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Life Insurance...do you have any?

M

Mayfriday0529

Diamond Member
We just had one of those annual, medical, aflac, life insurance meeting and i was thinking of getting some life insurance.

The guy running asked me two questions.
Single or Married: Single
Do i own any debt that someone could be left responsible for: yes.... mom some school loans.

So he told me i should take a low 50,000 life insurance and it will only cost me 1.27 a week.

does that sound good?
 
if you die and aren't married your mom/parents don't have to repay your student loans

if you are single , you probably don't need insurance or only a very minimal amount of term life to pay for your dirt nap location

your debts are yours and if you die the person you owe the money to is SOL

and yes $1.27/wk for $50,000 of term life insurance is a good price ( i am assuming you are under 30 years old) and that is more than adequate for a single person
 
Originally posted by: FoBoT
if you die and aren't married your mom/parents don't have to repay your student loans

if you are single , you probably don't need insurance or only a very minimal amount of term life to pay for your dirt nap location

your debts are yours and if you die the person you owe the money to is SOL

and yes $1.27/wk for $50,000 of term life insurance is a good price ( i am assuming you are under 30 years old) and that is more than adequate for a single person
Click to expand...


My mom signed as a co-signer on a couple of citibank student loans.
 
I have a 2x my salary insurance through work
$100,000 term life
mortgage insurance

The only debt I have is the mortgage, so my wife should be alright until she gets her feet under her again. She has the same.
 
Originally posted by: Jnetty99

My mom signed as a co-signer on a couple of citibank loans.
Click to expand...

yes, that is different. i was referring to debts that are strictly yours as part of your estate. if someone co-signed , then yes, having some life ins. to pay the debt is a good idea
 
Originally posted by: FoBoT
Originally posted by: Jnetty99

My mom signed as a co-signer on a couple of citibank loans.
Click to expand...

yes, that is different. i was referring to debts that are strictly yours as part of your estate. if someone co-signed , then yes, having some life ins. to pay the debt is a good idea
Click to expand...


Oh ok cool... i think i'm going to get it. like you said just to help my parent and i guess for my burial.

they would give me 5x times my salary... i just laughed... but i'll just take the lowest which is 50g.

edit: oh yeah i forgot i'm actually 25 years old.
 
Originally posted by: Jnetty99
Originally posted by: FoBoT
Originally posted by: Jnetty99

My mom signed as a co-signer on a couple of citibank loans.
Click to expand...

yes, that is different. i was referring to debts that are strictly yours as part of your estate. if someone co-signed , then yes, having some life ins. to pay the debt is a good idea
Click to expand...


Oh ok cool... i think i'm going to get it. like you said just to help my parent and i guess for my burial.

they would give me 5x times my salary... i just laughed... but i'll just take the lowest which is 50g.

edit: oh yeah i forgot i'm actually 25 years old.
Click to expand...

the 5X to 10X rule is for when you have dependants, like a wife and children

if you had a spouse and a house, then 5X might be right, if you had a wife and 2 young children and a house then 10X would be better. then when your kids get out of college and/or you pay off your mortgage, you might go back down to 5X or only 2X if you had a large 401(k) or other assets by then
 
Life insurance tip: After you purchase life insurance it is not advisable to refer to your wife as "my little powerball." Trust me.
 
I have whole life - as opposed to term life. Term life becomes unaffordable as you near the years when the odds of dying are greater. Whole life is of course much more expensive than term life in the short run.
 
Originally posted by: Jnetty99
Originally posted by: Kalbi
my co pays for my life insurance. if i die i get $50k and the co gets $50k
Click to expand...


How you going to get it if you are dead... you mean your benefactor.
Click to expand...

nope i get it, i.e. my estate. then my estate pays off debts, then goes to benefactor.
 
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