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Subject: "you got life insurance?" Previous topic | Next topic
tariqhu
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16494 posts
Fri May-11-18 01:51 PM

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"you got life insurance?"


          

that's not with via your job?

how'd you decide how much coverage to get?

Y'all buy those labels, I was born supreme

  

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Topic Outline
Subject Author Message Date ID
yes
May 11th 2018
1
I can finally afford it
May 11th 2018
10
yeah.. had to with the mortgage.
May 11th 2018
2
didn't know some banks
May 11th 2018
11
      probably
May 14th 2018
21
yep: 1) pay off house; and 2) get kids through college
May 11th 2018
3
my youngest is 9,
May 11th 2018
12
Nope. But I’ve been looking into it
May 11th 2018
4
you can get a simple term plan where they won't ask that
May 11th 2018
6
      Yeah. I need something simple.
May 11th 2018
9
gofundme
May 11th 2018
5
:(
May 11th 2018
13
think about what you're trying to protect against or what your financial...
May 11th 2018
7
Thanks
May 11th 2018
8
this is the stuff I'm not sure of...
May 11th 2018
14
      fa sho. 15 year sounds reasonable for you
May 12th 2018
15
           thanks for this.
May 14th 2018
19
yes. at the time i had a house
May 13th 2018
16
looks like I need 20 year term life
May 13th 2018
17
Anybody else see the AIG life insurance ad in here?
May 13th 2018
18
400k joint I got when I was in the Army...
May 14th 2018
20
RE: 400k joint I got when I was in the Army...
May 14th 2018
23
      yessir
May 14th 2018
28
Yes
May 14th 2018
22
This is scary but also empowering.
May 14th 2018
24
haha
May 14th 2018
25
      I don't like that I have to do a physical,
May 14th 2018
26
Boatload...lots of people to feed if i'm gone
May 14th 2018
27

makaveli
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15800 posts
Fri May-11-18 01:56 PM

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1. "yes"
In response to Reply # 0


  

          

all depends on your age and health and what your budget is.

“So back we go to these questions — friendship, character… ethics.”

  

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tariqhu
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16494 posts
Fri May-11-18 06:19 PM

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10. "I can finally afford it"
In response to Reply # 1


          

now that I got some bills out the way.

Y'all buy those labels, I was born supreme

  

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PG
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42560 posts
Fri May-11-18 02:07 PM

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2. "yeah.. had to with the mortgage."
In response to Reply # 0


  

          

went with fairly minimal term.. it's about up too which means money gone for naught and need a whole new policy now.

  

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tariqhu
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16494 posts
Fri May-11-18 06:20 PM

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11. "didn't know some banks"
In response to Reply # 2


          

made you do it with the house payment.

new policy = higher rates huh?

Y'all buy those labels, I was born supreme

  

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PG
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42560 posts
Mon May-14-18 11:14 AM

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21. "probably"
In response to Reply # 11


  

          


>new policy = higher rates huh?
although Shimmy quit smoking years ago after we signed up so might get a cheaper rate.

it'll definitely be more expensive if we don't go term and want to see a guaranteed return on what we put in.

  

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lonesome_d
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30443 posts
Fri May-11-18 02:15 PM

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3. "yep: 1) pay off house; and 2) get kids through college"
In response to Reply # 0


          

probably should have gotten a 25 or 30 year term though instead of 20, since my youngest will only be starting college when the current term expires. but he wasn't around when we got the policy.

-------
so I'm in a band now:
album ---> http://greenwoodburns.bandcamp.com/releases
Soundcloud ---> http://soundcloud.com/greenwood-burns

my own stuff -->http://soundcloud.com/lonesomedstringband

avy by buckshot_defunct

  

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tariqhu
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16494 posts
Fri May-11-18 06:21 PM

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12. "my youngest is 9,"
In response to Reply # 3


          

so I'm thinking of a 15 yr.

Y'all buy those labels, I was born supreme

  

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legsdiamond
Member since May 05th 2011
73448 posts
Fri May-11-18 02:31 PM

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4. "Nope. But I’ve been looking into it"
In response to Reply # 0


          

One thing I noticed was some of them ask if you smoke.... weed

Wtf

I shrugged when dude tried to pitch it to me when we were pregnant with our first kid. But 2 friends have died since then in car accidents. Gotta get back on it.


Thanks

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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makaveli
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15800 posts
Fri May-11-18 03:01 PM

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6. "you can get a simple term plan where they won't ask that"
In response to Reply # 4


  

          

“So back we go to these questions — friendship, character… ethics.”

  

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legsdiamond
Member since May 05th 2011
73448 posts
Fri May-11-18 03:29 PM

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9. "Yeah. I need something simple. "
In response to Reply # 6


          

Some good info down below

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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SooperEgo
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11338 posts
Fri May-11-18 02:46 PM

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5. "gofundme"
In response to Reply # 0


          

  

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tariqhu
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Fri May-11-18 06:21 PM

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13. ":("
In response to Reply # 5


          

Y'all buy those labels, I was born supreme

  

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sndesai1
Member since Feb 02nd 2013
1229 posts
Fri May-11-18 03:10 PM

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7. "think about what you're trying to protect against or what your financial..."
In response to Reply # 0


  

          

if it's to cover a mortgage, you might want to buy a 30 year, 20 year, and 10 year term policy each at ~1/3 of the mortgage amount

if it's to cover college for a kid, try to guess how much college will cost x years in the future and buy a term policy for approx. that amount with a term length that would last until your kid is ~22

if it's not to cover a specific expense, then you probably want to think about it in terms of how many years of salary you want to provide to a spouse

if you want to use life insurance as an investment vehicle or to generate retirement income, then you might want universal life (likely either indexed UL or if you have high risk tolerance, variable UL) - then think about how much money you want to invest and get as little face amount as allowed by the tax code for that level of premium. this will minimize death benefits, but maximize how much your money can grow

if you're super wealthy (assuming that means none of us posting here) and trying to get around estate taxes and such, you'll want to buy a joint life policy


if i was buying a term policy, i personally wouldn't want deal with a financial advisor/agent - the policy is really not that complicated and you can research and buy online

but if you get into the more complicated products and/or you have significant wealth, you probably have little choice.

  

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legsdiamond
Member since May 05th 2011
73448 posts
Fri May-11-18 03:28 PM

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8. "Thanks"
In response to Reply # 7


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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tariqhu
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Fri May-11-18 06:29 PM

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14. "this is the stuff I'm not sure of..."
In response to Reply # 7


          

>if it's to cover a mortgage, you might want to buy a 30 year,
>20 year, and 10 year term policy each at ~1/3 of the mortgage
>amount.

hopefully, my house will be done in 15.


>
>if it's to cover college for a kid, try to guess how much
>college will cost x years in the future and buy a term policy
>for approx. that amount with a term length that would last
>until your kid is ~22

I'm leaning more towards this scenario. my kids are 14 and 9 as of next week. so this would also fit with the 15 yr deal.
>
>if it's not to cover a specific expense, then you probably
>want to think about it in terms of how many years of salary
>you want to provide to a spouse

not familiar with this option. need more info on this one.
>
>if you want to use life insurance as an investment vehicle or
>to generate retirement income, then you might want universal
>life (likely either indexed UL or if you have high risk
>tolerance, variable UL) - then think about how much money you
>want to invest and get as little face amount as allowed by the
>tax code for that level of premium. this will minimize death
>benefits, but maximize how much your money can grow
>
>if you're super wealthy (assuming that means none of us
>posting here) and trying to get around estate taxes and such,
>you'll want to buy a joint life policy

n/a lol.
>
>
>if i was buying a term policy, i personally wouldn't want deal
>with a financial advisor/agent - the policy is really not that
>complicated and you can research and buy online

right now, its looking like my home/car insurer is the move. they can do 15 yr, $80 a month, for 750k. guess it makes sense to look at other companies too.

I need to check if my current insurer will discount my other services if I do this with them.

good info. preciate it.



Y'all buy those labels, I was born supreme

  

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sndesai1
Member since Feb 02nd 2013
1229 posts
Sat May-12-18 12:33 AM

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15. "fa sho. 15 year sounds reasonable for you"
In response to Reply # 14
Sat May-12-18 12:39 AM by sndesai1

  

          

but i'm not not a financial advisor, so don't hold me to it lol

use something like policygenius to compare term rates with the one you got from your home/auto insurer. make sure to use fake contact info if they ask cause i know some of these sites harass you with spam after they provide you with the comparisons. you may also want to use info that's slightly off when you're just browsing (e.g. birth date 10 days off, zip code of the next town over...) because those sites are definitely storing a lot of data

  

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tariqhu
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16494 posts
Mon May-14-18 08:36 AM

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19. "thanks for this."
In response to Reply # 15


          

found a few that were $15 or so less than Amica.

Y'all buy those labels, I was born supreme

  

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Damali
Member since Sep 12th 2002
35561 posts
Sun May-13-18 09:17 AM

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16. "yes. at the time i had a house"
In response to Reply # 0


          

so i went with the coverage that would pay off the mortgage

i've since sold the house but the policy is super cheap cuz i have it through being an NYU alum

d

  

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legsdiamond
Member since May 05th 2011
73448 posts
Sun May-13-18 11:35 AM

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17. "looks like I need 20 year term life"
In response to Reply # 0


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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SeV
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50169 posts
Sun May-13-18 03:41 PM

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18. "Anybody else see the AIG life insurance ad in here?"
In response to Reply # 0


  

          


____________

Dallas Cavericks LETS GO!!

  

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Dstl1
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Mon May-14-18 09:05 AM

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20. "400k joint I got when I was in the Army..."
In response to Reply # 0


          

250k through Fidelity...plus 140k that just came automatically through my job. I didn't really put any real science into the amounts...just figured 650K would more than take care of the paying off the house, paying for college and allowing my wife to pretty much debt free until she retires.

Okay player...so you can type whatever you wanna type, but I still write better than anybody you like - Torae

  

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TruOne
Member since Jun 29th 2002
14266 posts
Mon May-14-18 11:17 AM

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23. "RE: 400k joint I got when I was in the Army..."
In response to Reply # 20


  

          

>250k through Fidelity...plus 140k that just came
>automatically through my job. I didn't really put any real
>science into the amounts...just figured 650K would more than
>take care of the paying off the house, paying for college and
>allowing my wife to pretty much debt free until she retires.
>


#SGLI

- - - Begin Sig. - - -

"Courage doesn't always roar. Sometimes courage is that little voice at the end of the day that says, 'I'll try again tomorrow.'" ~ ~ Anne Radmacher

  

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Dstl1
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Mon May-14-18 06:08 PM

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28. "yessir"
In response to Reply # 23


          

.

Okay player...so you can type whatever you wanna type, but I still write better than anybody you like - Torae

  

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TruOne
Member since Jun 29th 2002
14266 posts
Mon May-14-18 11:16 AM

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22. "Yes "
In response to Reply # 0


  

          

Pay off the house + Wife's student loans + money for Morehouse tuition whatever it is in 2037.

- - - Begin Sig. - - -

"Courage doesn't always roar. Sometimes courage is that little voice at the end of the day that says, 'I'll try again tomorrow.'" ~ ~ Anne Radmacher

  

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legsdiamond
Member since May 05th 2011
73448 posts
Mon May-14-18 12:39 PM

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24. "This is scary but also empowering. "
In response to Reply # 0


          

My dad didn’t even have enough to cover his funeral.

I keep thinking about if I outlive this term life...

but that’s a good thing right? LOL.



****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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tariqhu
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16494 posts
Mon May-14-18 12:54 PM

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25. "haha"
In response to Reply # 24


          

it does make you think about not being around.

another part of adulting that sucks.

Y'all buy those labels, I was born supreme

  

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tariqhu
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Mon May-14-18 12:56 PM

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26. "I don't like that I have to do a physical,"
In response to Reply # 25


          

but I'm in pretty good health, cept for this high cholesterol.

good part, I'll get a discount on my auto insurance once I get this going.

Y'all buy those labels, I was born supreme

  

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auragin_boi
Member since Aug 01st 2003
20893 posts
Mon May-14-18 01:42 PM

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27. "Boatload...lots of people to feed if i'm gone"
In response to Reply # 0


  

          

$150K through the gig ($50K of it is free/on the company)
2 separate polices worth about $1.5 mil.

If I go:

Wife will be able to pay off the house and all debt, bank some money for life expenses (though she makes her own $$), put some away for college for the kids and still have a nice chunk of a savings nest egg. I'll have the same if she goes.

My sister will get a nice little $30K to help her a little going forward.

My ex will get about $400K for our kids together which would cover child support and inflation until the kids are in college and a decent chunk of $$$ for college expenses. This was built into our decree. She has similar coverage as well.

All of my kids will be grown when the term policies end but I made sure to get convertible policies as well.

____________

  

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