Do you have life insurance?

[disneysteve]

Wife and I have 30 year policies that if we outlive them, we get all of our premiums back in a lump sum.

I'm curious what made you choose those policies. Return of premium policies are typically a lot more expensive than standard term - which is where the money comes from to pay you back.

The kids have 50k each that they can extend themselves at 18 for the same premium indefinitely.

Are those term policies?

[greenskeeper]

I'm curious what made you choose those policies. Return of premium policies are typically a lot more expensive than standard term - which is where the money comes from to pay you back.


Are those term policies?

Policy for both of us is $65/month for $500,000 life, if we outlive the policy (60 and 61 years old respectively) we get a check for $23,400. Granted this was before the big crash and even my agent said this policy wouldn't be available for long.

Policy for the kids ends at 18 unless they want to continue paying $18/month for $50k

[myrdale]

Do you have young kids? Do you have a wife? Debt?

Say you have a 10 year old, and you died today, would it be important to you that in 8 years there was money available to help put him / her though school, even more than that having a home and food on the table?

If there are no kids and only the wife, could she make your current house payments and still live reasonably comfortable on one income?

Is there enough money there to stick you in a hole in the ground? As much as your family may like you, a few days after your demise they may not want you hanging around any more =P

How about general debt. Your estate pays your debt on death, but does that put your wife and kids on the street?

Personally I only have $100k. No wife, no kids. I got that policy when I purchased my house, one to pay my debt, and two to leave a paid for house to my folks in the event of my demise.

[AlexM1359]

I bought life insurance and being relatively young it doesn't cost me much since I've bundled it up with my other insurance policies.

[DoreneHanson]

i do have a life insurance which covers my medical bills as well, so in case of any health emergencies I can be secured. it is always better to have yourself insured.

[Fishindude77]

Health insurance through work provides enough to get me planted, but that's it.
It makes some sense for people with young children, so that there is money to take care of the family in event of a death. If your kids are raised and you have a decent positive net worth, I see no need for life insurance.

[Deepali Mohite]

Life insurance

I have General insurance and Medical insurance for myself and my family. I am planning to take a term insurance which has a high insurance cover compared to the above insurances. Term insurance is a good product and reasonable too. The premium is less and the returns are high.