PSA - Buy Life Insurance

[El Chupacabra]

So let’s say a 65 yr old with no assets calls me. Their partner is worried about buying them with nothing. They live off 2000 a month, jointly.

... I explain this shit to them and give the guy enough to bury himself in whole life. Price does not change, and it’s permanent.

Edited some.

That's a pretty specific scenario in which whole life may be appropriate. What's the benefit payable on that policy, if it's enough to bury him, and nothing more? $10K?

I think for most people who are not in that specific scenario, and also who are not ridiculously wealthy such that whole life is a useful tax tool, a 10- or 20-year term life policy may make sense if they want to make sure they are taking care of their survivor(s) -- spouse (pay off a mortgage, leave some $ to live on), kids (pay for college, leave some $ to live on).

Obviously this is a big YMMV based on the person to be insured. Age, health, cost of premium, amount of benefit -- figure it all out and see if it's worth it for you. If you're 30, have a $500K mortgage, a spouse, two school age kids -- you may well want term life. If you're 50, no mortgage, kids are out of the house on their own, plenty of $ in retirement and/or other investments/savings -- you may have no need for life insurance of any sort.

[BmillsSkier]

**adds Camden to list of places to avoid after annual insurance review**

[ex-powderbroker]

if you’re under 35 with dependents go for it. after that it doesn’t make much sense, the price jumps dramatically.

[Danno]

In short, you’re ignorant., narrow minded, and over opinionated. Sorry.

yeah, but what's your point?

[yeahman]

My wife and I got a 20-year term policy with a 250k payout. Probably 10-12 years left on it. We figured that was enough to help the surviving spouse transition into the next phase, but not enough to tempt either of us to kill the other.

[XXX-er]

.

But Dav Ramsey said to buy term!!

Fuck that. I explain this shit to them and give the guy enough to bury himself in whole life. Price does not change, and it’s permanent.

As far as “investment”. “Returns”, it’s priced to have no cash value, only death benefit.

Yes, I hate the northwest mutual slobs selling everyone whole life




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who the fuck is Dave Ramsey

I think it might have been mutual ^^ that tried to sue the BIL and so right there you admit whole life is a scam

ignorant., narrow minded, and over opinionated would include just about everbody reading this AND quite likely include ... you

add to the above i would be richer for having never given any of my money to any life insurance co

[Cono Este]

Edited some.

That's a pretty specific scenario in which whole life may be appropriate. What's the benefit payable on that policy, if it's enough to bury him, and nothing more? $10K?

I think for most people who are not in that specific scenario, and also who are not ridiculously wealthy such that whole life is a useful tax tool, a 10- or 20-year term life policy may make sense if they want to make sure they are taking care of their survivor(s) -- spouse (pay off a mortgage, leave some $ to live on), kids (pay for college, leave some $ to live on).

Obviously this is a big YMMV based on the person to be insured. Age, health, cost of premium, amount of benefit -- figure it all out and see if it's worth it for you. If you're 30, have a $500K mortgage, a spouse, two school age kids -- you may well want term life. If you're 50, no mortgage, kids are out of the house on their own, plenty of $ in retirement and/or other investments/savings -- you may have no need for life insurance of any sort.

It’s like I said before, every product exists for a reason, but not every product is for everyone.

People that proclaim that stocks suck, annuities suck, whatever, are are usually ignorant, or have their own agenda. Sometimes both. I hate the dip shot stick broker pushing 100% equities as much as the dip shit life insurance agent.

When I had mega bucks, I’d stab someone in the eye if they tried selling me an annuity or life insurance. But life changes, it opens your eyes, and now I sell people too poor to bury themselves small whole life policies. It’s actually a huge mkt, but I only do it on request. Maybe 2-3 a yr.


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[Cono Este]

add to the above i would be richer for having never given any of my money to any life insurance co

That’s because you didn’t die. It all a waste if you live a full life.

I’m glad you didn’t die, but I’m not your beneficiary. Joke.


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[Dantheman]

if you’re under 35 with dependents go for it. after that it doesn’t make much sense, the price jumps dramatically.

I got a new term policy last year at 37. $20/mo, 20 years, $450k coverage. Seems cheap to me. I'm pretty healthy, though.

[old goat]

It's gotta be done in a way the coroner or cops can't suspect or they don't pay out right? i.e. if I get murdered randomly walking through Camden, she gets the $, but if she pays someone from Camden to do a hit, she doesn't get paid?

After she knocks you off she can rent rooms to pensioners, kill them, bury them in the backyard, and cash their ss checks.
https://en.wikipedia.org/wiki/Dorothea_Puente

[ex-powderbroker]

I got a new term policy last year at 37. $20/mo, 20 years, $450k coverage. Seems cheap to me. I'm pretty healthy, though.

you were two years off from paying ten bucks

[old goat]

My work gave me a shit ton of life insurance, no cost to me, which continued after I retired at a gradually decreasing amount until it zeroed at a certain age. Seemed like a great deal until I calculated how much income tax I was paying on the premiums my work was paying for me. So I canceled it.

My kid OTOH--pilot's license, skydiver, climbs big walls, and he's on a Special Operations Surgical Team in the AF. He actually tried to get life and disability insurance, with obvious results. Fortunately his wife will be a doctor in a couple of years if her osteopathic school can figure out how to educate her during a pandemic.

[hutash]

Don't do a will, make a living trust. Wills and probate are a pain in the ass (unless of course you want your survivors' lives to be miserable. They don't have to be that expensive to set up.

No dependents, no need for life insurance unless there is somebody or organization you want to leave money to. If you and your family have enough to live well without insurance then you don't need it, unless there are tax consequences. Wife and I are both professionals pulling down good incomes, so if one of us kicks off, not great loss. If both of us do, then it is/was a big issue for our kids. We also had certain tax liabilities due to investments, so we did get certain forms of insurance. Now that the house is paid, kids are independent and changes in our investment portfolio, we dropped most of our life insurance. In other words, it may not be a simple yes or no answer as to whether to have it or not. Life insurance (and disability insurance) should be considered as part of an over all financial plan.

[Timberridge]

My wife and I got a 20-year term policy with a 250k payout. Probably 10-12 years left on it. We figured that was enough to help the surviving spouse transition into the next phase, but not enough to tempt either of us to kill the other.

That's reasonable, although some people on those ID shows got popped for less. Buy a term policy when you're young...but after you go through your motorcycle and sky-diving phase. The rate stays fixed for the duration. Set up a trust for the kids for that to roll into if you get popped in Camden. You have peace of mind that the family is taken care of.

[Cono Este]

Don’t forget insurance for the living. More important if you ask me. Disability etc.

I don’t own any, but I know a doctor who without it would be screwed. Injured his spine body surfing and could not operate again. Had millions in disability. Pretty standard stuff for doctors and dentists I think . Think about what you spent on medical school and protecting future earnings.


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