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Life insurance....yea or nay. Do you have it?

Do you have life insurance?

  • Yes and I wouldn't live without it

  • Yes but it's just a employer based policy I wouldn't pay for myself

  • No. I live for today.

  • No but I've thought about it often.

Results are only viewable after voting.
redgtxdi

redgtxdi

Diamond Member
I heard on the radio today that this is national life insurance awareness month (or some such thing). I've wondered about it as long as I've lived. Had a small stint where I had $10k worth of coverage at one time in the late 90's. (enough to bury me, I suppose)

Heard the radio folks talking about approx $400 annual for a $500k term policy of 20 years. Sounds wise in comparison to more expensive perm./variable or longer term versions which are much more but I've made it this far and my wife works making good money already. Makes me wonder if it's worth it at this point. (shrug)

So what say you?

And how many have life insurance?
 
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From what I've read, (term) life insurance is mainly for a young couple, possibly with young kids, who haven't yet established sufficient assets that the surviving family members can draw upon if the breadwinner of family dies unexpectedly and prematurely.

After that, I think one might just be throwing away good money (unless it is an included benefit of your job).

Don't know what rule of thumb threshold is, but I would guess somewhere around age 50 or so.
 
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I have some life insurance through work, but I don't think it's enough so I'll be looking into additional options during open enrollment. My wife can't work, so I need to make sure she's set if I kick the bucket unexpectedly.
 
Have a 10 year term policy worth $250,000. Costs around $13 per month. Enough time to get my kids through (or almost) college (one in college now and another that's 12 year old - so about 10 years worth of schooling or so).

As per mshan's comment, it will expire just after I turn 51 and won't be renewed.
 
ive got a 250k policy. 2 kids, their mom remarried and they dont have much money, assigned my sis as the benefactor, figure that will be enough to help get them by if something happens to me. probably wouldnt hurt to up it to 500 but im not too worried about it.
 
I think I have some form of life insurance through my employer and I also have life and disability on my mortgage. I don't have any dependents so I don't really need anything extra.
 
You should have at least enough life insurance to pay off any debts you have. If you have a spouse and/or kids, it should cover your income for several years, so that they don't suffer losing you AND their home.
 
I have 3 different versions of life insurance from work ($50,000), Work AD&D ($100,000), as well as an independent policy to convert into an IUL ($150,000).

Way I see it, if I die, my brother will be loaded! Which in all honesty, if something does happen to me, I wanted there to be enough money to take care of any debts I may have, help my fiancee finish college, and for my brother to ensure all the affairs the "group" (my fiancee, himself, and his fiancee), for at least a year.

The rest is just feel-good gravy since the insurance from work is complimentary, and the private insurance is just another diversification of my savings.
 
I have it simply so if something were to happen family wouldn't have any expenses related to it. I'm young, single, and owe under $10k on some student loans. The policy would cover much more than that and costs next to nothing.
 
I've million dollar 20yr term that's set to expire in my early 50s. When I hit 40, I plan taking out another million dollar 20yr term which will last til I'm 60. I'm the sole income earner and I want to make sure my wife and daughter are protected at least til my daughter finishes school. We're debt free including the house and have decent reserves but I still feel better having some form of life insurance in case something happens to me. Term is cheap so why not.
 
blackangst1 said:
Ive got 10x my annual income, 20 year term policy. After expenses, should last my wife 6-7 years after my death.
Click to expand...

THIS is what people should carry but it doesn't have to be 20yr term. 10, 15, 20 is fine depending upon your age but if married with kids then 10X will allow them to have a replacement income(assuming well invested) - not just a lump of money to pay things off.
 
ponyo said:
I've million dollar 20yr term that's set to expire in my early 50s. When I hit 40, I plan taking out another million dollar 20yr term which will last til I'm 60. I'm the sole income earner and I want to make sure my wife and daughter are protected at least til my daughter finishes school. We're debt free including the house and have decent reserves but I still feel better having some form of life insurance in case something happens to me. Term is cheap so why not.
Click to expand...
:thumbsup:
Congrats on being debt free. I'll be there within 18months minus the house which I just bought.
 
I have one that is paid for by my employer. If I didnt have that one, I would go out and buy a term policy. Right now its just my wife and I so I am not that worried since she will get hooked up if I kick the bucket. Her sister sells insurance and is pushing us to buy from her but I dont really see the point if I am getting it for free.
 
I have my 2X salary which is given by my company, then I bought up to around a million dollars through my company. I also have around 250k for my wife. I am the sole breadwinner, so she will need an incredible amount of help with 3 kids. It's pretty cheap through my work, I think I pay ~ 200 per year for all the extra coverage.
 
I have no dependents, so I don't really see the need.

I should have enough assets for my next of kin to liquidate and bury me with.
 
I don't believe in gambling with my life. I don't have dependents now, and even when I was married she wasn't dependent on me. There's something like a 20,000 dollar gratuitous death award for my death though. I turned down SGLI as soon as I left basic.
 
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