wroberson
wroberson
Joined: May 11, 2011
  • Threads: 19
  • Posts: 426
August 21st, 2013 at 3:14:08 PM permalink
I'm considering life insurance. I can get 250k for 31 bucks a month. Like the OP I don't have any kids, but I have a 1 year old great nephew.

As for not paying out, we found 16,000.00 online that was an insurance policy my grandpa took out on my sister. It's weird for sure. The policy was left to my dad who had passed away in 2003. My mom filled in the paperwork and a few days later me, my mom, and my young sister each got a check for over 5K. His policy was, he put 10k into a whole life policy and the 10K just sat there earning interest.

If you got it, you can put 10k into an annuity and list your sister as beneficiary.
When you die, she'll have enough to cover the funeral and party.
You can also add to the annuity as you wish.

My mom died on the 9th this month and I have half a house and half annuities, 401k and life insurance coming my way. I got a quote that says 100k annuity will pay me 468 per month for the rest of my life. And if I make it another 50 years the amount of money received monthly will total 256K. If I make it 30 years, then it's 180k. A 10 year annuity will pay me 1100 per month. Annuities are safe investments. If you continue working while collecting them, you can be pretty safe.

Then there are the savings bonds. I have been buying them and many are about to be due.

If the policy is building equity that you can cash out keep it. Keep it anyway to pay for the party once you're gone.
Buffering...
djatc
djatc
Joined: Jan 15, 2013
  • Threads: 83
  • Posts: 4477
August 23rd, 2013 at 12:04:04 AM permalink
I should really look into what life insurance covers.... if it does cover medical treatments it might be worth keeping. I have a reserve Tricare health/dental but probably won't cover too much. I did get my wisdom teeth taken out while I was on active duty orders which cost me nothing.

Insurance is the one thing I never bothered to research. I figure I get work done or something fixed and insurance will take care of it. Probably not the best way to handle medical problems.

Also life insurance makes no sense if you are the youngest in the family. I'm going to outlive my mom under natural circumstances so I would have to change my beneficiary anyway. The rest of my extended family all are well off, so I feel like I'm paying this even though I don't need it. Perhaps I will lower the coverage. I don't plan on having kids. I'm not just saying that because I'm young and will change my mind but I feel they are extremely -EV in lifestyle changes and finances. Also for getting married. Everyone ends up divorced anyway. That's just more money to burn in lawyering up.

Actually I thought about it and there are factors which could cause early death before my parents:

Smoking
Getting deployed

but even then who knows?
"Man Babes" #AxelFabulous
TomG
TomG
Joined: Sep 26, 2010
  • Threads: 16
  • Posts: 2382
August 27th, 2013 at 10:16:26 AM permalink
When I was in the Reserves I paid a few pennies per month for $10 000. If I dropped it completely, it required a physical and could be denied if I wanted to pick it up again; but by maintaining some coverage, I could raise it to the max any time. For some things that go on in the military it could become +EV

Las Vegas is the fight gym capital of the world. Just go to ones near where you live and ask for a day or week pass and find out which ones seem like a good fit for you. Many of them will let you try them out complimentary or only a small fee
CammieGalle
CammieGalle
Joined: Sep 29, 2014
  • Threads: 2
  • Posts: 9
January 20th, 2015 at 9:18:31 AM permalink
Hi,

Insurance is always important as it supports your family after you are not there. So I have a family and I do have 2 insurance plans.

If you are using Equity, so it is somewhat affected by market ups and downs. I suggest to have a policy with static returns (go for a big policy, with minimum yearly premium), so that your family gets a huge amount when they need it most. Have a visit to this life insurance link, I just visited today.

Regards
djatc
djatc
Joined: Jan 15, 2013
  • Threads: 83
  • Posts: 4477
January 20th, 2015 at 12:33:34 PM permalink
Quote: CammieGalle

Hi,

Insurance is always important as it supports your family after you are not there. So I have a family and I do have 2 insurance plans.

If you are using Equity, so it is somewhat affected by market ups and downs. I suggest to have a policy with static returns (go for a big policy, with minimum yearly premium), so that your family gets a huge amount when they need it most. Have a visit to this life insurance link, I just visited today.

Regards



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"Man Babes" #AxelFabulous

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