Life Insurance, how do you feel about it?
Post Reply
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
13-06-2016, 05:57 PM
Life Insurance, how do you feel about it?
I was just wondering if my pov on life insurance is rare or common.

No, I' not interested in how much you have but curios as to the mindset of why you would or wouldn't have extra life insurance. I don't have a separate policy from the one my work provides, 25k. I don't have any interest in paying out every month just to benefit my grown self-supporting children to spend.

Now, when the kids were at home my ex and I had policies in case something happened so our underage children would be cared for but I can use those funds to support myself, not for them to inherit when I'm dead.

What I have through work will pay all my debits and cover my death costs, plus, it will still leave them a couple grand or so each. I feel that's probably common but maybe not.

Just wondering what other people do or would do if they could... if you care to share.

[Image: dnw9krH.jpg?4]
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Heatheness's post
13-06-2016, 06:05 PM
RE: Life Insurance, how do you feel about it?
Conflicted. I got a $1 million term insurance policy right now. But I can't afford the ever increasing premiums forever. ... decisions, decisions ....

#sigh
Find all posts by this user
Like Post Quote this message in a reply
13-06-2016, 06:07 PM
RE: Life Insurance, how do you feel about it?
(13-06-2016 05:57 PM)Heatheness Wrote:  I was just wondering if my pov on life insurance is rare or common.

No, I' not interested in how much you have but curios as to the mindset of why you would or wouldn't have extra life insurance. I don't have a separate policy from the one my work provides, 25k. I don't have any interest in paying out every month just to benefit my grown self-supporting children to spend.

Now, when the kids were at home my ex and I had policies in case something happened so our underage children would be cared for but I can use those funds to support myself, not for them to inherit when I'm dead.

What I have through work will pay all my debits and cover my death costs, plus, it will still leave them a couple grand or so each. I feel that's probably common but maybe not.

Just wondering what other people do or would do if they could... if you care to share.

I am grossly uneducated about that stuff so I can't offer too much of an opinion but I think can be useful.

"If you keep trying to better yourself that's enough for me. We don't decide which hand we are dealt in life, but we make the decision to play it or fold it" - Nishi Karano Kaze
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes JDog554's post
13-06-2016, 06:09 PM
RE: Life Insurance, how do you feel about it?
I carry a 30 year fixed term policy that expires when I'm 72 in addition to what I have at work. As a government contractor I change employers often and got tired of periods of no coverage even if they were usually brief. It isn't enough to make anyone rich, but it is enough to pay off the mortgage, any additional bills, put me in hole in the ground and probably leave something for the SO to put away a little for retirement. I carry it because I do not want to leave her in a bind should something happen to me.

Save a life. Adopt a greyhound.

[Image: anigrey.gif]
Find all posts by this user
Like Post Quote this message in a reply
[+] 3 users Like Popeye's Pappy's post
13-06-2016, 06:10 PM
RE: Life Insurance, how do you feel about it?
I have 2x whatever the standard is through my work. Plus a couple thousand from the credit union. Not sure how much all that is, but I remember thinking it still wasn't enough to really help my spouse if I died. She'd still have to work, and whatever was left after death expenses and taxes would only put a small dent in a mortgage, if she could qualify for one when suddenly single. She would be in mourning and still only one major hospital expense away from bankruptcy.

Cheerful, I know. Smile
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes I Am's post
13-06-2016, 06:13 PM
RE: Life Insurance, how do you feel about it?
(13-06-2016 06:05 PM)GirlyMan Wrote:  Conflicted. I got a $1 million term insurance policy right now. But I can't afford the ever increasing premiums forever. ... decisions, decisions ....


You make me cry. Sad

[Image: dnw9krH.jpg?4]
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Heatheness's post
13-06-2016, 06:13 PM
RE: Life Insurance, how do you feel about it?
When I was an independent business man I carried enuff insurance so the lady would have the house paid off in case of my demise, but now as a 70 year old expat not married retiree I carry no insurance beyond the minimum car insurance
Find all posts by this user
Like Post Quote this message in a reply
[+] 2 users Like Born Again Pagan's post
13-06-2016, 06:15 PM
RE: Life Insurance, how do you feel about it?
(13-06-2016 06:10 PM)I Am Wrote:  whatever was left after death expenses and taxes would only put a small dent in a mortgage

If you're in the US she doesn't have to worry about taxes on the payout from a life insurance policy.

There might be some limits on that but if there are it doesn't kick in until you get into millions...

Save a life. Adopt a greyhound.

[Image: anigrey.gif]
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Popeye's Pappy's post
13-06-2016, 06:18 PM
RE: Life Insurance, how do you feel about it?
(13-06-2016 06:15 PM)Popeyes Pappy Wrote:  
(13-06-2016 06:10 PM)I Am Wrote:  whatever was left after death expenses and taxes would only put a small dent in a mortgage

If you're in the US she doesn't have to worry about taxes on the payout from a life insurance policy.

There might be some limits on that but if there are it doesn't kick in until you get into millions...

Yep, you beat me to it. Smile

[Image: dnw9krH.jpg?4]
Find all posts by this user
Like Post Quote this message in a reply
13-06-2016, 06:20 PM
RE: Life Insurance, how do you feel about it?
(13-06-2016 06:15 PM)Popeyes Pappy Wrote:  
(13-06-2016 06:10 PM)I Am Wrote:  whatever was left after death expenses and taxes would only put a small dent in a mortgage

If you're in the US she doesn't have to worry about taxes on the payout from a life insurance policy.

There might be some limits on that but if there are it doesn't kick in until you get into millions...

Good to know. Thanks.
Find all posts by this user
Like Post Quote this message in a reply
Post Reply
Forum Jump: