~Life Insurance~

[Dabs]

I have been wondering about this for some time now and thought I'd throw it out here.....get others' opinions.
Do you have life insurance on your own person??
I assume most do...especially those that are married, etc.

But, does anyone have an ungodly amount??

I watch a lot of real life crime drama stuff on Tv.
I see where lots of husbands kill their wives or vice versa, just to get the life insurance. Hell, some I have even seen where a woman took out huge amounts of life insurance on her children and tried to have them killed.
By huge amounts, I am talking $500,000 to 1 million dollars (or more)

Damn.....I have a life insurance policy on myself.....so that when I die, my funeral expenses will be taken care of, and there will be a decent amount left fo each of my children to inherit a little money....but it's no where near these huge amounts.

Nobody has to say how much they do have on their policy......I was sorta wondering if these 6 figure amounts were the norm....maybe I need to up mine ~LoL~

 

[hortysir]

3 times your annual salary is a good rule of thumb

 

[Caroljo]

We're covered enough too so that everything will be able to be paid off. Told the kids to cremate us and no funeral (maybe a memorial service). I don't want them to spend any more than they have to when we die. Then they should each have a pretty good amount of money after all is said and done....i hope! Lol!

 

[Dabs]

3 times your annual salary is a good rule of thumb

That makes sense.....that also makes me feel better...knowing I don't have to have a 6 figure amount~

 

[hortysir]

3 times your annual salary is a good rule of thumb

That makes sense.....that also makes me feel better...knowing I don't have to have a 6 figure amount~

Just enough to bury ya and they can live for a while until they can fend for them selves.
~hugs

 

[Dabs]

We're covered enough too so that everything will be able to be paid off. Told the kids to cremate us and no funeral (maybe a memorial service). I don't want them to spend any more than they have to when we die. Then they should each have a pretty good amount of money after all is said and done....i hope! Lol!

I am the same....cremation for me, so the expense will be much cheaper than the average funeral.
When my parents passed away, they both chose cremation......and the cost was around $3000 for each....that was in 2005 and 2008.
And I don't really owe any money......just the average every person stuff.......rent, lights, gas, etc......I live in an apartment, and I own my vehicles.......so no worries about leaving any bills.

 

[Dabs]

3 times your annual salary is a good rule of thumb

That makes sense.....that also makes me feel better...knowing I don't have to have a 6 figure amount~

Just enough to bury ya and they can live for a while until they can fend for them selves.
~hugs

Well....I am going to be cremated and that's cheaper than burial....so they should be left with sumpin good

 

[koshergrl]

My brother in law, who is very kind, very generous, very wise, and accustomed to handling huge sums of money, told me and his own children growing up...

Never let anyone know if you are worth more dead than alive. It defeats the purpose of "life" insurance, lol.

I have children...and I have as much life insurance as I can afford, different types. But I have it carefully wrapped up so the people who will get it can't control it. And the only people who know about it are people who won't benefit from it, and who don't need it.

 

[Dabs]

My brother in law, who is very kind, very generous, very wise, and accustomed to handling huge sums of money, told me and his own children growing up...

Never let anyone know if you are worth more dead than alive. It defeats the purpose of "life" insurance, lol.

I have children...and I have as much life insurance as I can afford, different types. But I have it carefully wrapped up so the people who will get it can't control it. And the only people who know about it are people who won't benefit from it, and who don't need it.

I have heard this phrase....seriously.
Sadly....that would just about ring true for me *sigh*

 

[koshergrl]

It's a universal truth.

And it's not necessarily your nearest and dearest you need to worry about. It's other people, who figure out ways to manipulate THEM.

 

[Katzndogz]

My brother in law, who is very kind, very generous, very wise, and accustomed to handling huge sums of money, told me and his own children growing up...

Never let anyone know if you are worth more dead than alive. It defeats the purpose of "life" insurance, lol.

I have children...and I have as much life insurance as I can afford, different types. But I have it carefully wrapped up so the people who will get it can't control it. And the only people who know about it are people who won't benefit from it, and who don't need it.

I have heard this phrase....seriously.
Sadly....that would just about ring true for me *sigh*

I've heard the phrase and believe it.

I don't have any life insurance. Never did. Never will.

Although, as the value of human productivity becomes more and more the property of the government, with the government picking up all necessary expenses, we might see the day of mandatory life insurance with the government as beneficary.

 

[Katzndogz]

Life insurance is nothing more than an incentive for your family to let you die.

You have a heart attack and lay on the floor in terrible pain, Your wife or husband looks at you and says "Call 911 or get a half a million dollars. Hmmmm. Such a decision. Call for help or retire now on decent money." Then has an overwhelming desire to run out for a beer.

 

[Staidhup]

Life Insurance, like estate planning, is the only option available, this government won't and can't take care of your family without liquidating everything they have left. To provide your loved one's with some breathing room can make the transition a little easier. But then again I don't trust this government to do much and love my family, so the financial sacrifice is worth it.

 

[Papageorgio]

I carry enough to pay off the cars, the house and our bills and so my wife will be comfortable for many years.

 

[Dabs]

Life insurance is nothing more than an incentive for your family to let you die.

You have a heart attack and lay on the floor in terrible pain, Your wife or husband looks at you and says "Call 911 or get a half a million dollars. Hmmmm. Such a decision. Call for help or retire now on decent money." Then has an overwhelming desire to run out for a beer.

I don't have a husband.......and I also have my son as my proxy, for my living will.
I have a DNR, etc.....so in the event I can't speak for myself, my son can.
I am confident I left the right children in charge of the proper things.
I hope ~LoL~

 

[johnfosel]

Life insurance costs varies, and it depends on which policy you take. You can also compare the rates with the help of whole life insurance calculator.

 

[Two Thumbs]

I have been wondering about this for some time now and thought I'd throw it out here.....get others' opinions.
Do you have life insurance on your own person??
I assume most do...especially those that are married, etc.

But, does anyone have an ungodly amount??

I watch a lot of real life crime drama stuff on Tv.
I see where lots of husbands kill their wives or vice versa, just to get the life insurance. Hell, some I have even seen where a woman took out huge amounts of life insurance on her children and tried to have them killed.
By huge amounts, I am talking $500,000 to 1 million dollars (or more)

Damn.....I have a life insurance policy on myself.....so that when I die, my funeral expenses will be taken care of, and there will be a decent amount left fo each of my children to inherit a little money....but it's no where near these huge amounts.

Nobody has to say how much they do have on their policy......I was sorta wondering if these 6 figure amounts were the norm....maybe I need to up mine ~LoL~

you want to pass on about 5 times your annual gross income.
For stay at homes, it should be about $200k for a family.

But that's really for the young and still working, paying off morgage and cars, college, etc.

best way to cover that is get whole life ins policy with term life riders.

As the big money items run out, the term ins drops off, leaving you with a smaller policy to take care of end of life expenses. some people carry enough to bury them, that's just dumb, unless you KNOW you will die in your sleep with no debt. best to have 25-50k left over.


as far as killing to get rich, it's been done and will be done lots of times. The way to get rich is to have the Accidental Death Double (ADD) for ~ $5 you get to double the value of the policy if you die by accident. even-though murder is not an accident, it's still considered one.


Hell, before Life ins self regulated, people would insure a homeless person then kill them.

 

[Two Thumbs]

Life insurance is nothing more than an incentive for your family to let you die.

You have a heart attack and lay on the floor in terrible pain, Your wife or husband looks at you and says "Call 911 or get a half a million dollars. Hmmmm. Such a decision. Call for help or retire now on decent money." Then has an overwhelming desire to run out for a beer.

wow dude

Get new family stat.

 

[Two Thumbs]

another great idea;

If you are the beneficiary; take the money you "Need", and put the rest in a mutual fund that will start paying you immediately or at a certain age. If you pass before that age, the money can be sent to other beneficiaries that you have named in the policy.

 

[patcassidy]

Dabs, its a pretty legitimate concern you're having and one that should not be taken lightly. But if you calculate how much life insurance payouts would be worth at the end of a 20 year term life policy, it won't be much. Many recommend having at least 8 times your salary in term life insurance, but even if you choose to leave behind enough to cover funeral costs and leave some over for the children, it may be worth half or less than that, what with college tuition rising and the cost of living index on the continual upswing. I think it's a great idea to never let anyone know how much you're worth dead if your policy is a rather large one, confide in a lawyer or financial adviser you trust, who won't benefit from your policy because he's bound by fiduciary responsibilities. If you are really inclined to a large policy, you can also create a trust that will independently decide and act on life insurance payout decisions based on your wishes. You should also know the life companies are shrewd; the first sign of crime in the name of life insurance (buying a policy to aid and abet murder) and they will be more than happy to initiate investigations and refuse a payout. Also, term life insurance rates are always so low, so you can actually afford a larger policy without having to pay for it with a leg and an arm.


Pat Cassidy
Disclaimer: I work for AccuQuote and this is my personal opinion.