Do You Have A Life Insurance Policy ? - Off Topic - DIY Chatroom Home Improvement Forum
Advertisement


Go Back   DIY Chatroom Home Improvement Forum > DIY Chatroom Community > Off Topic

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Like Tree19Likes
Reply
 
Thread Tools
Display Modes
Old 02-28-2018, 08:51 AM   #1
Member
 
Join Date: Dec 2017
Location: KY
Posts: 3,276
Rewards Points: 574
Default

Do you have a life insurance policy ?


Is it a term or whole life policy ? Who in your opinion, bears the most responsibility of maintaining it and keeping it up to date for its coverage and policy updates ?

You, the policy holder or your beneficiary ?
__________________
Disclaimer: Any of my replies, advice, product recommendations, or projects that I have done that I post on this forum, are just for informational purposes only. Any reader choosing to use my postings, advice, product recommendations, or choose to duplicate any of my projects for their own use...are doing so at their own risk.
Gregsoldtruck79 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 02-28-2018, 08:59 AM   #2
Member
 
ZZZZZ's Avatar
 
Join Date: Sep 2014
Location: Middle of nowhere, AZ
Posts: 7,367
Rewards Points: 1,454
Default

Re: Do you have a life insurance policy ?


Life insurance?


Sorry Greg.

Carry on.
.
.
Gregsoldtruck79 likes this.
__________________
Just my 7 cents (2 cents after taxes and inflation).
ZZZZZ is online now   Reply With Quote
Sponsored Links
Advertisement
 
Old 02-28-2018, 09:04 AM   #3
Remodel and New Build GC
 
MTN REMODEL LLC's Avatar
 
Join Date: Sep 2010
Location: Colorado @ 7651'
Posts: 7,632
Rewards Points: 1,568
Default

Re: Do you have a life insurance policy ?


Whomever pays for it would be my thought.


(I carried term when raising my family/kids, generally it is less expensive than whole).

There are so many different type whole life policy's that it is hard to generalize. Some may be beneficial (but more expensive) for each individuals situation.

Read them carefully and understnd them. We had a relative that left my kids a 10K policy and lived into their early 90's. The policy never became paid-up, and he was still paying on it the last years.... after thru the years paying over 17k. In effect, he was making payments to protect the payout of 10K, after already investing 17K.
CrazyGuy and Gregsoldtruck79 like this.
__________________
Never stop learning (xcep fer speling en typeing)

Last edited by MTN REMODEL LLC; 02-28-2018 at 09:12 AM.
MTN REMODEL LLC is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 02-28-2018, 09:12 AM   #4
Newbie
 
Join Date: Dec 2013
Posts: 2
Default

Re: Do you have a life insurance policy ?


Quote:
Originally Posted by Gregsoldtruck79 View Post
Is it a term or whole life policy ? Who in your opinion, bears the most responsibility of maintaining it and keeping it up to date for its coverage and policy updates ?

You, the policy holder or your beneficiary ?
When I was young I purchased a UL policy and years later converted it to a permanent policy. Keeping up on the policy is the responsibility of the policy holder. the beneficiary never receives any information on the policy from the insurance company. That is unless the owner is the beneficiary and purchased the policy on another's life.
With a corporate.policy covering a shareholder, the beneficiary would be responsible for the policy.
My two bits.

Sent from my SM-G930W8 using Tapatalk
Gregsoldtruck79 likes this.
benamen is offline   Reply With Quote
Old 02-28-2018, 09:40 AM   #5
Member
 
Join Date: Dec 2017
Location: KY
Posts: 3,276
Rewards Points: 574
Default

Re: Do you have a life insurance policy ?


Term life insurance is not purchased to benefit the policy holder, as they have to be dead for it to be paid out. So the beneficiary of a term life policy has a MUCH higher stake in being sure the policy is kept current and maintained.

As they will be the one paying the funeral expenses for the deceased policy holder and hopefully have enough money left over to pay any debts left behind. Debts that it may have taken two incomes to pay on, that has now been reduced to just one income.

Whole life policies pay out the total amount of coverage plus, any dividends accumulated, when the policy holder reaches the specified age. So the policy holder of a whole life policy, has a much greater interest in the policy being kept and maintained. JMO

Disclaimer: I am NOT a insurance agent nor, do I hold any stocks or interests in life insurance companies. Just getting around to another one of my life's hard learned lessons, that may help someone out here to know.
__________________
Disclaimer: Any of my replies, advice, product recommendations, or projects that I have done that I post on this forum, are just for informational purposes only. Any reader choosing to use my postings, advice, product recommendations, or choose to duplicate any of my projects for their own use...are doing so at their own risk.
Gregsoldtruck79 is offline   Reply With Quote
Old 02-28-2018, 10:14 AM   #6
Member
 
Join Date: Jan 2018
Posts: 153
Rewards Points: 306
Default

Re: Do you have a life insurance policy ?


Whole/Universal Policies are to make insurance companies money. Term is the way to go.

Tymbo is online now   Reply With Quote
Old 02-28-2018, 11:04 AM   #7
Remodel and New Build GC
 
MTN REMODEL LLC's Avatar
 
Join Date: Sep 2010
Location: Colorado @ 7651'
Posts: 7,632
Rewards Points: 1,568
Default

Re: Do you have a life insurance policy ?


Quote:
Originally Posted by Tymbo View Post
Whole/Universal Policies are to make insurance companies money. Term is the way to go.

TYMBO.....

Good way to look at it........... Term is actually insurance.... (to protect your concerned parties that you support.)

And generally speaking, Life policys, while they have an element of insurance, are also an investment vehiclel...... and the investment vehiclel is generally a very expensive vehicle .......that can be achieved less expensively with other investment vehicles/techniques.
Gregsoldtruck79 likes this.
__________________
Never stop learning (xcep fer speling en typeing)
MTN REMODEL LLC is offline   Reply With Quote
Old 02-28-2018, 12:02 PM   #8
Member
 
Oso954's Avatar
 
Join Date: Jun 2012
Location: Northern Calif.
Posts: 7,490
Rewards Points: 1,218
Default

Re: Do you have a life insurance policy ?


Quote:
while they have an element of insurance, are also an investment vehiclel...... and the investment vehiclel is generally a very expensive vehicle
While we basically agree, I phrase it a little stronger..

I don't think whole life is any type investment vehicle. They are much more similar to a savings account. They don't pay enough "interest” to keep up with inflation.

If someone doesn't have the discipline to save money in a bank and then invest in something more worthwhile, I guess a whole life policy is better nothing.

An investment should exceed the rate of inflation/cost of living over the long term. If it doesn't, it really isn't an investment.
MTN REMODEL LLC likes this.
Oso954 is online now   Reply With Quote
Old 02-28-2018, 12:10 PM   #9
Member
 
ZTMAN's Avatar
 
Join Date: Feb 2015
Location: Mountain Pa
Posts: 1,772
Rewards Points: 246
Default

Re: Do you have a life insurance policy ?


I have a term policy, but now that the kids are grown and gone, I am starting to think why any one should benefit from my death.

Wife is starting to hand me steak knives, blade first ,in a lunging fashion. Thank goodness I have good reflexes.
__________________
I don't mind spending money, I mind wasting money.
ZTMAN is offline   Reply With Quote
Old 02-28-2018, 12:11 PM   #10
Member
 
Join Date: Dec 2017
Location: KY
Posts: 3,276
Rewards Points: 574
Default

Re: Do you have a life insurance policy ?


A person had best read the real fine print on a term policy. I have had both whole, and term life policies.

I bought my whole life policy at 19 years old for 19.00 a month. When I was 49 years old it was still $19.00 a month. I had accumulated some decent dividends for my 30 years of payments.

So here is how my $10,000 whole life policy broke down. It could be cashed in by me at ANY time. But I chose the maturity date of the policy to be when I turned 65 (the retirement age set up back in 1970)

So at $19.00 a month x 12 months = $228 a year in payments. Thirty years of payments = $6840.00 I paid in to the policy. At 30 years of payments, I had $2000.00 and change in dividends accumulated. So when I was 49 years old, if I had died, my wife would have received $12,000.00.

Sure, if as a young person growing up if that I had the financial discipline to put $228.00 a year in to stock securities I could have MAYBE got the same ROI as I did with my whole life policy. Which was $6840.00 invested for $12,000.00 paid in full to my beneficiary if I had died at 49.

But at NO point in my young years, did I EVER want to put my family in the position of having to pay for my funeral costs. So I bought the whole life plan at 19 years old just to be sure they would not.
__________________
Disclaimer: Any of my replies, advice, product recommendations, or projects that I have done that I post on this forum, are just for informational purposes only. Any reader choosing to use my postings, advice, product recommendations, or choose to duplicate any of my projects for their own use...are doing so at their own risk.
Gregsoldtruck79 is offline   Reply With Quote
Old 02-28-2018, 12:18 PM   #11
Member
 
Join Date: Dec 2017
Location: KY
Posts: 3,276
Rewards Points: 574
Default

Re: Do you have a life insurance policy ?


Quote:
Originally Posted by Oso954 View Post
While we basically agree, I phrase it a little stronger..

I don't think whole life is any type investment vehicle. They are much more similar to a savings account. They don't pay enough "interest” to keep up with inflation.

If someone doesn't have the discipline to save money in a bank and then invest in something more worthwhile, I guess a whole life policy is better nothing.

An investment should exceed the rate of inflation/cost of living over the long term. If it doesn't, it really isn't an investment.


I really wish that someone would take a poll and ask the 25 year olds out here if they have a $10,000 life insurance policy or at least $10,000 cash in savings to cover funeral costs.

It seems like in my state at least, too often a 20-30ish person dies in crash, or other accident...their family gets on Face Plant and sets up a "Go Fund Me" account to help with the funeral expenses.
__________________
Disclaimer: Any of my replies, advice, product recommendations, or projects that I have done that I post on this forum, are just for informational purposes only. Any reader choosing to use my postings, advice, product recommendations, or choose to duplicate any of my projects for their own use...are doing so at their own risk.
Gregsoldtruck79 is offline   Reply With Quote
Old 02-28-2018, 12:21 PM   #12
Member
 
Oso954's Avatar
 
Join Date: Jun 2012
Location: Northern Calif.
Posts: 7,490
Rewards Points: 1,218
Default

Re: Do you have a life insurance policy ?


Quote:
Wife is starting to hand me steak knives, blade first ,in a lunging fashion. Thank goodness I have good reflexes.
You don't ever want to become worth more dead than you are alive.
ZTMAN likes this.
Oso954 is online now   Reply With Quote
Old 02-28-2018, 12:35 PM   #13
Electrical Contractor
 
jbfan's Avatar
 
Join Date: Jun 2004
Location: Newnan GA
Posts: 7,895
Rewards Points: 448
Default

Re: Do you have a life insurance policy ?


At my age, we are basically self insured. My company provides 2 times my salary for no cost, so I have that, and I pay for 1/2 that for my wife.
I also still have my policy from the military.

My oldest son has 2 kids and I think about 10 times his salary in term insurance.
My youngest has whatever the company provides and I am the beneficiary, but it basically is used to bury him and clear his estate.
__________________
Yes I am a pirate, two hundred years too late
The cannons don't thunder, there's nothing to plunder
I'm an over-forty victim of fate.
jbfan is offline   Reply With Quote
Old 02-28-2018, 01:30 PM   #14
Member
 
Join Date: Sep 2012
Posts: 10,233
Rewards Points: 1,466
Default

Re: Do you have a life insurance policy ?


How bout if your parents took out a burial policy on you when you was a kid and it paid out in xxx number of years. I have no idea what type it is/was called, it makes no difference now, because that insurance company has been sold at least twice and no insurance company recalls ever buying it, therefore not responsible.

The last I had any update business with the original company was when my oldest son was born and he is now 50. That stupid ass in the vid should be glad he wasn't talkin to me and pushing on my chest. There just isn't much that gets my dander up any quicker than a insurance salesman.
slinger58 likes this.
SeniorSitizen is online now   Reply With Quote
Old 02-28-2018, 01:52 PM   #15
Member
 
Oso954's Avatar
 
Join Date: Jun 2012
Location: Northern Calif.
Posts: 7,490
Rewards Points: 1,218
Default

Re: Do you have a life insurance policy ?


$10,000 was a lot of money in 1970. You could buy a Cadillac Deville and have money left over. By the year 2000, that same $10k had shrunk to less than 25% of the buying power that was originally promised.

$10k in year 2000 dollars is equal to $2,253.19 in 1970 dollars.

Or turning that around, in 2000 you would have needed $44,381.44 to have the equivelent purchasing power of the 1970 $10k.

If you want to make money off of an insurance company, you need to either work for them, invest in them, or buy your policy and die quickly.
Oso954 is online now   Reply With Quote
Sponsored Links
Advertisement
 
Reply

Tags
life insurance


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Cost/how to obtain liability insurance for DIY condo work? esk8mw Building & Construction 8 07-18-2011 06:49 PM
Cobra Ridge Vent Or Air Vent Shinglevent ll ? Docfletcher Roofing/Siding 53 05-21-2008 01:43 PM
How do I get insurance? ETD66SS Building & Construction 2 06-19-2007 03:16 PM
HELP: T&G planking vs plywood? frogger Roofing/Siding 13 05-09-2007 08:26 AM
NYC, Insurance claim, Lawyer? Contractor? Insurance company?who first(house trouble) Woodpecker Building & Construction 6 04-09-2007 06:59 PM




Top of Page | View New Posts