just heard this stat on a financial talk show i listen to every week.
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40% of people die with less than 10K in assets
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Originally posted by UnknownXV View PostAn addendum to my post, having money when you die is important if you still have kids or a wife you want to leave money to after passing.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
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Originally posted by UnknownXV View PostDoes life insurance apply if you die of natural causes? That's the type of death I was thinking about here.
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That's surprising, since it guarantees anyone on life insurance will eventually get a payout. The prices must be incredibly high to get it then, or else I can't see insurance companies making much profit since payouts are usually six figures aren't they? Even at $200 a month, someone would have to pay the insurance company for 500 months just for them to break even on a 100k payout.
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UnknownXV
There is a set length of time in a life insurance agreement. If you out-live the policy you get nothing and the insurance company has made money on your premium each month by investing it.
The older you are the higher the premium since odds of death are higher. FWIW we have a $500K policy for both myself and spouse, as well as $25k policy for both our children. Total monthly premium? $79.79/month
However, there are a few policies (I have one for myself and spouse) that pay you back all of the premiums if you out-live the policy. We got this back when the economy was humming along....I doubt that option exists anymore.Gunga galunga...gunga -- gunga galunga.
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Originally posted by UnknownXV View PostI am just confused how they are making a profit.. it doesn't really seem like a good gamble to me, honestly, considering how people live. It's scarily easy to die.
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