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| Life Insurance https://mail.chicagofanatics.com/viewtopic.php?f=47&t=81940 |
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| Author: | badrogue17 [ Tue Sep 24, 2013 11:59 am ] |
| Post subject: | Life Insurance |
Guess this is more for the married dudes on the board but do you have it and how much? We are looking into a term policy but these dudes always try to talk you into the 10x your income policy and theres no fucking way Im paying that much for it. Was thinking maybe 250 to 500 k range. Enough to give a few years breathing room should something happen to either of us. |
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| Author: | denisdman [ Tue Sep 24, 2013 12:02 pm ] |
| Post subject: | Re: Life Insurance |
badrogue17 wrote: Guess this is more for the married dudes on the board but do you have it and how much? We are looking into a term policy but these dudes always try to talk you into the 10x your income policy and theres no fucking way Im paying that much for it. Was thinking maybe 250 to 500 k range. Enough to give a few years breathing room should something happen to either of us. $250k is probably enough for most. It's pretty cheap these days, so $500k would be sleep at night. |
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| Author: | spmack [ Tue Sep 24, 2013 12:04 pm ] |
| Post subject: | Re: Life Insurance |
denisdman wrote: badrogue17 wrote: Guess this is more for the married dudes on the board but do you have it and how much? We are looking into a term policy but these dudes always try to talk you into the 10x your income policy and theres no fucking way Im paying that much for it. Was thinking maybe 250 to 500 k range. Enough to give a few years breathing room should something happen to either of us. $250k is probably enough for most. It's pretty cheap these days, so $500k would be sleep at night. More like sleep "with one eye open at" night. |
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| Author: | Terry's Peeps [ Tue Sep 24, 2013 12:05 pm ] |
| Post subject: | Re: Life Insurance |
$500K is enough. |
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| Author: | Brick [ Tue Sep 24, 2013 12:07 pm ] |
| Post subject: | Re: Life Insurance |
badrogue17 wrote: Guess this is more for the married dudes on the board but do you have it and how much? We are looking into a term policy but these dudes always try to talk you into the 10x your income policy and theres no fucking way Im paying that much for it. Was thinking maybe 250 to 500 k range. Enough to give a few years breathing room should something happen to either of us. You'll want at least enough to pay off your car + house + whatever other debt you have and the ability to equal the income of the higher earner for at least 5 years.
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| Author: | Frank Coztansa [ Tue Sep 24, 2013 12:09 pm ] |
| Post subject: | Re: Life Insurance |
Rick is correct. That's why Dr Ken has a $40million policy. |
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| Author: | spmack [ Tue Sep 24, 2013 12:14 pm ] |
| Post subject: | Re: Life Insurance |
And now I see the rising head of Cris Collinsworth selling me life insurance on the banner ads. |
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| Author: | Bagels [ Tue Sep 24, 2013 12:16 pm ] |
| Post subject: | Re: Life Insurance |
go with Colonial Penn |
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| Author: | Rod [ Tue Sep 24, 2013 12:27 pm ] |
| Post subject: | Re: Life Insurance |
A term policy is definitely the way to go. My own family members argue with me about the "advantages" of whole life. In reality, there are none. |
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| Author: | NearWessSideHussra [ Tue Sep 24, 2013 12:37 pm ] |
| Post subject: | Re: Life Insurance |
Yeah, make sure you get enough so that your wife's new guy doesn't have to work and can just play X-Box and smoke weed all day and she can buy him a Scion with an iPhone port for beer and cigarette runs: http://www.dailymail.co.uk/news/article ... vorce.html and if the insurance policy isn't enough she won't be able to afford a professional hitman and will have to arrange for the landscaper's cousin to do the job on the cheap with a set of pruning shears. |
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| Author: | denisdman [ Tue Sep 24, 2013 12:56 pm ] |
| Post subject: | Re: Life Insurance |
spmack wrote: And now I see the rising head of Cris Collinsworth selling me life insurance on the banner ads. I got one for SBLI insurance, which is a life insurance company that stopped writing insurance after the subprime crisis. They have since resumed writing coverage but I found that funny. Buyer beware. |
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| Author: | Spaulding [ Tue Sep 24, 2013 4:00 pm ] |
| Post subject: | Re: Life Insurance |
My husband has whole, we will probably cash it out when the kids are in college. I have term and its not for a lot. I know we could buy him term and invest the difference but this is working for us. |
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| Author: | jimmypasta [ Tue Sep 24, 2013 4:41 pm ] |
| Post subject: | Re: Life Insurance |
I'm insured for quite a bit which makes me wonder how I'm still breathing. |
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| Author: | Bucky Chris [ Tue Sep 24, 2013 4:56 pm ] |
| Post subject: | Re: Life Insurance |
We each have a term and we each have a whole. The whole is more of a savings vehicle than anything. |
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| Author: | Darkside [ Tue Sep 24, 2013 7:26 pm ] |
| Post subject: | Re: Life Insurance |
Just get enough to plant you when you kick it. |
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| Author: | Nas [ Tue Sep 24, 2013 8:29 pm ] |
| Post subject: | Re: Life Insurance |
Darkside wrote: Just get enough to plant you when you kick it. If you plan on sticking around for a while you should pay for you funeral now (it will save thousands at the very least). The amount of life insurance you get should be based on your finances. You don't want to get too much where you can't afford it if you lose your job. I would suggest tying some type of annuity in with it. Kill 2 birds with 1 stone. |
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| Author: | Don Tiny [ Tue Sep 24, 2013 8:39 pm ] |
| Post subject: | Re: Life Insurance |
One thing to consider that might not ever be brought up is, if you die, how long do you think is "long enough" before it's time for your wife (or whoever) to go back to work? Then, how old will your kids be, and what monetary considerations might be necessary (e.g., maybe young enough to need daycare or babysitting, older then it's getting time for college). When you plan for life insurance, do not ever consider anything that constituted "catching a break" ... you start high then make a very definitive and convincing case to lower it. If they aren't interested in working up fairly detailed and intelligent plan, then you need to find a different company or agent. They should have a multitude of programs available where they can punch in YOUR information into it and bring back some pretty graphs that are not a bad way to help judge what you feel is appropriate. Don't rule out having some permanent insurance as well. Variable life insurance (I think that's it) is a best of both worlds (unless you're really super, duper healthy .... odds alone say you're not). Full disclosure, I have a 70k universal policy that carries a cash value as well and it is not prohibitively expensive, even by my very, very meager standards. Be sure to not just shop on price ... it's important, but it's not the most important thing. Your comfort level is paramount .... however you reach the maximum comfort level is obviously up to you, but researching both with the internet as well as with trusted family/friends is as important a step in the buying process as any of it. |
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| Author: | Don Tiny [ Tue Sep 24, 2013 8:41 pm ] |
| Post subject: | Re: Life Insurance |
One other thing ... never buy 'mortgage protection', or other similarly titled products, from your lender .... you lose all control over the proceeds as they are only interested in getting their money back .... it is not designed to help your family purchase new socks let alone live after you snuff it. This is universal advice, not just advice to you. |
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