I don't plan on being dead any time soon, but it's not a bad time to plan for it. Not too many people think about purchasing life insurance until they are over the hill (apoligies to those who already are :run, but when that time comes, it'll be too late to purchase affordable life insurance enough to cover all of your debts (funeral, hospital, home, auto, credit cards, etc.). Please correct me if I'm wrong but I understand that when you die and you die with debt, your spouse and kids are forced to carry the burden of paying your debts and it'll affect their credit. When I'm 75 years old and retired, will my insurance benefit I buy today cover my expenses in the year 2050 (think inflation)? Will my family even be able to afford it when I'm unable to generate $$ to pay for it? Fact: buying whole life insurance (where the policy doesn't expire until you reach age 100) when you're 60 years old will cost about $375/mo on a $100,000 insurance value. What do you guys think about life insurance? Think it's worth it when you're younger and able to pay or older when your kids can afford it?
I got it for the simple reason that I'm at a bit more risk due to my other jobs. The thing that sucks is my premium is a bit higher for the simple fact that I'm a firefighter. Of course, I can go skydiving now and not worry about it going up :laugh:
I am in Insurance land too. I think that it's ... bah you don't wanna know what I think. Ask pete ...
I have a policy through Illinois Farmers Insurance, I pay around $27 dollars a month. It is taken directly out of my savings every month. I started it when I was 18 and I've had it for 7 years now, I believe there is around 35K to 40K in it now.
Sounds like someone has been thinking ahead. LOL Fonger-Alot of your concerns can be handled with preplanning. Alot of people fail to plan ahead and thats reality. The whole idea of Insurance in general to get you back to where you were before the loss, its intent is not for benefit but for suppliment. So in the example of a life insurance Policy, the beneficiary will receive the death benefit amount, which is suppose to suppliment their income and final expense (what ever you amount you purchased). As far as your concerns, its best to purchase Life Insurance when your young, because your healthy, less chance of death so your it cost less, and you can easily convert it over when you get older to a whole life or annuity. So if your young and your planning ahead, I suggest buying Term, stratch it out over +25yrs w/convertable riders and accelerated death benefit and other rider to your needs. The reason for Term is it cost less and you should invest the difference for retirement and college funds, what ever. You get more coverage for less. So the idea is this when your young you need to save more for when you get old, and when your old if you did it right you will need less as in final expense(funeral). As far as amount, if your planning on supplimenting your love ones than here's an example. 1 child raise till 25yrs old-Goal-4yr college, car, your income, final cost, inflation and misc. (keeping it simple) 1 child 4yr college $60k Car $30 Income $30k x 25 yrs = $750k Final cost $10k misc $20 k $870k Policy Its kinda confusing, but hope this helps. If your serious I would advise to talk with a financial consultant/planner. Enjoy! Cheech
Cheech...you are worth too much alive...lol Live<R.I.P. that's if u have 870k coverage...Plus I think if you are dismembered it is doubled...*hint* haha There goes my open casket
It isn't always that easy. Sometimes ownership gets in the way. Make sure you're the only person on your policy, the insured and the owner. Because say, if you're the owner, and your wife is the insured, and you get a divorce - 20 years down the road you may not know where that person is to convert it. I do this all day
Just another note, regardless if you have kids or not, the day you die someone will have to bury your a$$ and its going to cost some bling. So considering the fact that your Hmong it going to cost quite a bit, because its going to be a few days and a party w/lots of food and friends. And if you leave it to your kids to purchase a policy on you, in some cases these days its like them waiting to collect on a jackpot. A benefit to owning your own policy is more than likely your kids will take better care of you in your later years. You'll never know till you get there.
Completely true, I didnt know how excited MNsubaru members were going to get talking about Life Insurance. LOL Of course there are many discritancies we could discuss on here so read the fine print, ask an expert, ect and I am no expert, but we do have some on here. So ask away. Thought I'd keep it simple! :laugh:
if you say that to me I would say you gota increase my life insurance 10x more...I'm gonna die faster with that....hahaa...
Buy permanent insurance now if you can afford to whether Whole Life, Variable Universal Life, or Universal Life that is other than a fixed interest rate product(ie indexed). You can get term and convert it later but you will pay a higher premium when you convert it because you will be older when you do. Call me and we can chat about it. Term and invest the difference is NOT the way to go.
It wouldn't be the stench it would be the massive coronary had while trying to actually pass 2 of those. Or 3 if he were to attempt the 3BC.
I'd put a warning sign up for the rescue crews that have to go in and get the body, at least let them put an air pack on. I'd recommend a HazMat placard. Either that or instruct whoever calls 911 to say that 3riks house is a meth lab.
totally different then that...im not killing dogs, and i dont live in a trailor, and i dont whine about doing nothing for not enough money.
LOL! Great advice, guys! Life insurance is something that's important not for me but for those who (as mentioned) will be burying my a$$. Considering I sometimes drive fast (on a closed-course only. duh), if I were to die becuase of my stupidity or by someone else's stupidity, I wouldn't want those to suffer. Pete, so you're saying term is not the way to go. I'd like you to talk about it more so I'm going to play devil's advocate. What if you own a $250K house and have 2 cars and growing kids under joint loans... would a $300K term life insurance work better than say a $200K whole life insurance? I'd like your opinion for the short-term and for the long-term. At what age does average males die anyways? I do not want to live past 85 years old because I don't want no fat nurse wiping my butt every day.
I think - since you're young - right now your best bet is to get a variable product, fixed is not going to help you (think - inflation - your 250K may not mean **** in 30 years!)
Don't get me wrong, term is better than no insurance any day of the week and most term plans allow you to convert later. My advice is get what you can afford and get into permanent insurance sooner as opposed to later - you never know what health issues are in store for you later in life. I see so many people every day getting stuck in the term rut and pretty soon yur 50-60 and have no permanent coverage. And believe me if you think the premiums are expensive now imagine what they are like 30 years from now. I don't like buy term and invest the difference because that term premium eats into your investment principal and whatever you are investing in for your side fund is going to have taxable gains and taxable principal if its a qualified plan. With permanent coverage you can access tax free income later and with no 59 1/2 penalty. For the above scenario you could do a smaller death benefit permanent plan with a term rider or you could do a 2 policy split concept, 1 permanent and 1 term. yes I second what Steph said, yur young get into a variable or indexed plan depending on what your risk tolerance is for loss. Whole life is the safest but its very expensive.
also might I add...u can have more than 1 Life policy...My wife has multiple ones from different insurance co.
unfortunately I have issues with mine...so it is impossible to get unless I can control my diabetes...which I can, when I'm dead...since I won't be able to eat anymore...
LOL make sure the insurance companies don't see that, they may rate your policy for severe mental illness.
Good call. However, Fong was made a female. To get female rates one must be born a female. I had to find an answer for this for several agents on phone calls throughout the years.
