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Old 12-31-2017, 02:13 PM
 
Location: NJ
22,743 posts, read 28,597,649 times
Reputation: 14640

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Quote:
Originally Posted by vanizorc View Post
So...I just spoke with the insurance dealer, and I refused the life insurance. Parents didn't put up a fight, so it's a good thing they didn't plan on murdering me I did, however, purchase Critical Illness Insurance for about $200/month (I think that was the quoted standard figure for my age; I'll have to wait until my health form application is processed to confirm).
are you serious????
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Old 12-31-2017, 02:17 PM
 
Location: Denver CO
19,051 posts, read 10,079,571 times
Reputation: 27883
Quote:
Originally Posted by vanizorc View Post
So...I just spoke with the insurance dealer, and I refused the life insurance. Parents didn't put up a fight, so it's a good thing they didn't plan on murdering me I did, however, purchase Critical Illness Insurance for about $200/month (I think that was the quoted standard figure for my age; I'll have to wait until my health form application is processed to confirm).
You just go screwed by the insurance agent even more than your parents if this is true. If it was disability insurance, then that rate would likely be about right. Critical illness insurance, meaning it pays you something like 10K or 20K if you get certain specified illnesses should be WAY less - like closer to $200 per YEAR, not month.

Please look into this more - as quickly as you can because you should have a right to rescind the policy if you act quickly.
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Old 12-31-2017, 02:44 PM
 
Location: Tampa, FL
27,798 posts, read 24,893,712 times
Reputation: 14611
Quote:
Originally Posted by vanizorc View Post
I'm currently 27 years old, in good health. I intend to stay single forever, and do not want children, so I will not have any dependents in the future. I also do not currently have any debt, besides possibly a mortgage in the future (though not in the "near" future, as real estate prices in my city are insane and I am nowhere near being able to afford a downpayment at the moment).

Just wondering -- would the money be better spent/invested elsewhere, for someone in my situation?


Edit: Just to add, I did search online for answers, but all the articles discussed were cases where the single person had plans to have children and get married in the future, which did not apply to my situation.
I'd put the money to Long Term Care Insurance - probably when you're in your mid -40s.
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Old 12-31-2017, 05:53 PM
 
2,800 posts, read 2,477,550 times
Reputation: 5082
Quote:
Originally Posted by Crashj007 View Post
No, never,not, no way.
If you do get coerced into this debt name the beneficiary as the estate of yourself. IF you have no surviving dependants it goes to the oldest surviving parent anyway.
Go online and get a quote for 10 year term for $10,000. You can have a burial like a king.
Actually life insurance is the last thing to worry about if you are thinking about end of cycle issues.
You might need:
A Will to dispose of real property and designate an executor
Provision for natural death medical care
Durable Power of Attorney
Medical Power of Attorney
Provision for medical caregivers to disclose medical information
A letter directing for disposal of personal property and disposition of remains.
Then ask the parents if they have these in place and ask to see them.
"Hilarity ensues"
I buried my father in 2004 and the cost was almost $9,000 then. That included a casket, a mass, the hearse from the funeral home to the church and to the graveyard. There was no viewing or any hours at the funeral home and the burial plot was paid for long ago. So $10,000 would not bury a king today. Maybe $100,000, but certainly not $10,000.

Make sure you have adequate burial insurance.
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Old 12-31-2017, 06:28 PM
 
Location: Oceanside, CA
1,749 posts, read 835,757 times
Reputation: 3933
Quote:
Originally Posted by CaptainNJ View Post
I pay about that for $4 million in term life insurance. Are you a head of state that will have a very elaborate funeral? I want to be invited.
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Old 12-31-2017, 07:01 PM
 
11,363 posts, read 5,868,909 times
Reputation: 21071
Quote:
Originally Posted by BucFan View Post
I'd put the money to Long Term Care Insurance - probably when you're in your mid -40s.
LTC insurance is a really poor bet. You're way better off investing those premiums in the market.
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Old 12-31-2017, 07:22 PM
 
Location: Raleigh
8,007 posts, read 5,304,066 times
Reputation: 9647
Quote:
Originally Posted by james777 View Post
<>Make sure you have adequate burial insurance.
Make sure you have reasonable burial plans.
"Happy New Year"
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Old 12-31-2017, 09:44 PM
 
18,304 posts, read 11,700,635 times
Reputation: 11948
Quote:
Originally Posted by vanizorc View Post
I'm currently 27 years old, in good health. I intend to stay single forever, and do not want children, so I will not have any dependents in the future. I also do not currently have any debt, besides possibly a mortgage in the future (though not in the "near" future, as real estate prices in my city are insane and I am nowhere near being able to afford a downpayment at the moment).

Just wondering -- would the money be better spent/invested elsewhere, for someone in my situation?


Edit: Just to add, I did search online for answers, but all the articles discussed were cases where the single person had plans to have children and get married in the future, which did not apply to my situation.

Late in the game, but no, you don't need any sort of life insurance if you are single with no one financially dependent upon you. By the last bit don't mean the little gifts or helping out of parents/family members; but a situation where you provide a majority or all of their money.


You don't need any sort of credit card/debt "life insurance" either. If you die and your estate is not large enough to cover debts then that will be that. Likely most consumer credit such as cards or whatever will simply write off any debt soon as they are informed (and it is confirmed) of your death. If and or when you ever buy a home, that would be another story; especially if at the time of your demise you've married and or have kids/someone who you want to leave the property to; but even then there are ways to work around.


Yes, by all means if your marital or whatever situation changes in future reconsider your options. But for now at your age you are far better off putting money into savings, investments and retirement planning.


A few posts mentioned not leaving your family burdened with your funeral/burial costs. You can plan for the Grand Sleep and make your wishes known via last will. If you don't want a lot of fuss and want the "cheapest" option out there, then make those wishes known. Places now allow for pre-payment of funeral and burial costs, and or yes, you can in such instances take out life insurance or one of those policies meant to pay funeral/burial costs.
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Old 01-01-2018, 03:25 AM
 
953 posts, read 607,305 times
Reputation: 1512
Quote:
Originally Posted by vanizorc View Post
(Kinda off-topic, but this might shed some light: my controlling/abusive parents are trying to force me to purchase life insurance with them as the beneficiaries. They quoted me $160/month, which is where the above figure came from. I told them I don't want to purchase it as it would be financially detrimental to me. They are currently throwing a tantrum about it. I want to arm myself with more counter-arguments in case they persist.)
That's easy: "No".
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Old 01-01-2018, 06:59 AM
 
6,167 posts, read 3,260,777 times
Reputation: 12508
Quote:
Originally Posted by vanizorc View Post
I'm currently 27 years old, in good health. I intend to stay single forever, and do not want children, so I will not have any dependents in the future. I also do not currently have any debt, besides possibly a mortgage in the future (though not in the "near" future, as real estate prices in my city are insane and I am nowhere near being able to afford a downpayment at the moment).

Just wondering -- would the money be better spent/invested elsewhere, for someone in my situation?


Edit: Just to add, I did search online for answers, but all the articles discussed were cases where the single person had plans to have children and get married in the future, which did not apply to my situation.
If you have no dependents reliant on you for support, you don't need life insurance. You also don't need that insurance that pays off your mtge if you die before you pay it off.
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