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Do you carry Life Insurance? #4778005 06/05/18 09:50 AM
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ZZman Offline OP
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Life can sometimes bring tragedy. Financial pressures as a result can be very stressful. Are you prepared or take your chances?

My wife and I have had term life insurance since the kids were born over 32 years ago. But as the terms expired and our ages have increased, we have had to lower coverage to keep the premiums reasonable.

I just couldn't imagine leaving my family struggling if something happened.

Last edited by ZZman; 06/05/18 09:55 AM.

2003 Mercury Grand Marquis.
2007 Hyundai Santa Fe AWD.
2005 Toyota Avalon XLS
Re: Do you carry Life Insurance? [Re: ZZman] #4778008 06/05/18 09:57 AM
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sasilverbullet Offline
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Seems we're about the same age.

It depends on what you're wife would need if you pass. I had to go down to 100K when I hit 60, was at 500K.

Not cheap, but shop around, you should be able to get 100K for around $100 a month.


03 Porsche 911 Liqui Moly Leichtlauf High Tech 5w-40 & Ceratec & Mahle filter
14 Honda Accord 4dr EX-L 4cyl-M1 5W-30 & WIX
02 Chevy 5.7L van-GTX HM 10W-40 & WIX
Re: Do you carry Life Insurance? [Re: ZZman] #4778011 06/05/18 10:00 AM
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robertcope Offline
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Of course. At 41, with a wife and a five year old, it would be crazy not to. At the very least, I want my wife to be able to start clean with zero debt.

Re: Do you carry Life Insurance? [Re: ZZman] #4778025 06/05/18 10:11 AM
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cashmoney Offline
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Absolutely no need for life insurance as you age and kids are gone assuming you have built a reasonable retirement fund and have the house paid off.

Re: Do you carry Life Insurance? [Re: ZZman] #4778026 06/05/18 10:12 AM
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WobblyElvis Online Content
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Without young children I see no reason to carry life insurance. I had term insurance when I had dependent children but it's simply not necessary any more.

Re: Do you carry Life Insurance? [Re: ZZman] #4778033 06/05/18 10:18 AM
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opus1 Offline
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Bare bones through work. No family to support after I leave so if it happens, the funds will be more than enough to plant me and throw a nice party for anyone who shows up.


Current Fleet:

2010 Hyundai Sonata GLS
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2002 Dodge Dakota SXT Club Cab
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Re: Do you carry Life Insurance? [Re: ZZman] #4778042 06/05/18 10:23 AM
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Astro14 Offline
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I carry quite a bit right now at 55. Mostly term. I've got obligations - college, replacement of my income for my wife, etc.

But, as I hit 60 (one policy ends), then 65 (the other policy ends), the insurance will gradually dwindle from what it is now (about ten times my income) to $100,000, a small policy bought when I was 20 years old, and it will serve to provide some liquidity to ease the costs of my passing.

The large policies that exist now will be replaced by the value of our investment portfolio. Once it reaches "critical mass", there won't be a need for insurance. If I die (or, more properly, when) after 65, then that portfolio will be more than enough for my wife to live on. Why pay for insurance at that point?


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Re: Do you carry Life Insurance? [Re: ZZman] #4778043 06/05/18 10:24 AM
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supton Offline
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Yes. I had a few times my salary once we bought a house and start a family; wife got a policy worth quite a bit less. Just in case. They were to cover us if the worst happened.

But when their terms are up, they are done. I'll self insure via savings. Once I hit 59.5 I have access to my 401k, and hopefully long before then I'll have money squirreled away elsewhere. I shouldn't need it once past age 50, if I play my cards properly.


2011 Toyota Camry, base, 2.5L/6MT, 193k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 155k, ours
1999 Toyota Camry LE, 2.2L/4AT, 214k, his
Re: Do you carry Life Insurance? [Re: supton] #4778053 06/05/18 10:49 AM
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ffhdriver Offline
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Also remember a good way to reduce after death costs is to pre-pay/arrange your funeral. Prices really go up each year.

Re: Do you carry Life Insurance? [Re: ZZman] #4778066 06/05/18 11:09 AM
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MNgopher Offline
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With a wife, kids, mortgage obligations, etc, yes. We carry more than enough on both of us to cover the mortgage to pay off the house, cover funeral and estate expenses, and provide for a decent start on a college education for both the kids. Other than the Mortgage, we are debt free, so eliminating that expense in the event one of us goes is a major goal.


Re: Do you carry Life Insurance? [Re: ZZman] #4778068 06/05/18 11:13 AM
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zzyzzx Offline
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Do you carry Life Insurance?

No, other than what's provided through my employer. It would be a waste of money.

Re: Do you carry Life Insurance? [Re: ZZman] #4778091 06/05/18 11:34 AM
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02SE Offline
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No need for life insurance. I do have a Will that covers all assets.

Re: Do you carry Life Insurance? [Re: ZZman] #4778097 06/05/18 11:39 AM
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ARCOgraphite Offline
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Well, I was on SSA.GOV and I read your Spouse will get your Social Security benefit if you croak. When? I don't recall.

I have big pile of cash in my 401K.

I carry 2x Annual salary policy through work. Cheap enough
all of the above should be enough for her.

I have no children or goats or kids.

I DO have a niece that I helped through College and She is now a cable news line producer at 30Rock in NYC making 2x more money a year than I ever made during my career peak in the early Y2K smile
I'm happy about that outcome smile

Last edited by ARCOgraphite; 06/05/18 11:45 AM.

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Re: Do you carry Life Insurance? [Re: ZZman] #4778099 06/05/18 11:40 AM
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bradepb Offline
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I can maybe see having a large policy for parents with young children who need to be raised.
Me, however at 61 with no debt and a decent amount saved and my wife set for a pension and large inheritance it would be foolish.




Re: Do you carry Life Insurance? [Re: ffhdriver] #4778123 06/05/18 12:20 PM
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opus1 Offline
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Originally Posted By: ffhdriver
Also remember a good way to reduce after death costs is to pre-pay/arrange your funeral. Prices really go up each year.
And less stress on the family trying to figure out what you would have wanted.


Current Fleet:

2010 Hyundai Sonata GLS
2009 Chevy Cobalt SS Sedan (yes,the turbo)
2002 Dodge Dakota SXT Club Cab
1994 Ford Ranger XLT (RIP, Dad)
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