Info: Life insurance.... How's and why's??

[malibu795]

I've known for awhile how dangerous trucking can be... It usually falls 6/7 spot on top 100 deadliest jobs, and usually a 1-2 truck drivers get kills at work a day nationally

Farming, various types of construction, forestry, open sea fishing are deadlier... Per capita

I know alot of guys fall into said work field categories..

Having lost few friends due to work place accidents, in the last year or so... seeing their dependents struggle sucks....Life insurance comes to mind

Currently I'm single and no dependents... though I know alot of members on here has at least kids

What's some guidelines..
Length?
How much?100k 200k 300k???? Cover current debt/funeral and at least a year worth of avg income?
Pay all up front?

Kinda clueless here...

 

[TheBac]

Adam, how old are you? Smoker or non?

 

[malibu795]

36, non smoker, no medication, barely drinks

Been thinking about getting a living will as well.. so at least if I go who's ever left will have at least guidelines on what to do with what I leave behind

 

[blue09dmaxx]

I have enough to cover all debt like house, truck, boat. Right around 250k

 

[PureHybrid]

Your best bet is talk to an insurance agent, there are so many ways to cover yourself and how to set up your account.

Wife has 200k, mine is 150k. I figured if I die, at least the house is paid for. You'll probably be looking at $100 ish a month for 250k.

Mine is set up as an account, you pay into it until it's paid up, then that money is yours so to speak. And you can borrow against it during a hardship if need be. Lots of ways to set things up.

 

[malibu795]

Hmm
Ok pull couple numbers out of thin air.. seen 250k for 10 years $20.00 month . $2400 in payments. what happens I'm still alive after said term?
Gues I need to find an agent

 

[2004LB7]

My question is: what are you trying to insure against?

If you are single with no kids then what are you trying to protect?

Who would be as risk of taking on your debt or bills if you where not around? If it is another family member who wouldn't be able to take all of the burden then by all means. If it is the bank or other similar entity then why?

Not trying to bash or anything negative, just curious

 

[PureHybrid]

Hmm
Ok pull couple numbers out of thin air.. seen 250k for 10 years $20.00 month . $2400 in payments. what happens I'm still alive after said term?
Gues I need to find an agent

A term policy will always be very cheap. After that 10yrs you have nothing.

The sooner you buy a policy, the cheaper it will be. Mine is cheap ($50/mo) because my parents started it when I was 5 or 6.

 

[Dozerboy]

In my opinion you don't need it. No wife and kids. Let the bastards that hold your debt fight for what left.

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[IOWA LLY]

Those “bastards” have loaned him the money so he can chase his dreams...... Not sure I understand your attitude here.


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[malibu795]

My question is: what are you trying to insure against?

If you are single with no kids then what are you trying to protect?

Who would be as risk of taking on your debt or bills if you where not around? If it is another family member who wouldn't be able to take all of the burden then by all means. If it is the bank or other similar entity then why?

Not trying to bash or anything negative, just curious

The idea is my debt is covered, my close friends/family won't have to foot the funeral expenses etc..
I do have things that I would rather be passed one than sold to pay for debt..

And maybe be able to pull some good stuff, maybe set some people/kids up for success..
I currently have 6 neices/nephews and one that considers me her "New dad" from a previous relationship

Had a relative sell some property and set the money up as a trust fund that I couldn't touch till I was 30. Unless other stipulation where met. And how I was able to go self employed.... Figured I'd do similar pay it forward of you will

Since I currently have no "legacy"

 

[TheBac]

I've carried enough insurance to cover basic debts, house and kid's college.

I was going to switch from the $250K variable Ive had for almost 20 years to a term policy, but at 54 I couldnt find a 25 yr at a reasonable cost. I thought about buying a 20yr policy for $150K, and then a 30yr for $100K, but couldnt work the costs out, either. So I will probably just add some to my monthly contribution and stay where I am.

Adam, you really dont need that much unless you get married or have children. Find an affordable $50K (or maybe $100K) policy you're comfortable with. Talk to an agent about it. They can set one up for funeral expenses to be paid immediately upon passing.

In general, if you dont smoke and are in good shape and healthy, you can find life insurance for very low costs.

 

[Burn Down]

I always carry the maximum my jobs offer. 500k on me 200k on the wife and 20k per kid. I start that way so i never miss it. But I have a family that I want taken care of after I’m gone.

Single guy I would cover my debts and that’s about it, you ain’t taken it with you I agree with AJ those poor bastards will be us paying higher interest rates to cover that un-paid debt...

 

[Dozerboy]

Those “bastards” have loaned him the money so he can chase his dreams...... Not sure I understand your attitude here.


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What are you a banker and offended that I called you a bastard... If I was single I’m not gonna carry a bunch insurance so my death is in a nice neat little package for them. They can come get my assets and cover my debt at the auction.


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[wilrob]

If you want to PM me you can, I work for a financial planning firm and life insurance is part of the process. I can give you a run down of what policies to look at given your situation.

Going into detail on the thread about options and products for every company would be a novel though

PS might take me a second to figure out how the PM works on here if you do lol

 

[IOWA LLY]

I’m not a banker. Nor am I a fan of bankers. But I’m a big advocate of personal responsibility. If someone loans you money, it’s your responsibility to pay it back! PERIOD! If your dead, you can’t do that.

I don’t understand why everyone these days seems so happy to “stick it to the man”. There is no such thing as “sticking it to the man”. There is only “sticking it to your fellow man”. Shit runs downhill. If Adam defaults on his loan trust me all of us pay for it. Not the bank.


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[malibu795]

If you want to PM me you can, I work for a financial planning firm and life insurance is part of the process. I can give you a run down of what policies to look at given your situation.

Going into detail on the thread about options and products for every company would be a novel though

PS might take me a second to figure out how the PM works on here if you do lol

Thanks will...
Definetly would like to pick your brain some time

 

[wilrob]

Thanks will...
Definetly would like to pick your brain some time

Feel free! I'm always happy to educate people on their options, I wish more people were proactive about it all.

 

[Dozerboy]

If your dead, you can’t do that.

I never said anything about running up a bunch debt that couldn’t be covered by your assets at auction intentionally. Your taking things out of my post I never said.




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[IOWA LLY]

Let the bastards that hold your debt fight for what left.

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Sorry Dozer. This is the comment I must have misinterpreted. My bad.






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