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| Post Number: 1
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ktrboston 
Group: Members
Posts: 40
Joined: Oct. 2011
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Posted on: Mar. 10 2013, 5:41 pm |
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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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| Post Number: 2
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bad knees
Group: Members
Posts: 2382
Joined: May 2007
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Posted on: Mar. 10 2013, 6:39 pm |
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Yep sure do.
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There's a story behind that!
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| Post Number: 3
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JimInMD
Group: Members
Posts: 3112
Joined: Feb. 2011
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Posted on: Mar. 10 2013, 6:51 pm |
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Yup, I do
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Checking out for a while, find me on FB.
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| Post Number: 4
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2PawsRiver
Group: Members
Posts: 241
Joined: Jul. 2008
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Posted on: Mar. 10 2013, 8:40 pm |
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Currently I do not, however I am in the process of getting a policy.
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www.MarkandSharonLundin.com
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| Post Number: 5
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ol-zeke
me in the Tetons
Group: Members
Posts: 10797
Joined: Sep. 2002
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Posted on: Mar. 10 2013, 9:14 pm |
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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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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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| Post Number: 6
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Athena
Group: Members
Posts: 54
Joined: Apr. 2002
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Posted on: Mar. 10 2013, 10:18 pm |
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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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| Post Number: 7
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Montanalonewolf
Group: Members
Posts: 4804
Joined: Mar. 2010
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Posted on: Mar. 10 2013, 10:39 pm |
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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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Ignorance is curable with education. Stupidity is refusing to be educated.
Those who don't read have no advantage over those who can't.
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| Post Number: 8
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big_load
Group: Members
Posts: 21834
Joined: Jun. 2004
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Posted on: Mar. 11 2013, 2:50 am |
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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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| Post Number: 9
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buzzards
Group: Members
Posts: 1751
Joined: Apr. 2005
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Posted on: Mar. 13 2013, 4:21 pm |
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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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Now shall I walk or shall I ride?
Ride, said pleasure,
Walk, Joy replied,
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| Post Number: 10
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SW Mtn backpacker
Born to hike, forced to work ...
Group: Members
Posts: 6720
Joined: Jul. 2006
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Posted on: Mar. 14 2013, 11:58 am |
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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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Usually Southwest and then some.
In wildness is the preservation of the world. - Henry Thoreau
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| Post Number: 11
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sarbar
Hiker Trash
Group: Members
Posts: 16479
Joined: Sep. 2004
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Posted on: Mar. 14 2013, 2:44 pm |
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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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Trail Cooking, Recipes, Gear and Beyond:
Trail Cooking & Freezer Bag Cooking
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| Post Number: 12
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RebeccaD
Double Arch, Arches N.P.
Group: Members
Posts: 9867
Joined: Jul. 2004
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Posted on: Mar. 14 2013, 7:20 pm |
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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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Bits of writerly thoughts and random short fiction found at
The Ninja Librarian Blog
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| Post Number: 13
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Roger
Group: Members
Posts: 1893
Joined: Feb. 2002
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Posted on: Mar. 14 2013, 9:18 pm |
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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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“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” -Mark Twain
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| Post Number: 14
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ol-zeke
me in the Tetons
Group: Members
Posts: 10797
Joined: Sep. 2002
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Posted on: Mar. 14 2013, 10:35 pm |
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Tell MsDolly I will aid in the distribution on the water.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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| Post Number: 15
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| Post Number: 16
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LostSheep
Most Awesomest Member
Group: Members
Posts: 7970
Joined: Feb. 2006
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Posted on: Mar. 18 2013, 4:01 pm |
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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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Team Red, White & Blue’s vision is to transform the way wounded veterans are reintegrated into society when they return from combat and exit the Armed Services.
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| Post Number: 17
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| Post Number: 18
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| Post Number: 19
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tarol
Well I never!
Group: Members
Posts: 10298
Joined: Mar. 2003
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Posted on: Apr. 05 2013, 6:59 pm |
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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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Got elevation? www.tarol.com
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| Post Number: 20
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karstrip
Group: Members
Posts: 14
Joined: Mar. 2013
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Posted on: Apr. 07 2013, 11:37 pm |
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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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| Post Number: 21
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Firedancer
Colorado Dreamin'
Group: Members
Posts: 4220
Joined: Sep. 2007
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Posted on: Apr. 10 2013, 9:02 pm |
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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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The future is no place to place your better days.
Dave Matthews
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| Post Number: 22
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bobcat
Group: Members
Posts: 346
Joined: Feb. 2002
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Posted on: Apr. 26 2013, 2:49 pm |
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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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"Love many, trust few, and always paddle your own canoe" author unknown
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| Post Number: 23
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SPeacock
Group: Members
Posts: 1978
Joined: May 2004
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Posted on: Apr. 26 2013, 10:45 pm |
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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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Experience as well as wisdom, at times, is foolishly acquired.
To understand why details matter, you first need to notice them.
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| Post Number: 24
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| Post Number: 25
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Three
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Group: Members
Posts: 747
Joined: Dec. 2011
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Posted on: Apr. 28 2013, 12:08 am |
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(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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| Post Number: 26
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RebeccaD
Double Arch, Arches N.P.
Group: Members
Posts: 9867
Joined: Jul. 2004
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Posted on: Apr. 28 2013, 3:02 pm |
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(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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Bits of writerly thoughts and random short fiction found at
The Ninja Librarian Blog
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| Post Number: 27
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SPeacock
Group: Members
Posts: 1978
Joined: May 2004
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Posted on: Apr. 28 2013, 9:13 pm |
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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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Experience as well as wisdom, at times, is foolishly acquired.
To understand why details matter, you first need to notice them.
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| Post Number: 28
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ponderosa
Group: Members
Posts: 3990
Joined: Jul. 2003
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Posted on: Apr. 29 2013, 2:39 am |
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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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The harder the toil, the sweeter the rest.
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Survival Skills 101 • Eat Better
