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That means if you would die the person holding the policy would be a millionaire. The first answer will be it depends on who is holding the policy. Wife? Don't bet on it. Its way too tempting. I could just see the cat and mouse games starting once the policy is signed. It would make me nervous to say the least. Of course there is love that transcends all that money stuff. Right? But then love can change suddenly for sometimes unknown reasons(and sometimes known reasons).
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Certainly. I would consider $1 million about the minimum required for anyone with a spouse and kids, to be able to provide for them in case of an early demise. Considering a mortgage of $600,000 with only a few years of payments, college for 2-3 kids, additional child care costs and having to pay for services that the deceased might have done, $250 or $500k just won't make it any more. Now if this is a policy on a spouse age 70 with a paid off home and good pension, one might be suspicious, but then assisted living can run $6,000.month and most pensions with SS won't be enough for that.
well honestly, for a family (there's 6 of us) a mill wouldn't last all that long if i knocked my husband off...i'd rather he continue to pull in an income
it really wouldn't make me nervous...i guess if i was married to someone i didn't trust i'd think differently.
That means if you would die the person holding the policy would be a millionaire.
Meh. My husband has a life insurance policy on me for $300k I think. I've lived a full life, I'm not afraid to die; I just don't want it to be painful. So here's to hoping he puts me out before doing the deed.
I could put a 10 million dollar policy on myself with my spouse as beneficary without worrying about her killing me. I trust her. She would most likely give most of it away to the family anyways. And I would rather have her than 10 mil. It can make interesting mystery stories. I don't see the OP senario as tempting.
I've got a policy with hubby as the beneficiary; it's not quite a mil, but enough. He's always telling me to be safe 'out there'. I tell him, 'That's no way to get rich!'
Yes, I'm comfortable with it....it's my reality. Not only would they land >1 mil in insurance they'd get my 401k, house etc etc etc.
Never name someone the beneficiary of a policy that you don't trust. It's that simple.
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