U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-31-2017, 04:45 PM
 
Location: Virginia
171 posts, read 107,539 times
Reputation: 508

Advertisements

I will have mine for life from my employer which will be about $30,000. My husband will have one from his employer also, but I don't remember what the amount is. We never age out of it.
Reply With Quote Quick reply to this message

 
Old 08-31-2017, 04:47 PM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
most retirees will not benefit from tax estate planning . it is for those who can .
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 04:58 PM
 
Location: Central Mexico and Central Florida
7,096 posts, read 3,457,793 times
Reputation: 10158
No life insurance on either of us since we retired our mortgage. Oh...I have a freebie policy thru my pension plan....10K.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:03 PM
 
Location: SoCal
13,216 posts, read 6,313,926 times
Reputation: 9827
Quote:
Originally Posted by GeoffD View Post
I don't have dependent children. That's when you need life insurance.

Mathjack's comment might make sense for some people. I think the main reason a retired couple would have life insurance is if they both had similar sized Social Security checks and it would be a real hardship if a spouse died to try to live on just one Social Security check. Or you remarry at an older age and haven't crossed the 10 year mark where Social Security survivor benefits kick in.
Not only that, I'm using my life insurance as potential pot of money for LTC. I'm younger, most likely will outlive my husband, the money from life insurance could be used as money for long term care for me. I did cancel my long term care after thinking through. If I go first, the life insurance could be used for LTC for my husband. But we do have money for LTC. This is extra money on top of everything else.

My husband has a small life insurance through work that's only enough for burial service. It's free though after he retired.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:14 PM
 
15,157 posts, read 4,003,357 times
Reputation: 10957
I have none. I have real money. That's the whole idea - by the time one is in their 60's life insurance can be replaced with that old solid thing - EQUITY.

But if I had large financial obligations and very little $$ I would probably have a policy.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:17 PM
 
15,157 posts, read 4,003,357 times
Reputation: 10957
Quote:
Originally Posted by mathjak107 View Post
permanent life insurance which is 100% tax free can be a really nice planning tool .

i can leave my tax infested ira's to my wife who has no clue how much she gets to live on , how much taxes are , and she has to take take those big rmd's after i am gone and file single too .

but if i use some of my ira money to buy a single premium policy equal to the ira it won't cost any where near the policy value . it is tax free and whatever is left over the kids can pay the tax on the ira over their lifetime .

so the only tax in that deal would be on what i use to buy the policy which is leveraged since you get much more than you pay in . .
Ah, you have discovered the perpetual motion machines as well as the first insurance companies that lose money.....

Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:22 PM
 
659 posts, read 324,577 times
Reputation: 1974
My do you need life insurance if you have no spouse or anyone depending on your income? No for me. My two kids will get everything 50/50 per my will.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:22 PM
 
Location: VT; previously MD & NJ
2,197 posts, read 1,341,203 times
Reputation: 6314
I have a policy my mother bought right before I got married that is now worth about $6000. I think she made the first payment and I paid each year... at some point, the dividends it earned started to cover the payment and add to the payout amount. Other than that, no life insurance. I am single, my only child will get my paid-for house, IRAs, and other savings. If I die soon, he will have a lot more than if I live into my 90s.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:23 PM
 
8,886 posts, read 2,756,449 times
Reputation: 5437
Never had kids so never saw the need to have life insurance. The only life insurance we've had has been through employers.
Reply With Quote Quick reply to this message
 
Old 08-31-2017, 05:24 PM
 
1,226 posts, read 1,258,991 times
Reputation: 4309
Yes, I have life insurance on my husband. If he dies first my plan is to convert the insurance money to a SPIA or DIA (depending upon my age at the time). In this way, I have assured, as best as I can, that there will be no loss of monthly income if he predeceases me.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top