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Old 08-22-2011, 12:45 PM
 
Location: Maryland
1,534 posts, read 3,784,379 times
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We don't have any need for it but that is purely specific to us. It is highly recommended (by moi ) to at least have a "pretend death" session once a year or so to review the status of what the numbers would be in your situation, most especially if you croak and leave a spouse/significant other/dependent.

It is a whole lot easier all around if you walk through the scenario in advance that you've croaked and have your affairs in order (finances, paperwork, etc.). We all checkout and I'd at least like to not leave a mess behind. JMO
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Old 08-22-2011, 03:38 PM
 
Location: Near a river
16,042 posts, read 18,994,426 times
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Quote:
Originally Posted by Curmudgeon View Post
My wife will continue to receive my full pension when I die and her Social Security will increase to equal mine. She will also continue to receive her pension. If she predeceases me I will lose both her pension and Social Security but living on mine will be easily possible.

We both have some life insurance - not a lot but something that will be fairly immediate "just in case." For me it would ease adjustment to a lower household income. For her it would permit her to put the house on the market and move back close to family if she chose to do so. In both cases, we would not need to dip into savings.
As an aside, it is my understanding that a surviving spouse does not get the full SS amount of the deceased--she can choose either her own or half of his, whichever is greater (this is for the SS thread, I know).

Is your life insurance term, or whole? Mine is term, and unfortunately it is soon term.
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Old 08-22-2011, 04:03 PM
 
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the spouse will get full survivor benefits as long as they are full retirement age.
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Old 08-22-2011, 04:12 PM
 
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That pretend walk through is a great idea. One thing I've noticed is most everyone posting has a pension. Are there any people without pensions who are retired or close to it who have coverage considerations or don't have a need for it?
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Old 09-15-2011, 03:41 PM
 
Location: Florida -
8,767 posts, read 10,859,665 times
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We took out a life insurance policy on my wife to protect her significant pension...good through 83. The life insurance policy also allowed us to maximize the income from her pension --- The additional take home income was about 3-4 times greater than the cost of the life insurance premium.... without the pension COLA.
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Old 09-15-2011, 03:55 PM
 
29,799 posts, read 34,894,042 times
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Quote:
Originally Posted by Caltovegas View Post
Now that people have reached their retirement years do you still see the need for Life Insurance? I often hear people don't have a need for it after retirement so I'm asking people who are in the know.
WE are blessed and have employer provided life insurance that carried into retirement. It started out as 100% of final year pay and decreases to 50% over the first five years and remains there. That is more than adequate. As with others we elected a reduced pension benefit so that we would be assured each others pension if one of us passes. Social Security would be mine for the survivor. I always carred significant insurance prior to retirement. One advantage of the insurance is that it provides a non investment pool of cash for the surviving spouse. Investments and other savings need not be touched in the short run.
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Old 09-15-2011, 06:51 PM
 
Location: Near a river
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Quote:
Originally Posted by mathjak107 View Post
the spouse will get full survivor benefits as long as they are full retirement age.
In addition to her own?
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Old 09-16-2011, 01:39 AM
 
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No
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Old 09-16-2011, 08:11 AM
 
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We had life insurance policies during our mortgage on the house years and raising children so I wouldn't have to sell the kids, lose the house and end up living under a bridge on the interstate. Everything is paid for now and the kids are grown and gone.

We now have less life insurance than we carried in our younger days so our children are not standing there wondering who will pay for this funeral. Loss of income from either of us won't hurt the other as we both have company paid pensions and IRAs. But we have considered, should one of us pass away, just place the body in our chest freezer and keep those checks rolling in.
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Old 09-16-2011, 04:06 PM
 
Location: Lexington, SC
4,281 posts, read 10,748,157 times
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Quote:
Originally Posted by CarolinaWoman View Post
We had life insurance policies during our mortgage on the house years and raising children so I wouldn't have to sell the kids, lose the house and end up living under a bridge on the interstate. Everything is paid for now and the kids are grown and gone.

We now have less life insurance than we carried in our younger days so our children are not standing there wondering who will pay for this funeral. Loss of income from either of us won't hurt the other as we both have company paid pensions and IRAs. But we have considered, should one of us pass away, just place the body in our chest freezer and keep those checks rolling in.

LOL...LOL

I love your reply.

My dear departed mother kept my father alive on paper with the IRS for several years after his death. Fortunately my sister, my brother, and I had the money and expertise to "get" her out of the problems it caused.

It is a running joke in my family. To this day we toast my mother for doing so.....LOL
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