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Old 09-01-2017, 03:29 PM
 
Location: South Florida
195 posts, read 106,294 times
Reputation: 1157

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I was heavily insured while I was raising my son. If anything happened to me I wanted to make sure that he would be well provided for. When he turned 18 and joined the Air Force I cancelled my policy. I had enough assets that he would inherit and there was no longer a need for insurance. A couple years later I got married but didn't get a new policy since my husband was a big ole grown-up boy who could take care of himself if anything happened to me.
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Old 09-01-2017, 04:04 PM
 
Location: Virginia
3,962 posts, read 2,034,762 times
Reputation: 10883
I always had life insurance through the Federal government. but stopped paying premiums once I turned 65. That made the value of the policy drop rapidly to its current amount, which will never change. My husband was the beneficiary when he was alive, but now it will provide for the cats' care when I die if they're still alive. I also took out a second whole life policy at age 66 to make up the difference for the care for the 3 cats. It's $18,000 per cat at any reputable animal sanctuary, and the cat has to be 7 years old or less. I can only hope I outlive my 9 year-old special needs cat, because I can't afford to place her - it would cost $33,000 and I just don't have that amount to tie up in advance. Heck, it would be cheaper to have life insurance for actual kids!
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Old 09-01-2017, 05:56 PM
 
Location: Florida
4,365 posts, read 3,700,708 times
Reputation: 4105
Quote:
Originally Posted by eliza61nyc View Post
I've been toying with this also. My sons are on their way to adulthood. (lol, one is fighting it tooth and nail, he's figured out that college is a pretty nice gig.)

So as it stands if I kick the bucket, they will each inherit a house with no mortgage and a pretty nice payout from some IRA's and 401K's.

LOL after all the stress they caused me as teens they definitely better get me a nice headstone.

I don't have grandkids yet. Do seniors with adult children keep life insurance policies?
You do have a number of comments.

I would think most seniors do not have life insurance unless it is intended to pay for a funeral.

Life insurance is used for estate planning. Estates that are valuable but have little cash to pay the estate tax.

Life insurance is also used to replace your income that you were using to support your dependents.

From your post if you wanted to leave then a larger inheritance then you could buy life insurance. But remember the costs could be close to what is paid out if you have a long life.

I would think in terms of setting up an emergency fund for yourself and build it up to the point it could cover your funeral.
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Old 09-01-2017, 08:48 PM
 
Location: Silicon Valley
18,094 posts, read 22,960,701 times
Reputation: 35240
Quote:
Originally Posted by eliza61nyc View Post
I've been toying with this also. My sons are on their way to adulthood. (lol, one is fighting it tooth and nail, he's figured out that college is a pretty nice gig.)

So as it stands if I kick the bucket, they will each inherit a house with no mortgage and a pretty nice payout from some IRA's and 401K's.

LOL after all the stress they caused me as teens they definitely better get me a nice headstone.

I don't have grandkids yet. Do seniors with adult children keep life insurance policies?
I had a life insurance policy, but once my daughter hit around 35 years old, I gave her the option to continue paying for it. She declined. I couldn't afford the payments anymore. She later changed her mind but it was too late LOL.

Once the kids are adults, it's a luxury and not a necessity as far as an income that will take care of them - until they are adults.

So, I'd ask them if they want to pay for it. In my case, my daughter will receive nothing, which is why I'd held on to the life insurance, so I could leave her something. She chose not to pay the $35 a month or so to keep it, in order to get $100K if I died. The premiums would have gone up as I aged, but that's all it would have cost her to keep it. She was making about 100K/ year and I was on SSI.

Anyway, I'd ask them if they want to take over the payments. If not, I wouldn't pay them anymore. You're leaving them enough and they're adults.
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Old 09-02-2017, 10:56 AM
 
Location: Loudon, TN
5,783 posts, read 4,836,241 times
Reputation: 19448
Yeah, I don't have kids but if I did, once they were adults and launched, they'd be on their own as far as LI. I would do it only for my spouse if my death would impact his lifestyle in a big financial way.
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Old 09-03-2017, 06:30 AM
 
Location: Ypsilanti, MI
2,439 posts, read 3,664,651 times
Reputation: 4800
Quote:
Originally Posted by mathjak107 View Post
one yhing about advisor's is they can want to help all they want with those tax infested ira's but there is little that can be done once you are at that point . tax planning has to be done early on or you lose much of that window where you can do anything
Agreed. That is why we are already working in that direction with 10 years remaining before I hit the RMD age. The other 'gotcha' with use of life insurance is that waiting too long can result in a person becoming un-insurable due to late in life ailments arising, or becoming Rated by the Insurance Companies due to age or health so that the premiums are painfully high.

Start early!
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Old 09-03-2017, 11:45 PM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,295 posts, read 3,341,557 times
Reputation: 4829
Quote:
Originally Posted by BayAreaHillbilly View Post
Our final expenses will be a mere fraction of liquid assets. No point in paying an insurance company when we can simply pay ourselves.
You may find this info interesting:....(what works for me, may not work for others-----I obviously realize that everyone is different & I respect that.)

About 10 yrs ago I decided to look into buying a "specialized insurance policy" that would take care of ALL costs, and I mean ALL COSTS, and ALL details related to my ultimate demise. I was 75 at the time and I figured it would be one less "thing" my only living relative (my daughter) would have to contend with....... Lord knows she will have many, many other "things" to handle and dispose of...........: i.e. any one interested in (9) Big Game mounted trophies, including a 9'3" Kodiak Brown Bear!

I purchased this insurance policy through a local family owned Funeral Home that I am very familiar with, ( they handled EVERYTHING FOR ME ), when I lost my mother, my wife and my sister, all within the last 20 years. The ALL INCLUSIVE bottom line figure that was arrived at 10 yrs ago for me............is what the policy is written for!!!!!!......IT IS NOT SUBJECT TO ANY % OF INCREASE (inflation), no matter how many years transpire between when it was written up, and when I die!
I had the Funeral Home just recently run a total AT TODAY'S PRICES, and was advised that today's total would be 14% higher!!!
YMMV.....
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Old 09-04-2017, 04:39 AM
 
Location: Central NY
4,669 posts, read 3,245,044 times
Reputation: 11951
Montana Griz: How close are you to those fires? Please stay safe.
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Old 09-04-2017, 01:32 PM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,295 posts, read 3,341,557 times
Reputation: 4829
Quote:
Originally Posted by NYgal1542 View Post
Montana Griz: How close are you to those fires? Please stay safe.
There are several different fires in all directions from my location here on the far western edge of the valley floor, tight up against the Bitterroot mountains.
The closest is the Lolo Peak fire about 10 to 12 miles away to the N/E. Several others are about the same distance away, but in entirely different Mountains.
My beautiful 40 foot wide Aspen lined creek has been completely dry since the last week in June.
I keep a fresh bucket of water in my cyclone fenced dog run, , and in the last 2 months I have had 5 Chipmunks drown in it trying to get a drink...............Bad year for all forms of wildlife!
The intensity of the smoke is the worst since 1988. That was the year that a large portion of Yellowstone Park burned, and here in the mountains and foothills of our valley, over 325,000 acres burned.
The total lack of rain in this particular portion of western Montana (July & Aug = zero, and May & June we got approx 3 to 4 hundreds of an inch), and so far in Sept one 1/100 of an inch.......that record breaking lack of moisture has left the entire area like a Tinder Box ready to explode.
Thanks for asking.
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Old 09-04-2017, 01:48 PM
Status: "Support the Mining Law of 1872" (set 9 days ago)
 
Location: Cody, WY
9,580 posts, read 10,923,342 times
Reputation: 19205
Quote:
Originally Posted by Montana Griz View Post
There are several different fires in all directions from my location here on the far western edge of the valley floor, tight up against the Bitterroot mountains.
The closest is the Lolo Peak fire about 10 to 12 miles away to the N/E. Several others are about the same distance away, but in entirely different Mountains.
My beautiful 40 foot wide Aspen lined creek has been completely dry since the last week in June.
I keep a fresh bucket of water in my cyclone fenced dog run, , and in the last 2 months I have had 5 Chipmunks drown in it trying to get a drink...............Bad year for all forms of wildlife!
The intensity of the smoke is the worst since 1988. That was the year that a large portion of Yellowstone Park burned, and here in the mountains and foothills of our valley, over 325,000 acres burned.
The total lack of rain in this particular portion of western Montana (July & Aug = zero, and May & June we got approx 3 to 4 hundreds of an inch), and so far in Sept one 1/100 of an inch.......that record breaking lack of moisture has left the entire area like a Tinder Box ready to explode.
Thanks for asking.
I had a fire that came way too close last year. It's one of the most nerve-wracking events that I've ever experienced. I wish you the best.

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