who has life insurance? if so how much?
- Thread starter Blu Du
- Start date
R
RMK7SledHead
Well-known member
$400k SGLI through the USMC.
$100k personal through a small insurance company back home.
Should cover my debt and a few other things if I die.
Single, and no kids (that call at least).
$100k personal through a small insurance company back home.
Should cover my debt and a few other things if I die.
Single, and no kids (that call at least).
$150 K universal life
2 x base pay thru work + $250 K accidental death
$125 K universal life for wifey
2 x base pay thru work + $250 K accidental death
$125 K universal life for wifey
I took out a policy for my wife after my mangagers let me know they where concerned about me dyng in one of my many fun activities. My business also took one out on me for the same reasons.
tim
tim
Yep, have coverage. Just don't get caught up in the amount that someone else has. You need to decide what you want life ins to do for YOU. Do you want your wife to keep working? or start working if not already? Do you want your kids to go to college if your not there to help pay for an education?...etc Sorry, there are many variables as to the amount, but I commend you for taking care of your family if something were to happen to you.
Another type of plan that's worth looking at is a critical illness policy. They have a predetermined payout amount based on the disease / illness and most of them have a return of premium rider. Say you're diagnosed with cancer and can't work during treatment. That's when you need money the most. This covers you in that situation.
$400k SGLI through USMC.
B
buck50
ACCOUNT CLOSED
got that too, good stuff, especially with the ROP rider!
Have multiple polices, Key man for work, for family, and for large debts on properties.
Don't tell them you sled, paint a picture that you are a boring man who does nothing but sits around the house.
I am a 3000+ hour pilot, motorcycle, dirt biker, sledder who pay out the teeth of insurance but I have 3 kids, a wife, business responsibilities, properties so on.
Don't tell them you sled, paint a picture that you are a boring man who does nothing but sits around the house.
I am a 3000+ hour pilot, motorcycle, dirt biker, sledder who pay out the teeth of insurance but I have 3 kids, a wife, business responsibilities, properties so on.
I have 3 kids, wife, mortgage, vehicle loans and etc. My insurance agent sold me on a few hunred thousand in term life and some disability insurance. I am with you on the holding out but i want to make sure if I am gone they are not left out in the cold. Like others said each persons needs are different. I would suggest finding an agent who is not only interested in selling you as much as they can and go through your options. Then make your call.
S
swrev
Well-known member
Don't worry as to what type of insurance you are going to have so much as making sure you have enough coverage. The type really depends on your financial situation and what works best for you (term vs whole/permanent).
A few people mentioned Return of Premium. In my opinion you are generally better off investing the difference rather than buying the rider. If you ever use the insurance, the rider premium is not refunded so you have effectively increased the premium. The person who comes out the best is the agent who sold it to you. I am in insurance and investments -not licensed in your state so I won't be trying to sell you anything- feel free to PM w/ any questions.
this is what i have came up with (it maybe what you are saying?). i think i will go term and invest the other monies myself. i already have investments also. it is just stupid that i have not done this yet. it really hit home last month when i was out west with a relative sledhead_1 who lost his wife a year ago and was saying how greatful he was that he had a policy on her.
I have 55k on a VUL (Variable Universal Life which is whole or permanent) with a $500k 10yr term life rider. I sold it to myself when I sold insurance and investments. I bought mine and structured it this way for a reason which doesn't work or appeal to everyone. I would advise that you not get tips about buying insurance online. Talk to a couple agents for evaluation and sells more than just term also. And never replace a whole life policy that has been in force for a few years with a term policy. I don't know how many people I saw screwed over by a company talking people into doing this when they could have rolled it to a pay in full and reduce the face value of the policy and never make a payment on it again and they will have it until the day they die. Same way with guys that were sold the idea pay on it for so many years and then not pay premium and let cash value pay the premuim until it runs out abandon it. Roll it over to pay for your funeral at least. And while term is much cheaper you also have to maintain insurability when it comes time to renew. I've seen people get declined at term renewal because of health issues and they are no longer insurable. These are just a few of the things to be aware of and bottom line you have to let it do what you want it to do for you, not what someone else thinks it should do. I never signed anyone based on my recommendation without them being fully aware of the possibilites. Some of you may think insurance agents are a-holes but we are the ones who have to deliver the check and face family. I never once wanted to have someone scoff me over their decisions based on my recommendations. I felt rewarded in the fact that I helped people make good sound decisions and even though it's tough, it is good to have the reassurance from a widow that thanks you for doing right by their family when you deliver the check. Again, go talk face to face with a couple of professionals that are regulated by the state you live in.
I dont see why anyone wouldnt have life insurance. Im 24, freshly married, just bought a house, and a truck. No kids. I took out 500,000 worth of coverage. It is like 20 something a month for me. It is way over kill for the things I have, but if I die, I want my wife to be debt free. There would be nothing worse than the agent telling you that this is all you get and its not enough to pay for the funeral even.
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Superjag
Well-known member
$750k on me, $2M on the wife. Just another area where I need her more than she needs me.
Free (unsolicited) legal advice: For those of you who have (or may yet) referenced any activities in your posts which might be deemed "hazardous" in the legal sense (or were specifically asked about on your life insurance application) and if, by chance, you may have indavertently failed to disclose those activities on your application, (speaking hypothetically, of course) do yourself a favor and delete/edit your posts. It would be consisdered unwise (again, hypothetically speaking, of course) to make public the any information which may give the insurance company reason to deny payment to your beneficiaries, for example, fraud during the application process.
Take it from somebody who worked with insurance companies for quite a few years. They are not all the greedy, insensitive monsters as they are often portrayed, but a few of them are. You certainly don't want to make it easy for them to not honor the contract.
Hypothetically speaking, of course.
Free (unsolicited) legal advice: For those of you who have (or may yet) referenced any activities in your posts which might be deemed "hazardous" in the legal sense (or were specifically asked about on your life insurance application) and if, by chance, you may have indavertently failed to disclose those activities on your application, (speaking hypothetically, of course) do yourself a favor and delete/edit your posts. It would be consisdered unwise (again, hypothetically speaking, of course) to make public the any information which may give the insurance company reason to deny payment to your beneficiaries, for example, fraud during the application process.
Take it from somebody who worked with insurance companies for quite a few years. They are not all the greedy, insensitive monsters as they are often portrayed, but a few of them are. You certainly don't want to make it easy for them to not honor the contract.
Hypothetically speaking, of course.
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None that I know of. Everything that I know is from personal experience over the years as an agent and managing agents. I can tell you that anyone who has a "friend" that can tell you what you should get and is not licensed should be avoided. That's like asking for advice on how to build a house from someone who's sole qualification is that they own a house. I wrote a bunch of stuff to Blue Dew in response to a personal question. I don't remember what all I wrote but if he responds I transfer some of things to watch for to this post.
