(Closed) Do You Have Life Insurance?

posted 7 years ago in Legal
Post # 3
Member
14495 posts
Honey Beekeeper
  • Wedding: June 2011

I have been with New York Life for more than twenty years.  We have all of our life insurance through them as well as most of my investments.  They are the last of the truely mutual companies, meaning it is owned by the policy holders with dividends going back to the policy holders instead of stockholders.

I carry several whole life policies, several term policies, and a few target life policies (based in stocks).

I highly, highly suggest if you can afford it, purchase whole life.  I have had my policies long enough that the dividends now pay the premium and then some.  I also have the option of borrowing against the cash value at any time for any reason.  Like borrowing money from yourself at a low interest rate.

If you can’t, I would suggest term with a policy purchase option, and a term conversion option.  That way as you are married longer and your responsibilities increase, you can purchase more insurance without a physical.  Then when the term runs out, you have the option to convert the policy to whole life.

Target life is not used much in the last 10 years as the death benefit goes up and down with the market.  Mine has actually held steady, but I purchased it in 1990.  Not a policy I would highly recommend with the market the way it is.

I grew up in the life insurance business so if you have any specific questions feel free to pm me.

 

Post # 4
Member
176 posts
Blushing bee
  • Wedding: June 2011

I have life insurance through my work. It is equal to one year’s salary plus $10,000, which is enough for right now, but I can increase it at any time.

Post # 5
Member
2714 posts
Sugar bee
  • Wedding: May 2012

@tksjewelry: That was really great info. Thanks!!

My company provides life insurance, but I haven’t signed up for it yet. Shame on me, I know. I really need to get on that. Embarassed

Post # 6
Member
14495 posts
Honey Beekeeper
  • Wedding: June 2011

And you are right, crazy things happen.  The FHs ex passed suddenly earlier this year, at 42 and leaving one young son and an older one.  She had no will nor did she have life insurance.  The no will has been a nightmare for us to deal with as apparently this situation that we have has never happened before in the whole state.  Had she had a will, life for those boys would have been alot simpler.

Post # 7
Member
6824 posts
Busy Beekeeper
  • Wedding: June 2011

I have life insurance through  work and a policy my parents started for me when I was little, which now I take care of.

Post # 8
Member
14495 posts
Honey Beekeeper
  • Wedding: June 2011

Life insurance (if married) should equate out to two years salary combined.  If something were to happen to a spouce the other spouce is out of work for a time, is down an income, and will have to deal with funeral and medical bills left behind.  An average funeral is 20 thousand.

Post # 10
Member
223 posts
Helper bee
  • Wedding: December 2010

I actually have multiple lilfe insurance policies that are offered through my work.  I also have my spouse and my child covered in case something happens to one of them.  I was completely surprised to find out my husband did not  have life insurance when we got married.  We looked into a couple different companies and they were very expensive compared to the policies we have at my work.  I have alot more than than 2 years salary combined but my daughter is also 13 and if something happens to me or myhusband I want her to be completely taken care of and not have to worry about college or not having a home.

Post # 11
Member
4137 posts
Honey bee
  • Wedding: May 2011

i will sign up for life insurance at work as soon as we have a baby or buy a house…either way, i have a few years.

Post # 12
Member
5371 posts
Bee Keeper
  • Wedding: June 2014 - Ontario, Canada ♥ EDD- April 2016

My life insurance is through SunLife Financial I believe, I’m not sure. My parents started it when I was a baby and in a few years (after graduation) I’ll start taking care of it myself (:

Post # 13
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

We each have a 150K policy through work (via Aetna). We’ll add on once we have a kid. I have already told my husband I don’t want him to spend money to bury me that can go towards our children. Have a family dinner, think about me, and call it a day. I don’t want a funeral.

But a Will is definitely something we need to think about.

Post # 14
Member
274 posts
Helper bee
  • Wedding: October 2011

I have a substantial policy that required a medical exam.  It’s a term life policy so it means that the rate wont change as long as i keep the policy for the next 30 years. 

I also have a policy through work, but the truth is any of us could get laid off at any time.  So that insurance would go away if that were to happen.  Sure I could try to get insurance through a new job, but most wont insure you without a medical exam. 

Considering my predisposition to an array of illnesses, i figured it’s better for me to lock in at a cheap rate while i’m young and healthy 🙂

Post # 15
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

My work offers life insurance that’s 1.5x my yearly salary at no cost, so that’s the only one I have right now. Once we have a child, I will definitely supplement that.

Post # 16
Member
27 posts
Newbee
  • Wedding: February 2012

myself and my Fiance both have life insurance through Sunlife. it’s a reasonable plan (im not sure of the details off the top of my head) but i know it costs me $42 a month.

 

and you are right, you AREN’T too young to get life insurance.

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