also single and no kids, however I something should happen to me who is going to pay the cost of it. My mother live paycheck to paycheck and my younger sister has been out of work for over a year. So I think life insurance isn't a bad thing to have even if you are young and do what we do. I'll get it for them just a small policy, cause you never know.

If you don't have dependents then you really don't need life insurance. If you are concerned about funeral costs you could get a small policy that should cover it or there are "funeral insurance" products, but that's all you should need until you have others dependent on your income.

+1.  If you have no one other than you depending on you income or services (taking care of a aged parent or disabled sibling), have enough life insurance only to get "planted"  in the way you desire.
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PostIcon Posted on: Apr. 28 2013, 3:02 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Three @ Apr. 27 2013, 9:08 pm)
QUOTE

(JRinGeorgia @ Apr. 27 2013, 9:14 pm)
QUOTE

(ktrboston @ Mar. 17 2013, 8:22 am)
QUOTE
I am also single and no kids, however I something should happen to me who is going to pay the cost of it. My mother live paycheck to paycheck and my younger sister has been out of work for over a year. So I think life insurance isn't a bad thing to have even if you are young and do what we do. I'll get it for them just a small policy, cause you never know.

If you don't have dependents then you really don't need life insurance. If you are concerned about funeral costs you could get a small policy that should cover it or there are "funeral insurance" products, but that's all you should need until you have others dependent on your income.

+1.  If you have no one other than you depending on you income or services (taking care of a aged parent or disabled sibling), have enough life insurance only to get "planted"  in the way you desire.

Agree.  I also agree with the poster above who mentioned disability ins. because he was alone.  That seems sound, as does the idea of long-term care coverage.  Seems like if you have no family you may be more likely to need that kind of care (as opposed to having family who can help you stay independent).

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PostIcon Posted on: Apr. 28 2013, 9:13 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Most people who have bad accidents usually live through them.  Some with life long disability that somebody will have to pay for or take care of.

If suing for relief doesn't work you/family will have to pay for you to hang around like a potted plant.


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PostIcon Posted on: Apr. 29 2013, 2:39 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

We carry the policy on my husband that he automatically gets through work, and a modest policy for me.  We've tried several times to increase coverage on my husband, since he's the guy who earns money around here, but he has type I diabetes, and it's hard to get life insurance for him at any price. He's in good health and had no complications from the diabetes, but even submitting his medical records and letters from his doctors hasn't helped on appeals.

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PostIcon Posted on: May 25 2013, 7:41 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

I love the I beat the odds types who brag about how their investments have beaten the return on the cost of life insurance blah, blah, blah. Mean while they have had their family/loved ones vulnerable and at risk for decades while their portfolios are accumulating and reacting to all the investment markets dips and corrections etc.
Term life is cheap, especially so if someone is young and healthy.
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PostIcon Posted on: May 25 2013, 12:58 pm Skip to the previous post in this topic.  Ignore posts   QUOTE


(Firedancer @ Apr. 10 2013, 8:02 pm)
QUOTE
My company pays a policy that I think is equal to 2 x my annual salary, so that should be enough to cover my debts and expenses.  With no kids or dependents, I haven't seen the need for anything more.  

Although, I really do need to get a will drawn up - not that I have much in the way of assets but would rather see my friends' children taken care of than everything going to my sister!

Wow!   Serious family discord!
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