have do you all feel about life insurance?

[old disco jock]

i have one you put money into it every month do they really help

i have one but would it be better to cancel and put into a cd or something else

i really don't see the point im single and no kids....

i only did it cause i was in iraq for 11 months

[Clay_Bonifield]

i have one you put money into it every month do they really help

i have one but would it be better to cancel and put into a cd or something else

i really don't see the point im single and no kids....

i only did it cause i was in iraq for 11 months

and you were covered?

are you going back? If not, I would see if you have could lower your premium due to ur lowered risk or rolling what you have already vested into another plan at a lower premium rate to benefits.

[Terry James]

My death is going to make somebody really happy.

why does this seem wrong in so many ways?

[DaveR]

Here's how I feel about Life Insurance - I don't (passionately)

... it's another financial vehicle, that's either used or abused by beneficiaries

Back in the early 90s, I worked in a Bond/Mutual Fund area for a Fin Svcs company - we'd get calls from benes that were due payouts in the coming days, our job was to "demonstrate the value" of converting one's lump sum payout, into one of our other investment products ... ... but that's just background

The real point is this ... I saw some lovely tear-jerking cases that made me think that Life Insurace was the best thing in the world; and ugly cases that made me think it was the worst thing in the word - but it had nothing to do with Insurance, it was just about people and how money can bring out the best and worst in people ...

e.g.:

Beneficiary 1 - breaks down on the phone, not knowing the deceased had insurance; is so appreciative, and shares how it is going to help them and their family through hard times, kids through school, etc etc

Beneficiary 2 - doesn't want the money; actually hated the deceased's gutts, and refuses the money

Beneficiary 3 - (true story - 25 year old kid) Best friend died; was due $1.5Million check in a few days, asked if he could drive to our offices (from South Carolina) and get the check that day.

:beerchug:

[Jamie 3:26]

Damn Dave...you hit that shit on the head.I have personally witnessed all 3 examples.

Death and money brings out the true colors of folks...

[DaveR]

Damn Dave...you hit that shit on the head.I have personally witnessed all 3 examples.

Death and money brings out the true colors of folks...
Sure does :thumbsup:

[Armento]

I also sold the shit for about 4 months. WHOLE LIFE ONLY!!! Sometimes Term life if you can't afford Whole. But NEVER Variable insurance.

And I'd suggest life insurance only if you have dependents.

[Mack-Williams]

I say keep help your Moms and Pops out if you die. They will have money to bury you with and they can retire. My mother has had a policy on me for years. I got one for my kids.

[DJ_Francesca]

life insurance...
I don't see the point...
im single no kids...

[DaveR]

An alternative point/approach to Life Insurance ... it's so inexpensive:

If ya single, you and a friend (or 2 or 3) get together and put each other as beneficiaries ... this works especially well if you work for a company that gives you 1 or 2x your salary FREE ...

Feel me?

DR

[Doug]

I also sold the shit for about 4 months. WHOLE LIFE ONLY!!! Sometimes Term life if you can't afford Whole. But NEVER Variable insurance.

And I'd suggest life insurance only if you have dependents.

My mantra is term only. I don't use insurance as an investment vehicle.

[kara]

life insurance...
I don't see the point...
im single no kids...

ditto

as long as i have enough saved up to bury myself so i'm not a burden to anyone, i dont see the point in life insurance

i have my sister as my beneficiary on everything else, on my savings, retirement funds, and cds. i told her she just has to bury me properly and keep the rest for her kids. lol

invest the money into a roth ira - the best investment there is!

[Moksha]

Sounds too much like placing a wager on my own death.

[kara]

don't leave your families with the responsiblity of paying for your funeral though, my dad did that and i couldnt afford to bury him. home boy is in potter's field somewhere in a can of ashes. LOL. it's like $10,000 for a burial. life insurance covers that. so if you're foregoing life insurance, have something else set aside for burial.

you're an A-hole for just assuming others will pick up the bill, IMO

[DaveR]

Life Insurance benefits are not taxable (in most cases)

I don't understand why people are comparing it to investments ... It's not an investment in self, it's a winning lottery ticket (unless you off yourself) for your beneficiaries

[DaveR]

...

you're an A-hole for just assuming others will pick up the bill, IMO
write it into your will, or set aside that amount (% to asshole that might not pay, % asshole that will pay) :rofl:

[Mack-Williams]

My mantra is term only. I don't use insurance as an investment vehicle.

You never should. Life insurance is for making suring your Wife and Kids are all right in case you die. To me it's selfish if you don't get any. Make sure you leave your family some money.

Life Insurance also comes in handy if you have alot of net worth when it comes to Estate Planning. The key though is you have to set it up in a trust.

[Doug]

Life Insurance benefits are not taxable (in most cases)

I don't understand why people are comparing it to investments ... It's not an investment in self, it's a winning lottery ticket (unless you off yourself) for your beneficiaries

Because people that purport to sell you things like "universal life" or "whole life" sell them to you as investments. Life insurance serves one purpose: to provide for those you leave behind in the event of your death.

[DaveR]

Because people that purport to sell you things like "universal life" or "whole life" sell them to you as investments. Life insurance serves one purpose: to provide for those you leave behind in the event of your death.
Definitely :thumbsup:

The dude at the dealer said it was the "Ultimate Driving Machine" ... I just wanted a pussy magnet - so I bought it :biggrin:

[Mack-Williams]

Whole Life and Universal Life works out if you can afford it. They are permanent so you have it for life. Term is only for a short period of time and it is way cheaper. The most you can get it is a 30 year term. Once this runs out it will be harder to get insurance. The older you are the harder and more costly it is to get. Get it while you are young.

P.S. For you ballers, get at me. I got something that will save you money on Life Insurance. I can get you a $1,000,000 policy of permanent for cheap.

[Armento]

Because people that purport to sell you things like "universal life" or "whole life" sell them to you as investments. Life insurance serves one purpose: to provide for those you leave behind in the event of your death.
the one they market as an investment vehicle (because it's attached to mutual funds) is variable insurance. Whole is regular insurance, where cash value builds up and it generally pays for itself after about 13 years. So you only have to pay 13 yrs or so.

[kara]

here's one time you'll want to be a federal employee - we get life insurance for ... a whopping $7/paycheck!

lol

too bad i don't even need it.
it's the best benefit u.s. federal employees get and it's not even one i want.

that, and they match our retirement savings.

[Armento]

here's one time you'll want to be a federal employee - we get life insurance for ... a whopping $7/paycheck!



that, and they match our retirement savings.
any normal corporation has both of these as standard benefits package.

[kara]

any normal corporation has both of these as standard benefits package.

i think ours is known for it's life insurance policy being so ... generous.
they don't give us that much for being alive, but they give us a shitload if we die. :)

[deepsouth]

life insurance, roth ira, traditional ira, sep.....

i do it all.

i paid the downpayment on my first house from money that was in the very first life insurance policy that my father ever wrote on me.

life insurance policies (some) build cash value. the guaranteed rate of return on my policies is 4% (as set forth by the government), but mine has paid nearly 6% average over the years.....

[Doug]

the one they market as an investment vehicle (because it's attached to mutual funds) is variable insurance. Whole is regular insurance, where cash value builds up and it generally pays for itself after about 13 years. So you only have to pay 13 yrs or so.

Whoops! Got mixed up there. Anyway, I still don't see whole life as something particularly valuable since it seems to be in the nature of permanent insurance. It might make sense if you have family members that will be unable to take care of themselves when you check out. Personally (and barring any unforeseen circumstances) I fully expect my kids to be able to take care of themselves when they reach a certain age, after which they will no longer need me to carry insurance to benefit them. Besides, the money I would put into a whole life policy would grow at a much faster rate if invested in the market, thereby increasing the value of my estate which - surprise - would go to my wife and kids. JMO.

[Armento]

Whoops! Got mixed up there. Anyway, I still don't see whole life as something particularly valuable since it seems to be in the nature of permanent insurance. It might make sense if you have family members that will be unable to take care of themselves when you check out. Personally (and barring any unforeseen circumstances) I fully expect my kids to be able to take care of themselves when they reach a certain age, after which they will no longer need me to carry insurance to benefit them. Besides, the money I would put into a whole life policy would grow at a much faster rate if invested in the market, thereby increasing the value of my estate which - surprise - would go to my wife and kids. JMO.
That's how i see it too. Buy whole life if you have to. You only have to if someone depends on you.

[mjoseph]

i think life insurance is essential if you consider your children and spouse dependents - however there is a much greater value in having accidental/medical so long as there are no pre existing conditions to deal with. this plan also tends to pay out daily - so based on the premium you may actually earn more income during a hospital visit than in your actual employment, (all things considered).

can't take it with you though