Funny, I've always said....wheel me out to the mountains, at least I'll have Fed Something
Well not really funny , Haha...kinda funny someone else thinks that....8/
Funny, I've always said....wheel me out to the mountains, at least I'll have Fed Something
Well not really funny , Haha...kinda funny someone else thinks that....8/
I keep thinking i'd like someone to build a mechanical device that someone can activate during the funeral which would make me quickly sit upright in the casket. Might as well scare a few folks and i know a few family members would get a good laugh. I forget exactly how much life insurance i have (200k i think) but it is all payable to my nephews and my sister.
My wife and I both carry term policies of $500k. Mine is a 30yr and $30/month and hers is a 20yr for ~$25/month. Set both policies up a few years back when we were ~25. If something happens to her I need to be able to cover child care expenses, she stays at home full time. The idea is by the time the policies expire, the kids will be grown and gone and the house will be paid for so in essence our expenses will be very minimal. I'll probably get a new policy before they expire anyways as it is a way to leave your family with a good chunk of money without taxes. And if something happens to me, she can pay off the house and invest the rest to provide income. As far as funeral wishes, I want to be cremated. No need to spend a bunch of money on a burial plot and casket.
Not necessarily. I broker Life and have most of the products available in Oklahoma, many of them you can pull from the death benefit..... tax free. You just have to keep the policy in force.
Anywho, I say cremate me, not too keen on being buried these days.
500k thru work. Costs me like $30 a month plus have violent death insurance for 200k.
Wife has 200k and we need to get the kid signed up also. I'm leaning towards cremation with my ashes being used to plant a forest. Rather be part of nature then embalmed and stuffed in a casket.
Wife has 200k and we need to get the kid signed up also. I'm leaning towards cremation with my ashes being used to plant a forest. Rather be part of nature then embalmed and stuffed in a casket.
I think I have $150k, with double indemnity for accidental death? I dunno... even doubled, it's not even in the range to pay off all our debt, not by a longshot.
Whole life serves a purpose... it builds value over time, in some cases you can borrow from it, etc. It is an asset. I'm curious why you say "avoid whole life"? I think a lot of people would disagree with that statement. Unless you are simply saying that is your philosophy (again, I don't understand it completely) rather than advising others to avoid it.
Don't you have to be diagnosed with something terminal to draw benefits while still alive?
Depends on the policy. Many term policies now have a rider that allows you to pull from the DB as long as you can't perform 2 of the 6 universal activities of daily living. It's meant to be pseudo long term care protection. Many DO also have a critical illness rider that you just mentioned though. On the other hand, lots of IUL policies allow you to draw from cash value tax free, for no reason other than you want the money.
