PSA - Buy Life Insurance

**Stu Gotz** · 08-15-2020, 12:29 PM

If you have loved (or unloved) ones that depend on you, get yerself some life insurance.

People will think less of you if you don't. And you won't be around to defend yourself.

**hutash** · 08-15-2020, 01:05 PM

It all depends on who dependent and what kind of estate/savings you have. Many people with life insurance didn't need it, and other who need it don't have it. Whether to have it depends on you point in life, and should be part of a could financial plan. More important then LI is financial planning, and having LI may or may not be useful.

Currently our only need for it is as a tax plan to keep IRS at bay.

**VTeton** · 08-15-2020, 01:55 PM

I broke down and got life insurance when we jumped to a bigger mortgage. Got enough to pay off the mortgage. Leaves the savings intact and the wife works.

The wife needs to get some to though. I got a 20 yr term so kids will be out of college when it expires.

**Kevo** · 08-15-2020, 02:10 PM

When does it make sense if you don't have dependents?

My estate would be enough to bury me, provide an outstanding stardard of living for my dog and buy my parents a vacation home.

I started the process of buying life insurance a couple years ago but ran into all kinds of road blocks because of a history of high altitude climbing. I've been thinking that instead of buying life insurance, I'd maybe be better off with long term disability insurance at this point.

**byates1** · 08-15-2020, 02:24 PM

^ long term disability was good when my parents bought it 40 or so yrs ago. then they figured out( ins co) they pay out way more than they take in. talked w some ins guy and got real w him, he was like yeah, no, way high premiums for shit essentially.

**old goat** · 08-15-2020, 03:15 PM

Not life insurance; disability insurance. If you die let the family fend for themselves, plus they won't have you to feed. And if the sell of all your toys--20 pairs of skis, $5000 espresso machines, etc they should be pretty well set

**Benny Profane** · 08-15-2020, 05:05 PM

And write a damn will already.

**k2skier112** · 08-15-2020, 07:06 PM

Originally Posted by Benny Profane

And write a damn will already.

We're guilty of not doing this yet

Cashed in my Life insurance policy to pay off the mortgage

**Core Shot** · 08-15-2020, 07:16 PM

Originally Posted by Kevo

When does it make sense if you don't have dependents?

It doesn’t

Term life makes sense with kids. Whole life is expensive and takes decades to become an “investment”

Die broke. Live large. Ski (if they allow it anymore)

**Lone Star** · 08-15-2020, 07:53 PM

I have no dependents but have considered taking out a policy so that my nieces and nephews can have a fuckin good time on my (

) dime if I don't live long enough to show em a good time myself.

**Toadman** · 08-15-2020, 08:07 PM

Originally Posted by Benny Profane

And write a damn will already.

This. Had a friend lose her husband unexpectedly. (He had a nice life insurance plan from what she mentioned) Took about a year to work through the probate courts to get everything resolved. Luckily, no one on her husband's side of the family were assholes and tried to contest anything.

**old goat** · 08-15-2020, 09:03 PM

A year's not bad, even if there's a trust, which is what you need to avoid probate, ( A trust is a way to pay a lawyer a lot of money now to avoid paying it a LOT of money later,)

**liv2ski** · 08-17-2020, 04:57 AM

Legal Zoom Trust will not set you back much. Time to update ours, it has been awhile.

**XXX-er** · 08-17-2020, 08:38 AM

Originally Posted by Core Shot

It doesn’t

Term life makes sense with kids. Whole life is expensive and takes decades to become an “investment”

Die broke. Live large. Ski (if they allow it anymore)

buy term and invest the rest

whole life is an incredibly bad deal and in fact its not an investment, for what you pay in premiums you get fack all payout compared to what you could with term

IBM'ers used to die in < 3 yrs after retirement so as part of the cradle-to-grave thing they gave us all small term policies to pay for the funeral but oherwise i don't need insurance cause no body depends on me

I did just get the will done due to Covid which I had been putting off for years

**Cono Este** · 08-17-2020, 08:48 AM

Originally Posted by XXX-er

buy term and invest the rest

whole life is an incredibly bad deal and in fact its not an investment, for what you pay in premiums you get fack all payout compared to what you could with term

IBM'ers used to die in < 3 yrs after retirement so as part of the cradle-to-grave thing they gave us all small term policies to pay for the funeral but oherwise i don't need insurance cause no body depends on me

I did just get the will due to Covid which I had been putting off for years

Disclaimer: life is less than 1% of my book.

Every product exists for a reason, but not every product is for everyone. That goes for stocks, annuities, whole life, term life, credit default swaps etc.

I will never sell term to someone over 60. Worst deal ever.

The argument of “just buy more stocks”, is usually coming from someone with their own agenda.

In short, life insurance is best for the supremely rich triggering estate taxes, the poor, or the heavily in debt with kids.

Never buy more than u can afford, especially stocks if you’re going to puke it out in the next pandemic.

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**Timberridge** · 08-17-2020, 09:02 AM

My wife has a really big policy on me. I was watching ID network and seems lots of people get killed for their policies. Should I worry?

**XXX-er** · 08-17-2020, 09:02 AM

House agents are worse than lawyers, i had a family member who was a house agent they tried to sue him unsucessfully after he went to being a broker & selling anyones products I think it was something about no-compete. People definatley need insurance, small business loans need insurance for the entrepreneur type, all the employees need insurance, dental plans ect

but not whole life

Yeah the agenda is the insurance companies want your money

the payout on whole life is a joke

when you need insurance pay for pure insurance, when don't need it stop paying,

I had term with IBM until I retired after that I didn't need it

60+ with no dependants, investments & cash on hand ... I would be stupid to buy anything from you

**Toadman** · 08-17-2020, 09:11 AM

Originally Posted by Timberridge

My wife has a really big policy on me. I was watching ID network and seems lots of people get killed for their policies. Should I worry?

Yes. Watch some "Murder She Wrote", episodes to see how she will off you.

**Cono Este** · 08-17-2020, 09:13 AM

Originally Posted by XXX-er

House agents are worse than lawyers

Yeah the agenda is the insurance companies want your money

the payout on whole life is a joke

when you need insurance pay for pure insurance, when don't need it stop paying,

I had term with IBM until I retired after that I didn't need it

60+ with no dependants, investments & cash on hand ... I would be stupid to buy anything from you

YOU don’t need it. You have no dependents, you have cash etc. I think I said that.

Stop speaking for others. Think beyond yourself. And call dont me when your stocks go to shit. Call Dav Ramsey, if you can find him.

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**Timberridge** · 08-17-2020, 09:20 AM

Originally Posted by Toadman

Yes. Watch some "Murder She Wrote", episodes to see how she will off you.

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?

**Benny Profane** · 08-17-2020, 09:26 AM

Don't let her watch Ozark.

**hatchgreenchile** · 08-17-2020, 09:27 AM

Originally Posted by Stu Gotz

If you have loved (or unloved) ones that depend on you, get yerself some life insurance.

People will think less of you if you don't. And you won't be around to defend yourself.

I'm looking forward to hearing your 'Infinite Banking' pitch
There is a reason life insurance agents make stupid commission on these products.

**XXX-er** · 08-17-2020, 09:35 AM

Originally Posted by Cono Este

YOU don’t need it. You have no dependents, you have cash etc. I think I said that.

Stop speaking for others. Think beyond yourself. And call dont me when your stocks go to shit. Call Dav Ramsey, if you can find him.

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what are the life insurance companies investing in magic beans ?

whole life is right up there with drinking bleach

I am thinking beyond myself when I warn the masses ... look out for the mortality merchants

**Cono Este** · 08-17-2020, 12:11 PM

Originally Posted by XXX-er

what are the life insurance companies investing in magic beans ?

whole life is right up there with drinking bleach

I am thinking beyond myself when I warn the masses ... look out for the mortality merchants

You just can’t think beyond yourself.

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.

AARP will sel them a 10 yr term, with a cheap add that says $25 a month for 100k!! Then it goes up in price every 3 yrs, and the term ends at 75. = total waste of money!

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, but you are not speaking for every persons needs, just your own. In short, you’re ignorant., narrow minded, and over opinionated. Sorry.

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**spanghew** · 08-17-2020, 12:42 PM

Originally Posted by Timberridge

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?

I knew people from Camden who would just as soon kill you as look at you.

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