Had term when my kids were younger. They are grown now so I’m in the process of converting my term to universal life and dropping the amount down.
We had a whole life policy through Prudential on me and one on each son, it wasn't a lot 10k I think.
My wife asked "What about me?" I Answered "It will be fine, your sister (the one she hates) will move in before we can get you in the ground".
Yep I don't mention that conversation.
My wife asked "What about me?" I Answered "It will be fine, your sister (the one she hates) will move in before we can get you in the ground".
Yep I don't mention that conversation.
All the yonkers here might think about looking at a long term care policy too. That stuff ain't free and Social Security wont cover it.
Accidental death insurance is a waste of money. When we are young we can't afford insurance and then as we age it would appear we can't afford it either because it is so high in cost. I am near eighty and have nearly $500,000 in savings that he wife will get and of all stupid things, I pay AAA $98.00 per moth for $10,000 of insurance. Then I have $10,000 GI insurance and that's it. It's best to get insurance when you're young and healthy, it's cheaper-but we already know that.
So, I dug a little deeper on all my work benefits and my separate life insurance. Heres where I stand currently.
My employer, being a very large company, has really nice benefits/medical plans. I pulled up all my coverages and have about 4 different variations of life insurance/AD&D. With them combined I have $700K worth of coverage if I die and with the AD&D get paid out a portion if I lose a limb, eye or whatnot. The monthly cost to me is about $60. Feel pretty good about this amount and what it consists of.
Looking over my paperwork for the separate policy through Northwestern Mutual and it's a Term-75 policy I've had for almost 20 years and my current monthly nut on that is about $385 for $1.8M in coverage. I either need to drastically get this coverage reduced or cancel it all together and find a different company/policy that has about $250K-$500K worth of coverage. We have everything we own paid off with the exception of one truck and only owe about $7K left on that but we are paying for our son's tuition at OSU so that's a big nut that needs coverage if I bite the dust.
My employer, being a very large company, has really nice benefits/medical plans. I pulled up all my coverages and have about 4 different variations of life insurance/AD&D. With them combined I have $700K worth of coverage if I die and with the AD&D get paid out a portion if I lose a limb, eye or whatnot. The monthly cost to me is about $60. Feel pretty good about this amount and what it consists of.
Looking over my paperwork for the separate policy through Northwestern Mutual and it's a Term-75 policy I've had for almost 20 years and my current monthly nut on that is about $385 for $1.8M in coverage. I either need to drastically get this coverage reduced or cancel it all together and find a different company/policy that has about $250K-$500K worth of coverage. We have everything we own paid off with the exception of one truck and only owe about $7K left on that but we are paying for our son's tuition at OSU so that's a big nut that needs coverage if I bite the dust.
Never paid for outside life insurance. Always covered by my employer. Retired now, so don’t need it anymore.
Would an outside term policy be cheaper then going thru your employer?
Would an outside term policy be cheaper then going thru your employer?
As I mentioned above my employer provided life insurance seems very reasonable so I'd think an outside company policy would be a decent bit more. However, I want a bit more coverage that what the employer offers so need to get a small policy from somewhere.
I went through Dave Ramsey’s recommendation of using Zander Insurance and through that got set up with a term policy through Banner Life Insurance.
I have a few other Life Insurance policies through my employer though. Don’t really remember who they’re through but they pay a significant amount out if I die and I am only out like $10 a month to have the policy. Kind of a no brainer there.
I have a few other Life Insurance policies through my employer though. Don’t really remember who they’re through but they pay a significant amount out if I die and I am only out like $10 a month to have the policy. Kind of a no brainer there.
Coverage through an employer is cheap. I've always had it when available, but they are small policies; usually something like 2x annual income. I needed enough so my wife could buy whatever loser she replaced me with a new truck to drive my son around in. She didn't marry well the first time. Now she's older, heavier and has a kid. She'd definitely replace me with a real loser.
