Author Topic: Do you have life insurance? (Read 7952 times)

aygart · « **Reply #1 on:** April 06, 2020, 02:39:04 PM »

yes-bth myself and DW

chevron · « **Reply #2 on:** April 06, 2020, 03:34:56 PM »

I'm worth more dead than alive

CountValentine · « **Reply #3 on:** April 06, 2020, 03:39:56 PM »

Quote from: chevron on April 06, 2020, 03:34:56 PM

I'm worth more dead than alive

#fakenews

ExGingi · « **Reply #4 on:** April 06, 2020, 04:05:28 PM »

Maybe title should be fixed to read "do you have enough life insurance".

There are rules of thumb which take your earned income and a multiplier based on age. Or you can try to imagine what would life look like financially for those left behind, if you or your spouse would have died two weeks ago.

CountValentine · « **Reply #5 on:** April 06, 2020, 04:19:31 PM »

Quote from: ExGingi on April 06, 2020, 04:05:28 PM

Maybe title should be fixed to read "do you have enough life insurance".

Didn't want to open that can of worms so I went with KISS.

AsherO · « **Reply #6 on:** April 06, 2020, 04:22:17 PM »

What about term, whole life, other?

I have 20yr term, 5 years in. Insufficient coverage but it’s what I could comfortably afford.

CountValentine · « **Reply #7 on:** April 06, 2020, 04:23:22 PM »

Quote from: AsherO on April 06, 2020, 04:22:17 PM

What about term, whole life, other?

I have 20yr term, 5 years in. Insufficient coverage but it’s what I could comfortably afford.

That would be a yes. See how simple I made it?

ExGingi · « **Reply #8 on:** April 06, 2020, 04:38:49 PM »

Quote from: AsherO on April 06, 2020, 04:22:17 PM

What about term, whole life, other?

I have 20yr term, 5 years in. Insufficient coverage but it’s what I could comfortably afford.

I've delivered death benefits on both Term and Whole Life policies. I can tell you that in all cases it was the death benefit that made the difference, rather than the type of policy. What makes a difference is that the coverage should be in force when needed.

aygart · « **Reply #9 on:** April 06, 2020, 04:45:06 PM »

Quote from: ExGingi on April 06, 2020, 04:38:49 PM

I've delivered death benefits on both Term and Whole Life policies. I can tell you that in all cases it was the death benefit that made the difference, rather than the type of policy. What makes a difference is that the coverage should be in force when needed.

Which brings out the importance of having someone who will take care of that if c"v someone is unable to when a premium is due.

Joel · « **Reply #10 on:** April 06, 2020, 04:53:51 PM »

Quote from: aygart on April 06, 2020, 04:45:06 PM

Which brings out the importance of having someone who will take care of that if c"v someone is unable to when a premium is due.

Auto pay?

ExGingi · « **Reply #11 on:** April 06, 2020, 04:58:18 PM »

Quote from: aygart on April 06, 2020, 04:45:06 PM

Which brings out the importance of having someone who will take care of that if c"v someone is unable to when a premium is due.

Right.

An overfunded whole life policy (or universal life policy) will give the flexibility of skipping payments while keeping the policy in force (it will also perform much better). On the other hand, for some term is all they can afford, so that is what's right for them (I find that for most people, other than the very affluent, a combination of the two types is often what works best).

aygart · « **Reply #12 on:** April 06, 2020, 05:04:24 PM »

Quote from: Joel2 on April 06, 2020, 04:53:51 PM

Auto pay?

If you have the money in the account

CountValentine · « **Reply #13 on:** April 06, 2020, 05:05:38 PM »

Quote from: ExGingi on April 06, 2020, 04:58:18 PM

Right.

An overfunded whole life policy (or universal life policy) will give the flexibility of skipping payments while keeping the policy in force (it will also perform much better). On the other hand, for some term is all they can afford, so that is what's right for them (I find that for most people, other than the very affluent, a combination of the two types is often what works best).

My policies take the premium out of the cash value so they are on auto pilot now.

Yosel · « **Reply #14 on:** April 06, 2020, 07:27:11 PM »

Quote from: CountValentine on April 06, 2020, 04:23:22 PM

That would be a yes. See how simple I made it?

"5 Years in" Time to get a new 20 year term quote, it might be the same price and you get to lock in another 20 years. this is something we do for our young customers

Yosel · « **Reply #15 on:** April 06, 2020, 07:29:08 PM »

and for the 5 people who voted in the poll that have no life insurance, Get it NOW! Please. Thanks

AsherO · « **Reply #16 on:** April 06, 2020, 08:52:29 PM »

Quote from: Yosel on April 06, 2020, 07:27:11 PM

"5 Years in" Time to get a new 20 year term quote, it might be the same price and you get to lock in another 20 years. this is something we do for our young customers

At 36 vs 30? Even if I’m not sure I can get the same health rating again?

CountValentine · « **Reply #17 on:** April 06, 2020, 09:02:51 PM »

Quote from: Yosel on April 06, 2020, 07:29:08 PM

and for the 5 people who voted in the poll that have no life insurance, Get it NOW! Please. Thanks

You don't know their financial situation.

Yosel · « **Reply #18 on:** April 06, 2020, 09:03:25 PM »

Quote from: AsherO on April 06, 2020, 08:52:29 PM

At 36 vs 30? Even if I’m not sure I can get the same health rating again?

yes, we apply for the Insurance and we hope to get the best price, in 5 years time some companies have loward their prices, so even if the rating is different in still pays to do

yelped · « **Reply #19 on:** April 06, 2020, 09:03:28 PM »

Quote from: CountValentine on April 06, 2020, 09:02:51 PM

You don't know their financial situation.

Term insurance is very cheap for youngish people.

Poll

Do you have life insurance?

Author Topic: Do you have life insurance? (Read 7952 times)