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Do you carry Life Insurance? #4778005
06/05/18 09:50 AM
06/05/18 09:50 AM
Joined: Mar 2008
Posts: 6,543
Michigan
ZZman Offline OP
ZZman  Offline OP

Joined: Mar 2008
Posts: 6,543
Michigan
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
2006 Kawasaki Vulcan 900 LT.
Re: Do you carry Life Insurance? [Re: ZZman] #4778008
06/05/18 09:57 AM
06/05/18 09:57 AM
Joined: Aug 2004
Posts: 1,520
San Antonio, Texas
sasilverbullet Offline
sasilverbullet  Offline

Joined: Aug 2004
Posts: 1,520
San Antonio, Texas
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 & Mahle filter
14 Honda Accord 4dr EX-L 4cyl-M1 0W-20 & WIX XP
02 Chevy 5.7L van-GTX HM 10W-40 & WIX filter
Re: Do you carry Life Insurance? [Re: ZZman] #4778011
06/05/18 10:00 AM
06/05/18 10:00 AM
Joined: Jan 2008
Posts: 1,031
TX
robertcope Offline
robertcope  Offline

Joined: Jan 2008
Posts: 1,031
TX
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
06/05/18 10:11 AM
Joined: Mar 2013
Posts: 585
Al
cashmoney Offline
cashmoney  Offline

Joined: Mar 2013
Posts: 585
Al
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
06/05/18 10:12 AM
Joined: Sep 2014
Posts: 1,665
Toronto Canada
WobblyElvis Offline
WobblyElvis  Offline

Joined: Sep 2014
Posts: 1,665
Toronto Canada
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
06/05/18 10:18 AM
Joined: Dec 2004
Posts: 2,668
Chicago Area
opus1 Offline
opus1  Offline

Joined: Dec 2004
Posts: 2,668
Chicago Area
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
2009 Chevy Cobalt SS Sedan (yes,the turbo)
2002 Dodge Dakota SXT Club Cab
1994 Ford Ranger XLT (RIP, Dad)
Re: Do you carry Life Insurance? [Re: ZZman] #4778042
06/05/18 10:23 AM
06/05/18 10:23 AM
Joined: Oct 2010
Posts: 9,786
Virginia Beach
Astro14 Offline
Astro14  Offline

Joined: Oct 2010
Posts: 9,786
Virginia Beach
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?


32 Packard 15W40
01 Volvo V70 T5 0W40 Edge
02 Volvo V70 T5 0W40 M1
02 Volvo V70 XC 0W40 Edge
05 MB S600 0W40 M1
16 Tundra 1794 5W30 Pennzoil Ultra
Re: Do you carry Life Insurance? [Re: ZZman] #4778043
06/05/18 10:24 AM
06/05/18 10:24 AM
Joined: Nov 2008
Posts: 13,770
NH
supton Offline
supton  Offline

Joined: Nov 2008
Posts: 13,770
NH
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, 185k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 150k, ours
1999 Toyota Camry LE, 2.2L/4AT, 208k, his
Re: Do you carry Life Insurance? [Re: supton] #4778053
06/05/18 10:49 AM
06/05/18 10:49 AM
Joined: Jun 2007
Posts: 476
Near Mobile
ffhdriver Offline
ffhdriver  Offline

Joined: Jun 2007
Posts: 476
Near Mobile
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
06/05/18 11:09 AM
Joined: Sep 2002
Posts: 4,458
Lakeville, MN
MNgopher Offline
MNgopher  Offline

Joined: Sep 2002
Posts: 4,458
Lakeville, MN
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
06/05/18 11:13 AM
Joined: May 2012
Posts: 4,761
Baltimore, Maryland, USA
zzyzzx Offline
zzyzzx  Offline

Joined: May 2012
Posts: 4,761
Baltimore, Maryland, USA
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
06/05/18 11:34 AM
Joined: Dec 2005
Posts: 3,809
The Canyons
02SE Offline
02SE  Offline

Joined: Dec 2005
Posts: 3,809
The Canyons
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
06/05/18 11:39 AM
Joined: May 2009
Posts: 12,954
N.H, U.S.A.
ARCOgraphite Offline
ARCOgraphite  Offline

Joined: May 2009
Posts: 12,954
N.H, U.S.A.
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.

2019 VW Jetta S,6M OCI#0 3107mi-Castrol Edge Prof? VW508+OE Filter; '17 Subaru Crosstrek CVT OC#6 43467mi-Valvoline Adv 0w20 + SOA Filter
Re: Do you carry Life Insurance? [Re: ZZman] #4778099
06/05/18 11:40 AM
06/05/18 11:40 AM
Joined: Dec 2008
Posts: 1,294
Clinton Twp. MI
bradepb Offline
bradepb  Offline

Joined: Dec 2008
Posts: 1,294
Clinton Twp. MI
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
06/05/18 12:20 PM
Joined: Dec 2004
Posts: 2,668
Chicago Area
opus1 Offline
opus1  Offline

Joined: Dec 2004
Posts: 2,668
Chicago Area
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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