Finally started the long-put off process of getting life insurance in place today. Because of some medical issues, I'm going to wind up having to "layer" (as my agent calls it) 3 or 4 policies, some through work, and one on my own.
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- Thread starter stevew
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Fun, right? The vast majority of mine is through work. I've maxed my options there, so anything else is prohibitively expensive.
Yeah... The most I can do through work right now is 100k term (doubled to 200k if accidental) for like 6 bucks a month, and 100k whole - which is pretty damned expensive on its own ($200/mo). But, no exam, no questions asked for any of it.
I'm fully expecting to face a few hundred a month for a term policy outside of work, but the agent thinks it could be even more. We'll see if it pencils out. All primarily due to the broken brain, it seems.
I've tried to get insured against death, but found no takers.
Anywho, rode today. Upper 60s are def better than 90s, but humidity in the 80s-90s still suck donkey dong.
Anywho, rode today. Upper 60s are def better than 90s, but humidity in the 80s-90s still suck donkey dong.
Whole is a fucking scam. Get term for as long as you have liabilities. Once the house is paid off kids are gone, and there is enough money for wife to retire, you don't need it anymore. Our policies expire at 62 and we have zero intentions of extending them.Yeah... The most I can do through work right now is 100k term (doubled to 200k if accidental) for like 6 bucks a month, and 100k whole - which is pretty damned expensive on its own ($200/mo). But, no exam, no questions asked for any of it.
I'm fully expecting to face a few hundred a month for a term policy outside of work, but the agent thinks it could be even more. We'll see if it pencils out. All primarily due to the broken brain, it seems.
Wildfire smoke was terrible here today. Fucked off from work and thankfully was able to time a ride when the winds were right so I didn't have to choke to death while doing it.
Took a 50 min walk to dinner and back at Silvers in Noyo Harbor then grabbed the dogs and walked out to the headlands to watch the sunset
That was another 40 minute walk.
That was another 40 minute walk.
You don’t even need them until 62.
You just need enough such that current net worth + current held policies == desired total net worth if one of you croaks now. Drop policies along the way as you accrue assets.
Don't disagree. For most people though, it's just liability coverage that matters. Once those are done, assuming you got the policies while young, they should be relatively cheap to maintain until term. And most people do not have enough saved by retirement age to give up their spousal protection aspect either.
Stoney is correct. Whole life is a total scam. But then so is term. You are betting that you will die, their actuarials have run the numbers and are betting that you will live and they will pocket the money. They prey on your fear and guilt. Invest in yourself not in their pockets. I should know. I was an agent for Northwestern Mutal. I quit because I could not bring myself to scam people at a Donald Trump level selling that shit.
You might need to modify Vinnie a little.
For access, or for pure braaaapage?
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Whilst agreeing about the ridiculous BS some insurance has become through manipulative t+c’s and practice, this is a fine attitude to have if your fam can afford to carry on without you on any given day
Also well done and thank you for being ethical.
I woke up at 6AM really wanting a bacon and egg roll, I looked at a cafe and assumed that they would have fucked it up so I went and bought a pound of bacon and some Camembert cheese, was a solid feed.
No riding today, watched Caddyshack after eating the B&E roll.
EDIT- Two BBQ day and my new frame should be painted up next week, but it might have a black rear triangle coz I underestimated how much powdercoat you need.
No riding today, watched Caddyshack after eating the B&E roll.
EDIT- Two BBQ day and my new frame should be painted up next week, but it might have a black rear triangle coz I underestimated how much powdercoat you need.
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Access. Friends of ours bought an old mining claim/plot up above a ghost town, and they’re constructing a proper yurt on the property this fall. It’s ~6 miles from where you can drive to, and there’s a fair amount of ski terrain up there. So… yeah.
I would greatly prefer a term policy, but I won't kick the whole policy out of bed if it ends up being the difference between my wife and kids getting 100k vs. 200k in a very unfortunate scenario. That being said, I have a hard time believing I can't find a term policy with the same or greater face value, for around the same cost per month.
My wife is a stay-at-home Mom by choice, so my situation's a little different from most. I want to make sure that at an absolute minimum: the house, any debt and funeral expenses are paid for if I kick early. I'd prefer more though, so that my wife has plenty of time to adjust before going back to work, and so the kids have a little something for the future.
Took the dogs out to the headlands for their morning poop. Watched the Salmon fishermen motoring out of Noyo harbor at dawn. It is now espresso time in the camper.
I'll challenge on term, on the caveat you are getting enough to cover liabilities and funeral expenses, not trying to get rich.
If I were to die today, with no insurance, the life we've built around two incomes would detonate around Wifey and the girls. If I carry enough term to get through our liability window (ie until the house, cars, and school are paid off), Wifey will have enough I'm savings to take some time off, then go back to work in a less stressful job (no need for income around the house or school saving), and retire based on our pre-established plan of 60y/o.
That's what term is for. Clear everything to zero - no more, no less. If being used otherwise, it's being up sold.
I don't like up sold insurance products, but insurance makes sense. Ask @jonKranked about umbrella policies. Some dumbass obliterated his wife's car and she's permanently on SSDI now. The umbrella policy by the dumbass girl's rich parents paid for the settlement. It probably didn't wipe them out though. Any normal person would have been wiped out and he would not have gotten the settlement to take care of the family.
There are also tax and estate planning strategies that you can use insurance products for, but you need to be making $1mm+ for those to be viable. Anything else? Up sold.
Term is a lesser scam. But the numbers bear out the actuarials. Life Insurance companies are money markers. Young and with kids. Term is ok, anything else is bullshit
FTFY, none of them do it for love.
I've never burned my house down or written off my car, but I know there's a risk.
All insurance, in your view, would be a "scam" - and that's a philosophical argument. For most normal people (i.e. not fabulously wealthy) certain types of insurance are a requirement to offset risk, however small that risk might be.
