Do you have life insurance?

[CountValentine]

Term insurance is very cheap for youngish people.

Sorry, I meant financially they don't need it.

[Yosel]

You don't know their financial situation.

i allways look at the type of cell phone they have, and i ask about the plan they have. we can find the $$$ if we really want to. The question is allways "how important" is it for you.

[good sam]

i allways look at the type of cell phone they have, and i ask about the plan they have. we can find the $$$ if we really want to. The question is allways "how important" is it for you.

You are missing his point. Some people can self insure.

[AsherO]

You are missing his point. Some people can self insure.

In which case life insurance might have other benefits, e.g. relating to estate planning.

[CountValentine]

You are missing his point. Some people can self insure.

Or to get a certain age and no longer need it.
Don't ask. 

[good sam]

In which case life insurance might have other benefits, e.g. relating to estate planning.

Benefits maybe but not "run out now and buy insurance"

[ltttc]

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

Does that decrease the death benefit or only the cash value?

[Yosel]

Does that decrease the death benefit or only the cash value?

If he has whole life, then both are being decreased

[Yosel]

“Self insure” can be very very expensive. I’ve seen it. Not good!

[CountValentine]

Does that decrease the death benefit or only the cash value?

Both but the dividends are used to buy paid up insurance. So I am in a great situation where both my cash value and death benefit still increase.

[12HRS]

“Self insure” can be very very expensive. I’ve seen it. Not good!

then they weren't ready to be off proper life insurance

[zh cohen]

You are missing his point. Some people can self insure.

Or they are unmarried with no one depending on their income.

[ExGingi]

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

And let me guess that even with that the cash value is growing at around 3%, without a 1099 being issued. Better than any other safe savings account.

[CountValentine]

And let me guess that even with that the cash value is growing at around 3%, without a 1099 being issued. Better than any other safe savings account.

Correct and a slight increase in total paid up insurance each year.

[ExGingi]

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

I am not a big fan of long-term term policies (as the only coverage in place). A 20 year policy purchased at age 30 is most likely to not be in force at the time when it is most needed (obviously every situation is different, but in general I think many would agree that in our families age 50 is NOT the time when life insurance is no longer needed).

[ExGingi]

Correct and a slight increase in total paid up insurance each year.

That's the beauty of whole life, but it only shines after the policy is seasoned. In the early years it can look terrible. Newer policies have an option to add a longer-term-care rider, which gives the policies another efficient potential use.

[CountValentine]

That's the beauty of whole life, but it only shines after the policy is seasoned.

I would say mine is well seasoned. 

[AsherO]

I am not a big fan of long-term term policies (as the only coverage in place). A 20 year policy purchased at age 30 is most likely to not be in force at the time when it is most needed (obviously every situation is different, but in general I think many would agree that in our families age 50 is NOT the time when life insurance is no longer needed).

Whole life with decent $$ coverage is cost prohibitive for me.

[justmeha]

Would anybody care to explain or post a link explaining all these terms about insurance and info in general on insurance for beginners

[ExGingi]

Whole life with decent $$ coverage is cost prohibitive for me.

Unlike an abode, where you can't buy one room and rent the rest, with life insurance one can buy part of their coverage in Whole Life (overfunded works best) and get the balance in term.