Life Insurance and death requests

[JD8]

Twelve year term insurance with $200,000 face amount for about $45.00 per month through Allstate.

Term insurance is renewable at the end of the term, by the way.

Avoid whole life or universal life.

Bad advice. Indexed Universal life is the way to go, you can pay, not pay, load it up in the front, strip it down and price it out to age 120 so it's like a term that goes to age 120 (guaranteed benefit) and there are a ton of riders to employ. Term is great when you are young and can't or won't fund a policy and/or you need high face coverage for your business. Otherwise, you have no guaranteed benefit unless you do return of premium and that doubles your premium. If an agent or company pushes the renewable part, they know at the end of that term, you won't be able to pay the premium as they'll jack it up so high, a majority of the time you'll just cancel. Whole life is essentially dead because most IUL products are seeing more returns and have significantly more options on what you can do with your money.

 

[nofearfactor]

Im bought and paid for. Cremation paid for and I have a plot my mom bought for me near my dad and grandparents under a tree on a hill in a small cemetary in Osage county for my ashes, no funeral no memorial planned, they can do what they want with me after Im gone. Wife has a couple of life insurance policies on me thru her work for her and I have a couple of others for my own kids Ive had for years with State Farm- term as well as variables (Universal Life Opt A, etc); my investments go to annuities, trusts, etc.

 

[OKCShooter]

I have term for $1M for 25 years. This gets us well through dependents...and being able to "provide" for dependents is the reason for insurance.

If you are using whole life as an investment and think it's an 'asset' please spend some time looking at what an investment is and see that whole life is not one.

Use term for it's purpose and use investing for it's purpose and you'll be much better off in the long run.

 

[CHenry]

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.

the first statement tells me not to take financial advice from you. Lol. whole life ins is more expensive and the end result is nothing compared to what you would have if you paid the same premium to a good mutual fund for the same time period. Term life is the best way to go if you run the numbers.

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.

Sent from outer space or somewhere from my mobile device

 

[CHenry]

.
If you are using whole life as an investment and think it's an 'asset' please spend some time looking at what an investment is and see that whole life is not one.

Use term for it's purpose and use investing for it's purpose and you'll be much better off in the long run.

solid advice!

Sent from outer space or somewhere from my mobile device

 

[tRidiot]

the first statement tells me not to take financial advice from you. Lol. whole life ins is more expensive and the end result is nothing compared to what you would have if you paid the same premium to a good mutual fund for the same time period. Term life is the best way to go if you run the numbers.

I didn't ask you to take advice from me... and your flippant attitude not knowing anything about my situation, in addition to previous interactions, tells me you aren't in a place to make any kind of judgement of me or my position. The options that may be available to you aren't necessarily available to everyone else.

 

[CHenry]

I didn't ask you to take advice from me... and your flippant attitude not knowing anything about my situation, in addition to previous interactions, tells me you aren't in a place to make any kind of judgement of me or my position. The options that may be available to you aren't necessarily available to everyone else.

Sounds to me like you were giving advise to the public reading this. I was simply calling you out for bad advise. Dont take it personal, it happens. You will learn the err of your ways someday as we all do.
Term life insurance is in fact available to anyone. The only person to get wealth from your whole life is the person who sold it to you.

 

[SeanO]

I have 1.5x my yearly salary paid for by work. I need to get some private life insurance though.

I want to be cremated, mixed with some tannerite and blown up on a range.

 

[tRidiot]

Sounds to me like you were giving advise to the public reading this. I was simply calling you out for bad advise. Dont take it personal, it happens. You will learn the err of your ways someday as we all do.
Term life insurance is in fact available to anyone. The only person to get wealth from your whole life is the person who sold it to you.

Again... you don't know what you're talking about, or my family's individual situation. Even term life can be exorbitant to some people. Sometimes what you have is what you got when you were young, and aren't eligible for anything remotely affordable beyond that. I'll leave it at that, but suffice it to say you are speaking in generalities and attempting to claim it applies to "everyone". In this instance, you are dead wrong. I didn't advise anyone on anything... I said it serves a purpose, and, in fact, it does. Just because you don't see it or believe in it doesn't make it worthless. I think I'll listen to my professional and paid financial advisers rather than "some dude" on an internet forum who tells me with no credentials or backing up his claims that they are stupid.

As you said... no need to take it personal. I haven't, neither should you. But if you want to talk in generalities, expect to get called on it.

 

[gfercaks33]

Taxidermy, that's what I want. Who ever gets to most of my possessions has to keep me. They can stuff me in an "attack pose" to ward off intruders. Also another brilliant idea is secretly install home automation and have some one activate a schedule after death so they think the house is haunted by my ghost.