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Old 09-28-2011, 10:33 AM
 
Location: Florida -
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Quote:
Originally Posted by newenglandgirl View Post
If your term life insurance policy is up or soon to be, do you plan on getting another policy? If so why, what kind, and at what premium?
There is probably no blanket answer, just as there are no 'one size fits all' life circumstances. But, at 60-ish, you can get a $500-$750K, 20+ year term life policy in the $4K per year range (Later, the cost goes up significantly).

1). If you or someone else depend on another's income, pension, etc.
2). If this ongoing economy has seriously damaged the ability of your kids to retire (or send your grandkids to college) ... about the time you might expect to die.
3). If you are receiving more money in annuities or pension than you really need to live on; yet will have no real estate to leave your heirs when you die.
4). If one spouses health is worse than the other ... and their longevity is predictably shorter than the surviving spouse, who, if this economy doesn't improve, is likely to run out of money before they die.
5). If you can renew a sizeable term life policy now at a reasonable rate; and you 'may' need it at some time in the future ... BUT, if you wait to buy the policy, the cost will be exhorbitant!
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Old 09-28-2011, 12:42 PM
 
Location: Alaska
5,356 posts, read 16,347,342 times
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Quote:
Originally Posted by newenglandgirl View Post
I am also to be cremated. I'm wondering if whoever finds me can send my body to the crematory directly (from wherever I am), after calling the coroner, or if I have to get ambulanced to some mortuary....?? Sorry to sound grim, but I would like to know so I can spell this out in my instructions...

A caution and a question ^ (a brief answer please, so we don't go off on a tangent)
Depends. If you're under hospice care, the crematory can come to pick up the body. Otherwise, the police/paramedics need to be called so they can file a report on your death. I think it's just so they can confirm you didn't die suspiciously. The crematory can then be called to get the body. I don't think you need to spell it out, as it's the standard operating procedures. You do need to spell out any arrangements you made with a crematory.
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Old 10-14-2011, 09:02 AM
 
29,779 posts, read 34,867,277 times
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Quote:
Originally Posted by newenglandgirl View Post
Lots to think about here. The Homestead provision protects the home up to $250K for a single, $500K for married...or is it more? Excellent advice about upping the auto insurance.

I was not aware that an injured party can claim the defendant's life insurance policy, legally. Can you elaborate?
I pay $162 a year for a million dollar umbrella policy plus upped auto insurance which goes with it.
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Old 10-14-2011, 10:49 AM
 
Location: Whereever we have our RV parked
8,786 posts, read 7,704,486 times
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I'm with curmugeon. NO. Term insurance is more expensive the older you are. Life insurance should be used for people who have a spouse or small children who might need the money should a parent die. I assume you're past that age. You have SS coming up. A lot of insurance is sold to the elderly so that they leave something to the kids. My mother did that. I wish she'd have spent a little more on herself and had some fun.
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Old 10-14-2011, 06:01 PM
 
Location: Lexington, SC
4,281 posts, read 10,737,425 times
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Earlier I said:

I would say the main reason for life insurance is to be able to pay off whatever could not be easily paid off had one not died (like a mortgage and only one wage earner) then maybe (only maybe) it was a worthwhile bet (and make no mistake it is a bet).

There is a secondary reason and it is when one cannot comfortably live without the the others income.

I believe those that look at insurance as a windfall for others (like pay off their childrens debts) could well be, and in many cases are depriving themselves.

To be clearer. Wife and I do not have any life insurance and I consider it a very, very bad bet for most older folks.
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Old 10-14-2011, 10:04 PM
 
Location: Near a river
16,042 posts, read 18,975,704 times
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Quote:
Originally Posted by accufitgolf View Post
Earlier I said:

I would say the main reason for life insurance is to be able to pay off whatever could not be easily paid off had one not died (like a mortgage and only one wage earner) then maybe (only maybe) it was a worthwhile bet (and make no mistake it is a bet).

There is a secondary reason and it is when one cannot comfortably live without the the others income.

I believe those that look at insurance as a windfall for others (like pay off their childrens debts) could well be, and in many cases are depriving themselves.

To be clearer. Wife and I do not have any life insurance and I consider it a very, very bad bet for most older folks.
My term is up next month. I checked with my home/auto agency and they ran the premium figures on $100K policy, the least they will cover. For 10 years it's $46/month, for 15 it's $72, for 20 it's $96.

I'm thinking I might do the 10 years, just to leave to the kids along with the house and some other assets, but then I'd have to kick off within 10 years. Opinions??
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Old 10-15-2011, 06:21 AM
 
29,779 posts, read 34,867,277 times
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Quote:
Originally Posted by TuborgP View Post
I pay $162 a year for a million dollar umbrella policy plus upped auto insurance which goes with it.
This post is not meant for this thread as I was posting about the liability part of the discussion and protecting assets and not actual life insurance.
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Old 10-15-2011, 07:12 AM
 
Location: The Triad (NC)
28,497 posts, read 62,167,040 times
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Quote:
Originally Posted by newenglandgirl View Post
I'm thinking I might do the 10 years, just to leave to the kids along with the house and some other assets...
Opinions??
Would that mean you currently own the home outright?
*and* that it is in good and solid enough condition (roof, windows, mechanical, etc)
to not need any substantial work (like building a tenant space?) for the next 20-30 years...

If not... then "some sort" of mortgage life insurance plan would be appropriate
as you diligently work to pay off the home and that work.

For the 10 years that such might take to pay off having that sleep easy at night assurance
(at $46/month to get that $100,000)... would probably be worth it.
---

But for other purposes... and especially when anticipating the longest of terms
being needed to have any sort of assurance that any of the expense is worth making at all
(like at least 20 years at a $96/month or more commitment)... not so much.

iow... you could probably find far better uses for that ($96 x12 x20) $23,040
(even without any yield or growth from a $1152 annual commitment)

hth

Last edited by MrRational; 10-15-2011 at 07:30 AM..
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Old 10-15-2011, 07:24 AM
 
Location: Grove City, Ohio
10,133 posts, read 12,385,819 times
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Quote:
Originally Posted by rjm1cc View Post
The reason to get one is so your survivors have money for needs they can not provide for and you would have if alive. If you have no needs then you could skip the insurance. However, if you feel that you may need insurance in the future you might want to keep your policy. It is possible that your health or occupation could prevent you from getting insurance in the future. Shop around for price.
When I was young with the responsibility for a young family I carried $1 million.

As children became of age, mortgage paid off etc my insurance requirements dropped as premium costs rose. Today I have a single ten year $100k term policy left and that is due to expire in four more years at which time I will just let it drop. Cost is around $79/mo.
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Old 10-15-2011, 10:05 AM
 
Location: Florida
4,365 posts, read 3,700,708 times
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Quote:
Originally Posted by lenora View Post
I'm not yet at that point but my group policy will also wither away after I hit 65 (I think.)

The only reason I continue to hold it is because it is relatively cheap and I don't want my kids trying to find cash or maxing out their credit cards to get me cremated or buried. I've been told that funeral homes and/or cemeteries do not require payment up front if the survivors can produce a life insurance policy. However, I haven't given it much thought and it might be total b.s.

So, for those of us who are continuing to hold a small life insurance policy for this purpose, does anyone know if this is true?
Having insurance to cover your expenses is a good reason to have a policy. However you should live past 65 so if the insurance is important you might want to look around for an individual policy. See if you can convert your group policy to an individual policy. Be sure to check costs. Be sure the policy covers you no matter what age you are when you die. Some stop coverage at 80.
I would not assign a policy to a funeral home. You don't want them to use up all the money on a funeral. If you do make sure you have a written contract with the funeral home as to the services they will provide and the costs. Also what happens if they are out of business or you are living in a different area.
The proceeds of the insurance policy will go to the person you named as beneficiary and they can spend the money as they like. Thus make sure the beneficiary agrees to pay for the funeral or have your estate listed as the beneficiary.
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