Woot! Found an old life insurance policy I don't need!

[wasssup]

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

Yeah? I've got life insurance right now...it's not too bad, only like $6 every two weeks.

What sucks though is medical/dental ($60 a paycheck) and I have 5% of my pretax pay going into my 401k. Then the gov't takes out some crazy amount like 30% in taxes...my paycheck sucks.

 

[Bryophyte]

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

For a single person, true. For somebody with a spouse & kids, false. A good insurance policy can pay off your debts so that your family isn't just grieving your loss, but out on the street at the same time.

 

[MikeyIs4Dcats]

Originally posted by: Bryophyte

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

For a single person, true. For somebody with a spouse & kids, false. A good insurance policy can pay off your debts so that your family isn't just grieving your loss, but out on the street at the same time.

qft. the first thing you do after getting your pregnancy results should be to get some life insurance.

 

[TrueBlueLS]

Originally posted by: Bryophyte

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

For a single person, true. For somebody with a spouse & kids, false. A good insurance policy can pay off your debts so that your family isn't just grieving your loss, but out on the street at the same time.

Actually wrong. A lot of people keep forgetting that if they lose their job, the life insurance policy their company had for them is void. I'm single and carry a decent chunk of life insurance. So at least I know if something happens to me, everything I owe is paid off, I'm put in the ground, and my beneficiary (my sister) has her house paid off.

 

[Fritzo]

Originally posted by: Bryophyte

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

For a single person, true. For somebody with a spouse & kids, false. A good insurance policy can pay off your debts so that your family isn't just grieving your loss, but out on the street at the same time.

I don't know...it paid off for me pretty well. I think I paid a total of $500 for my policy. Got a 6x return on it

 

[Squisher]

Originally posted by: Fritzo
*snip*
I don't know...it paid off for me pretty well. I think I paid a total of $500 for my policy. Got a 6x return on it

Those numbers don't quite add up. Usually a Whole Life policy (the only one that has a monetary value) for a newborn (the cheapest) is around $3K for about $30K coverage.

They say Whole Life policies are only worthwhile for newborns. The best value is Decreasing Term, where it pays out less as you get older. The notion is, as you get older the need for money becomes less. But, all term policies have no cash value, unless you die.

I have Level Term through my work for $230K for $12/mo. and I'm 49 yrs. old.

 

[Kalvin00]

I get a life insurance policy for free right now through my employer...

 

[PAB]

Originally posted by: mrrman
Life Insurance is the biggest waste of $$$ unless your company provides it for you or you plan on knocking someone off

Over the past 15 years, my parents have paid something like $10,000 in premiums.

We cashed out a six figure policy last month. Suddenly that dosen't look like a bad move.

 

[thomsbrain]

i get life insurance for free through my employer, though i think it's only around $30K.

 

[Fritzo]

Originally posted by: Squisher

Originally posted by: Fritzo
*snip*
I don't know...it paid off for me pretty well. I think I paid a total of $500 for my policy. Got a 6x return on it

Those numbers don't quite add up. Usually a Whole Life policy (the only one that has a monetary value) for a newborn (the cheapest) is around $3K for about $30K coverage.

They say Whole Life policies are only worthwhile for newborns. The best value is Decreasing Term, where it pays out less as you get older. The notion is, as you get older the need for money becomes less. But, all term policies have no cash value, unless you die.

I have Level Term through my work for $230K for $12/mo. and I'm 49 yrs. old.

This was through a Polish Union that you have to by a policy to belong to. It's kind of like a pyramid scheme when you look at it, but it paid off for me heheh.

 

[SagaLore]

How much did you initially put into it?