How many of you don't have life insurance?
 

How many people here don't have life insurance? (in US)

If not, why?

If you do have it how much do you have?

I have no need for it. I prefer to be missed.

If no one depends on you financially and you don't want to leave your kids/ grand kids an nice inheritance then I guess you don't need it.

If you will be leaving them a nice inheritance then you could use life insurance to pay the estate taxes so the govt wont get as much of what you leave behind as your heirs get.

If you have business partner(s) life insurance is good to use for buy/sell so your heirs don't become their new partners.

Lots of applications for using life insurance, very few people don't have at least 1 need for it.

My kids are going to do quite well with what I leave them, no reason to give them more.

depending on the inheritance laws and what Obama does they might get a lot less than you realize.

term life, 1mil. probably about average.

Once I finish my weight loss I will be getting some.Enough to pay off the house if I die

I signed a 250k policy about a month ago just so I could get my car insurance to go down from 350 a month to 250.

i was just thinking about this 2 days ago...was actually going to look into as i am not getting any younger lol

any suggestions from those who have it what to look for when buying insurance??

As long as they can pay to have me burned everything else is icing on the cake. And I plan on living at least two more years, Obama will be gone then.

I have a free 1k policy from my credit union. Other than that, no life insurance.

I don't have any kids, or debt, and I'm still relatively young.

that is some optimistic thinking... the obama part. He could be around for 6+ more years.

You never know when an accident can happen.

Two 1 million dollar term policies.

I recently cashed out a small 20K whole life policy

sounds like your on the right track dont make the mistake of getting married and give 1/2 of what you have away j/k lol

2.5 mill my daughter gets it all, i'm worth more dead than alive lol
Shit costs me $1000 a month

So when claudia asks you have are you feeling she really means it. lol

there is a lot of things to consider. How much do you need and what type of insurance to get are the most important.

If you have people depending on your income you should factor in how much you make so they could still maintain their standard of living if you died. If you have kids you should factor in money for college, if you have debt you should factor all of that in so it could be paid off.

If you can afford it there are a lot of advantages to getting permanent life insurance (whole life or VUL) vs term. Term is simply that, for a term then its gone. Whole life is simple that, for your whole life. Whole life also has an investment component where some of your premium gets invested and grows a cash value. The cash value can be used later in life as part of your retirement and can be borrowed from at any time TAX FREE. Since whole life is insurance + cash value it costs more than term.

The most important thing with any type of insurance is understanding your insurability. Once you have life insurance, you got it. The only way you can lose it is to stop making payments, or finish the term if you chose that type. Younger people say all the time " I am young, why do i need it". Not only is a lot cheaper for you now because you are young and in good health, but why wait, you never know when you will lose your insurability. Chances are you will get married and have kids in the next 5- 10 years so why not lock it in now, get a head of the game. On the flip side you wait, and later discover you have an illness or you get into a bad car accident, and now its too late. You either can't get insurance or it will be a lot more expensive.

Term life is very cheap for most people. Depending on your age / medical condition you can get a 1M dollar policy for likely less than $100 a month. If you can afford it I would suggest going with permanent (whole life or VUL ) depending on how much you can afford. No excuse not to have life insurance especially if you have a family that depends on you.

WTF? Term or whole? I pay $800 a year combined for two 1 mil policies. Damn.

EDIT: Mine are term by the way 20 year ones. You must have a 2.5 mil whole life policy

wow thats a lot to think about will definately look at all my options when i am ready to buy...thanks for the info!

1000 a month, whole life or VUL? I hope thats not term insurance unless its for 30 years and you are a smoker and in bad health.

If you dropping that kind of money on life insurance hit me up, I should be able to help you do better.

It could be term if he has a 20 - 30 year term, he could have some riders, and the kicker is if he smokes + medical conditions.

Feel free to hit me up if you have any questions. But to reply to your comments, you should be ready to buy as soon as you sit down and figure out how much you need and what type to get :winkwink: (insurability)

That is a use for life insurance I never thought about before, to get your car insurance cheaper, never heard of that one before. Who are you insured with (car insurance)? Was it through the same company and some type of package discount?

Will, hope you don't think I'm hijacking, because that's not my intention - this has nothing to do with regular life insurance policies, which I agree are a terrific idea. I have several. And it seems that Will can help you with them.

But if anyone is either 60+ with assets...or has parents who are 60+ with assets...and you are interested in some high-value life insurance for (virtually) free, hit me up and I can steer you in the right direction. I've already done it, and I have an extra $10 million of life insurance that cost me virtually nothing. :thumbsup

Actually im wrong, $1000 for health and life, life is $500 a month with a 30 year premium lockin
I smoke but no health problems at all

[QUOTE=will76;17157011]Feel free to hit me up if you have any questions. But to reply to your comments, you should be ready to buy as soon as you sit down and figure out how much you need and what type to get :winkwink: (insurability)

QUOTE]

thanks i might do that in a week or two

I'd be interesting in hearing more for sure. I am familiar with a few asset management products that are great for older people (55+) that have a lot of money sitting in cd's and money market funds making nothing.

Feel free to thread jack away and post here or hit me up directly if not, I'm interested. 86364801

ok drive carefully till then... just messing with you :)

I have a love / hate relationship with insurance now I feel like I can't live without. When I switched Disability insurance companies about 6 months ago i had a little lapse in between switching and I was nervous as shit that something was going to happen to me those couple days I wasn't covered. Amazing how much of a piece of mind insurance gives you especially once you get it, even though none of us like paying for it.

I could die in my sleep and they will do fine. No worries.

:thumbsup :thumbsup

no worries that you might die in your sleep or that obama will likely get more of your money than your kids ?

you don't have any business partners ?

Classic Will76.

Just cannot accept that somebody may have adequately managed something without his help and will keep on and on until you either buy insurance from him or he gets another bee in his bonnet.

i do not like insurance too.

Do you have it? How much and what type?

didnt you watch 2012?

You seem to be pushing the idea so hard i beging to think you either regret you are paying that much for it or they hired you to sell insurance for GFYers, last case - let me know, I do great financial web sites!

damn, I pay 86/month for my term 1mil life policy. I can't remember if its 20 or 30 years though.

I don't think its about that, More of the lines I pay 86/month for the next 20 years? If i die, get hit by a bus/whatever my wife gets 1million.

On a 20 year term I would of paid out just under 21k. In return if I die they get 1million. Sad to say it but its kinda better odds than winning the lottery?

Now I also do my own money management and retirement but whats 86/month for some cushion?

$75 a month for $1M.
I got to lose 25lbs so I can get it to $2M without breaking the bank.

I don't need it. Current assets would cover any debts I would have from dying, and I'm sorry but I'm not spending $300 a month so my family can cash out. If I had a wife/girlfriend and kids it would be different.

Hi hater :winkwink: which person would you be referring to? If Baddog I am just joking with him. Thanks for your concern and your comments. :upsidedow

Lighten up people. I'm just messing with Baddog about Obama taking all of his money. It's a joke, he said he didn't want life insurance 20x. Do you think if he did he would buy it from me anyway, if I was even trying to sell it to him in the first place. geesh.

On a side note, almost everyone does need insurance, at least 99% of you. If you don't have it it's not my problem, but you and your families if something happens to you. I'm trying to point out the important of it for those of you who don't know better. Open a phone book and buy some if you don't already have an agent. No thanks on the site offer, I am capable of building my own sites for whatever I need.

The estate can pay its own tax. Life insurance is not free.

My heirs should become my partners new partners. In my mind that is how it works.

I am not a big fan of insurance just to be insured. If you have a pretty decent estate then why do you need to be insured? If I die my kids will not starve and that is pretty much all I am supposed to "insure".

don't need one at the moment :2 cents:

I have about 1.5M right now in death benefit between 2 policies (whole life and a VUL) which I started funding 8 years ago. I pay about $800 a month but it's permanent insurance not term so most of it goes to investment (cash value). around age 60/65 I will have between 2M - 3M in cash value. I chose to do more life insurance than I need because I wanted to fund more towards the cash value. You can borrow from (yourself basically) the cash value from your policy any time you want and pay no taxes or penalties. So when most people are pulling from a 401K or IRA when they are in retirement years I can "borrow" money from my own policy's cash value and not have to pay any income taxes. Not to mention in most cases if you break or pull money from 401K, IRAs etc.. before age 59.5 you will get IRS penalties as well.

Um are you advising people that a whole life insurance plan is more tax efficient than an IRA for retirement savings?

No life insurance. And no thanks. :2 cents:

1 million. I am young but you never know what could happen.

i'm not advising people on anything. I am simply telling them what I did and the pros and cons of the different choices. I am not your financial planner, if even 1 out of 100 people who haven't done something read what I posted and it makes them want to go do something (that might even be a stretch) then their next step is to get with some one qualified to help them with it.

Less than $10K I get free from various banks I have accounts with. But as far as paying for coverage, none. I carried term when I had a dependent - $650K. But no one is depending on me and I don't feel like someone winning the lottery because I died ;)

Not even me??? :jester

OK - but just you ;)

I have my salary x 5 in life insurance...

And I have my salary x 10 in AD&D insurance... If I lose my hand(s) I'd be FUCKED...

sssh don't tell that russky

woohoo! :banana