Life Insurance - do you have it?
 

I have a very small amount. Just enough to pay the bills and give people time to sell my assets. I date or married good looking women. they will get a new guy in short order.

If you do not have kids why have it?

Leave something for mom?

Leave something for siblings?

Leave me a nice chunk of money when you die?

Give back to Lensman?

Setup a trust for the money so kids in your neighborhood get computers and pimped out schools?

Get two types of Life Insurance: Whole (permanent) and term.

Whole Life: Will last until you die. Get enough to bury you and pay taxes and or fees your beneficiaries would incur in completing the sale of your assets.

Term: Get majority of you life insurance in this. 30 year term is available. Make it run out when you are 60-65 and your kids are grown and your house and vehicles are paid for etc....

Life insurance salesman will separate you from your money by trying to convice you that whole life is a good investment because of the cash value. That is complete bullshit. Your life insurance needs decrease as you get older so you end up paying for to much when you are 70 years old.

You can get term policies for about 1/5th the cost.

great post :thumbsup

of course :)

none here

I canceled my large policy when my son died, but I still have a $100K policy. It will pay the mortgage off then my brother and Dad (who, in my will divide everything equally) can decide what to do with the houes. That and a lease on a car are the only debts I have.

Once my Dad reached a certain age and life insurance was mucho $$$$ he told us if we wanted money when he died we could buy our own damn policy on him ;)

Although I should,I don't think it's a priority right now

I have to have it. I had to go to the doctors once every 3 days to do tests for drink and drugs for 2 months to prove I was clean.

Quite funny on the form it said "Have you ever taken any illegal drugs?" I ticked yes and wrote cocaine. The lady called me and told me in the whole time she had worked at the company no-one had ever ticked yes and admitted to taking cocaine. Apparently everyone applying for life insurance are fitter than your average world class athelete.I told her I hadnt done it in years but they still made me do the tests.

Honesty will get you no where.

Also, more on whole life. Your premiums never rise. They should and do. How does the rising premium get paid? Read the fine print. It might be $36 when you were 24 and someone convienved you to get it. When you are 40 it is actually $118 but no one told you it rose. They paid the rising premium out of your cash value. Now when you die at age 62 your $60,000 in coverage is worth $36,000 or less...