LIFE INSURANCE

[awg]

Was wondering how many people here have Life Insurance. At work here they are offering a extra plan that you can get at your expense to add to what the company offers. Hate to have to think about it but as you get older I guess its normal. Curious if anyone has prepared for, the.... well you know.

 

[Iman]

is it a term or whole life policy?

 

[FrankBDPS]

I am worth more dead than alive.

 

[HMAN]

Since the sextuple bypass, I can't get ANY life insurance. When I go its gonna be a real tragedy.

 

[awg]

The company pays for term Life for its employees. $60,000. The "extra" insurance we can purchase it also term.

 

[coachk]

I have a pretty hefty Life Insurance policy. Here's why.....when my wifes father passed away he only had a 10K policy and it caused a lot of hardships for her mom. I won't let that happen to my wife and kids.

.

 

[Srodden]

I do on myself and the wife both company sponsored and we added to them like 6 times yearly salaries and it's enough to pay everything if either of us passed and we have done so for 15 years I am 50 now.

 

[Iman]

I have both - term and whole life. I even have whole life on my wife and kids. I have seen the hardships on family with no insurance and i do not want to take the chance

 

[mirage814]

Has special needs kid and a teenager, so have very large term policy that runs til I am 70. Also fly planes in spare time, so want to make sure they are well taken care of.

 

[awg]

Yea the 70 thing kind of sucks. You pay all the premiums and when you hit 70 they wont insure you in some cases. As this one. Its sad to say that you will get your money's worth by passing away. And thats if you can afford the cost all those years.

 

[Reaper]

My airline provides some, but I don't buy any additional. For me it's a waste of money, no wife and kids.

 

[mirage814]

Het Reaper I thought you got rid of your bike?

 

[Viking]

I am also worth more dead than alive, a lot more actually and its all provided by the company I work for. Just don't tell my wife that she will be an instant millionaire if I die....

 

[Woody1127]

I have it through work and on the side. I'm worth more....also. Wife and I have separate policy's with the kids on both (kids double insured). The insurance guy has been divorced and recommended separate policy's. I don't remember exactly why but he had good reasons.

 

[bearman]

I listen to a financial guy (can’t remember his name) on talk radio that says whole life is a waste of money and only recommends term, and then the amount depends on how you want your dependents to live after your gone. Like if your wife has a carreer then you only need enough to pay off the debt you owe because she will continue to have an income. If the wife don’t work, then you will need more to pay off the debts and provide an income for her after your gone.
If you have no dependents, then he says life insurance is a waste of money. He also recommends lowering the amounts as you get older and get the mortgage paid down.

 

[Trainguy]

Yea, I'm worth more dead than alive, that's why I have to sleep with one eye open.

 

[Reaper]

Het Reaper I thought you got rid of your bike?

I did, didn't get another bike so just using the pics of my Ridgeback that I use to own.

 

[rhino17]

I listen to a financial guy (can’t remember his name) on talk radio that says whole life is a waste of money and only recommends term, and then the amount depends on how you want your dependents to live after your gone. Like if your wife has a carreer then you only need enough to pay off the debt you owe because she will continue to have an income. If the wife don’t work, then you will need more to pay off the debts and provide an income for her after your gone.
If you have no dependents, then he says life insurance is a waste of money. He also recommends lowering the amounts as you get older and get the mortgage paid down.

Bet the financial guy you are listening to is Dave Ramsey. He says the whole life premiums are expensive and the returns aren't very good, and you are better off buying a term policy which has cheap premiums. I have a group policy at work and another term policy on the side.

 

[BBChopper]

My airline provides some, but I don't buy any additional. For me it's a waste of money, no wife and kids.

Dude you have me! WTF?

 

[Reaper]

Dude you have me! WTF?

:lol::lol: You are right Paul, sorry about that.