djatc
djatc
Joined: Jan 15, 2013
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August 19th, 2013 at 10:34:08 PM permalink
So I pay for life insurance through SGLI (military plan) for $400k, but considering I don't have anyone currently to leave it to (my family is decently well off, no wife/kids/dependents) is it worth it for me to keep paying? It's about $27 a month and I am in my late 20's with no medical conditions. I feel I am wasting money paying for it because while it's not a huge amount per month, the gambler in me feels this is an -EV proposition. It possibly can't take that much money to throw my remains in an ocean somewhere lol.

Also regarding homeless vets who ask for money, is there a quick and easy way to determine whether or not they are lying or not? I see these guys throughout the city and while I feel bad for them I refuse to give them a buck if I have a shadow of doubt they are lying about their military service.

One more question and I'm done... I promise! I recently took up boxing back before I moved to Las Vegas, and wanted to know if anyone recommends a good gym to go to. I don't plan on going pro or doing the amateur circuit, just a good workout and learning fundamentals.

I appreciate all responses.
"Man Babes" #AxelFabulous
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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August 19th, 2013 at 10:38:52 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
beachbumbabs
Administrator
beachbumbabs
Joined: May 21, 2013
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August 19th, 2013 at 11:43:51 PM permalink
dj,

I am you, 25 years down the road. I took that insurance as long as I was eligible, and took a form of it into retirement. No husband/kids at 20, got married at 36, we didn't have kids. My beneficiaries are my nieces and nephews. Wasted money? Maybe. I didn't cash in. (Thank God). Unfortunately, quite a few of my co-workers did. (Stressful job.) But I really liked having it, knowing someone I loved would have it if I went. I do know that you have to be in the program at the level you want to carry it for a minimum of 5 years before retirement, and in retirement it's surprisingly cheap. You're very young to think you'll never have someone else to provide for, but I don't know you well enough to say you'll wish you had it. I'm swagging to say this, but I think if you opt out, you can get back in during open season once a year. Things change, and that could be wrong. I do know that when I first signed up for it, I had 6 months employment to decide, and then could not get into the program without a significant life event (marriage or childbirth) if I opted out. You'll want to talk to your benefits department before you cut it off, I think.
If the House lost every hand, they wouldn't deal the game.
EvenBob
EvenBob
Joined: Jul 18, 2010
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August 20th, 2013 at 12:02:03 AM permalink
Ask the vets where the local veterans hospital is. If they're
really vets they should know this. Don't ask them about
their service, they all have made up bullshit stories if
they aren't really vets.
"It's not enough to succeed, your friends must fail." Gore Vidal
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
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August 20th, 2013 at 12:59:03 AM permalink
It is a tremendous bargain first of all and you should never relinguish it. Never.

Just because your present life situation and present intentions render you without beneficiaries does not mean that future circumstances will actually be that way. Also a life insurance policy can sometimes be used to fund medical treatment that is considered experimental under other policies.

Wisconsin Life used to be one of the best bargains from the old populist legislation... took a hit from Aids victims all treking to Wisconsin to buy a policy though. I don't know its present status.

Anyway what is that saying "All life is six to five against"? Keep the policy!!!! Heck, you might meet a real cute sparing partner at the gym someday and really like her.
Zcore13
Zcore13
Joined: Nov 30, 2009
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August 20th, 2013 at 1:24:37 AM permalink
I owned an insurance agency for 13 years and held my license for 19 years. There are many different types of policies. If yours is one that goes up every 1/5/10 years and eventually ends in your 60's, you probably have too much for your situation and it will eventually become unaffordable. You could drop the coverage amount to $100,000 and have coverage to fly family in at your expense, cover lodging, expenses, etc. Should something unexpected happen.

If the premium stays the same forever, which I doubt because it's so low, keep it. You can't go wrong at that price.

97% of term life policies never pay out, because as I said, they become unaffordable and people stop paying on them.

I'd be happy to explain some other options ( no sales pitch since I gave up my license. :) ) if you are interested.

ZCore13
I am an employee of a Casino. All the personal opinions I post are my own and do not represent the opinions of the Casino or Tribe that I work for.
Tanko
Tanko
Joined: Apr 22, 2013
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August 20th, 2013 at 3:24:22 AM permalink
deleted
Last edited by: Tanko on Mar 10, 2016
charliepatrick
charliepatrick
Joined: Jun 17, 2011
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August 20th, 2013 at 6:11:31 AM permalink
As has been said most insurance is -EV, and except for legal ones like motor insurance, my advice is if you can afford the worst case scenario then take the risk yourself. Sadly some worst cases are so bad that taking things like travel insurance has become a must.

As to pensions annuities etc. - best of luck and try to live as long as possible!
Buzzard
Buzzard
Joined: Oct 28, 2012
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August 20th, 2013 at 6:39:14 AM permalink
So the insurance company is betting that you will live, and you want to bet they are wrong ? ? ?
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
beachbumbabs
Administrator
beachbumbabs
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August 20th, 2013 at 9:47:34 AM permalink
IIRC, FEGLI premiums change (go up) in birthday years ending in 0 or 5. However, there is NO comparable benefit out there for the money. (I'm guessing you're in for parts A,B, and C to get to 400K) I would keep it if I were your age, since it's not just life, but dismemberment/loss of eyes/etc. You can't predict the drunk driver coming around the next corner, or a hundred other disasters beyond your control. It's 1 Starbucks/week.
If the House lost every hand, they wouldn't deal the game.

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