Does anybody buy life insurance anymore?
09-24-2013, 11:25 AM
#21
Power Poster
Join Date: Jan 2009
Location: Front row
Posts: 14,646
Life insurance helps the kids no doubt. I know my FIL and DH's grandmother's life insurance gave us a nice nest egg. My grandmother left me a policy as well as my two great aunts (no children). Having extra money saved relieves stress and I want my two kids to have the same stress free life far as money worries about emergencies. We have life insurance polices, each child is beneficiary on one policy each.
09-24-2013, 11:42 AM
#22
Super Member
Join Date: Nov 2010
Location: Saugus, CA
Posts: 1,310
Maybe the policy can fund itself now. We stopped making payments on one of our policies and it pays for itself and that way we keep the insurance. The cash-out value is obviously reduced but the pay out upon death is still the same.
09-24-2013, 01:43 PM
#23
Senior Member
Join Date: Aug 2010
Location: Albuquerque NM
Posts: 674
I had life ins. for 25 years @ $40 A MONTH THEN OVER NIGHT IT WENT TO $90 A MONTH!
By then I was working and single and could not afford it. When I called them they acted like it was my fault
And was pissed I called.
By then I was working and single and could not afford it. When I called them they acted like it was my fault
And was pissed I called.
09-24-2013, 04:12 PM
#24
Super Member
Join Date: Apr 2011
Location: Midwest
Posts: 5,051
Originally Posted by Needles
No life insurance here, our home is paid for, our arrangements are set and all our son has to do is have a for sale sign put up, he can give it away for all I care. He educated himself into a great career and has never been a material person. I've never been a fan of ANY insurance but as we know, some is mandatory. As stated before, be sure your insurance is good after a certain age. Much of it is not and it takes a legal eagle to get though all the unintelligible language where it says, not covered. Same way with homeowners! Especially that one!
Got $$ saved for a nursing home just in case?? $6,000/month or more???
psandy
09-25-2013, 03:47 AM
#25
Senior Member
Join Date: Apr 2008
Posts: 353
Your life insurance isn't going to pay a dime on nursing home care. After so many days as a patient, your home is taken, sold and used for payment. If your arrangements are set and paid for, your children aren't responsible for anything other than what your estate can pay. If there is nothing, oh well................. Life insurance money goes to the beneficiary and they don't have to pay out a dime of it to anyone, it's theirs.
09-25-2013, 12:17 PM
#26
Super Member
Join Date: Mar 2010
Location: Ohio, just east of Toledo
Posts: 1,369
We have TERM insurance,and will until my husband retires.
Years ago, between jobs, he started taking a class or something about insurance, and for us, life insurance was only to replace his income. He had some chart that showed if the difference between term insurance and other types was saved, invested, it didn't make sense to spend it on another type of insurance. So we didn't
We will stop when we are no longer depending on his income. Insurance salesmen love to sell insurance. Term is ok but anything else is the jackpot!
Years ago, between jobs, he started taking a class or something about insurance, and for us, life insurance was only to replace his income. He had some chart that showed if the difference between term insurance and other types was saved, invested, it didn't make sense to spend it on another type of insurance. So we didn't
We will stop when we are no longer depending on his income. Insurance salesmen love to sell insurance. Term is ok but anything else is the jackpot!
09-29-2013, 12:38 PM
#28
Super Member
Join Date: Oct 2010
Location: Maple City, MI
Posts: 2,135
Personally, I think life insurance is a rip off. Basically you are betting against yourself! If you have small children, that is one thing, but if it is you and your husband, take that money and put it into an annuity each month and "self insure".
09-29-2013, 03:26 PM
#29
Super Member
Join Date: Apr 2011
Location: Midwest
Posts: 5,051
Originally Posted by Needles
Your life insurance isn't going to pay a dime on nursing home care. After so many days as a patient, your home is taken, sold and used for payment. If your arrangements are set and paid for, your children aren't responsible for anything other than what your estate can pay. If there is nothing, oh well................. Life insurance money goes to the beneficiary and they don't have to pay out a dime of it to anyone, it's theirs.
By the way, no one takes your home to pay the nursing home bills unless you end up on Medicaid....only after the patient dies then once the house is sold....the proceeds from the house are used to reimburse Medicaid for the nursing home.
A nursing home CAN put a lien on the house to make sure that any outstanding nursing home bills are paid from the sale of the house. We owed a couple of months nursing home care when my mom died. She was not on Medicaid. We did pay the bill to the nursing home once we sold her house.
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