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Old 09-04-2017, 05:32 PM
 
419 posts, read 257,663 times
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We only have one on my husband purchased years ago. We let a much smaller one on me go a few years ago because it wouldn't make a difference to my husband if I go first. Since hubby is bringing in more money, if he goes first, the life insurance will guarantee I have the same lifestyle as now. I think life insurance is a good, solid investment for retirement that is often overlooked. If I should go first, even though we have been paying into hubby's for years, I doubt he would keep it for his two adult sons. They're out making their own money, and it wouldn't make sense for him to continue paying the premiums.
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Old 09-04-2017, 06:12 PM
 
9,215 posts, read 9,286,664 times
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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 have good health. I deliberately waited until I was about 50 to apply for a 30 year term policy. I passed the physical and assorted blood tests with flying colors. I was offered an "unpublished rate" by the insurance company which simply means they wanted my business and offered me a lower rate than they advertise. I have a $500,000 term policy.
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Old 09-05-2017, 02:30 AM
 
71,762 posts, read 71,853,273 times
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i find it interesting that for all the mis-information thrown out by ignorant financial talking heads and ignorant posters on the subject of life insurance in senior years . most have zero clue about the effictiveness of using a comprehensive plan of insurance products and your own investing .

quite a few do still have policies going in their senior years .
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Old 09-05-2017, 05:34 AM
 
6,886 posts, read 7,295,373 times
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Quote:
i find it interesting that for all the mis-information thrown out by ignorant financial talking heads and ignorant posters on the subject of life insurance in senior years . most have zero clue about the effictiveness of using a comprehensive plan of insurance products and your own investing .
Can you please expound on that?
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Old 09-05-2017, 05:52 AM
 
71,762 posts, read 71,853,273 times
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Many talking heads are anti life insurance at older ages, especially if it is permanent life insurance. But most are quite ignorant on the subject and other mis informed people parrot what they say.
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Old 09-05-2017, 07:49 AM
 
Location: SoCal
13,274 posts, read 6,356,923 times
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I did read a while ago that for rich family that is part of their estate plan. I think one family took out a $20 million life insurance. This is why I'm not cancelling mine yet.
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Old 09-05-2017, 10:05 AM
 
Location: Charleston, SC
1,369 posts, read 769,637 times
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I think that at some point you are self-insured by your assets. I priced Term Insurance recently, and at this stage of my life, Term is expensive.......maybe prohibitively so.

My DW is the Primary Beneficiary on all my Accounts. The House has no Mortgage, and monthly Expenses are low. I have a $100K Policy form my MegaCorp Benefits Dept. Also, Navy FCU just gave me a free $2K Policy for holding my CD Ladder with them.

I'm curious if others in my age bracket (mid-to-late 60 yo) have a Term Life Policy ?? Or other forms of Insurance ??
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Old 09-05-2017, 10:11 AM
 
Location: Kronenwetter Wisconsin
290 posts, read 141,189 times
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We have a couple of term life insurance policies. My husband has a $150,000 for the next 15 years. Then he has a 50,000 for the next 20 and I have a 60,000 for the next 20. We also have insurance through work but when we retire in 5 years we will not carry those. We did term life insurance because we will still have a mortgage when we retire and feel it will give us a small additional cushion.
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