Life insurance questions. What do you have/pay?

My main life insurance is from my military days. I kept it going after my transfer to civilian life and they raised the minimum coverage a few years after that which raised mine automatically to $250k if memory serves. I also have a much smaller accidental policy through State Farm.

 

I have no idea what we pay. Guess I need to look it up.

I know we have something through state farm as well as something through employment. Somewhere around $500k (combined) with State Farm I think...

shit. I feel all unorganized and stuff now.

 

Yes on the second part. On the first part I believe it is tied to my regular vehicle insurance premium somehow or a low rate if not. They only have 10k for that one so it is relatively trivial compared to the military one which does cover everything.

 

I carried a lot, most of it is to expire at 65 as it is term life. Term life used to be the most affordable - all depends on your age when you purchase it. I had enough to cover all of my debt plus enough to guarantee college education for my sons. Most of what I purchased was so long ago that the amount I am paying would be irrelavent today. You age is a major factor in determining cost.

There is a school of thought that once you retire, life insurance is no longer needed. I'm inclined to accept that. I probably will maintain some sort of a small policy to pay for end of life costs, however.

 

I selected the higher amount my employer provided.

 

I just bought a 20-year term life policy this month for $500,000. In addition to that, I already have two whole life policies - one provided by my employer for an equivalence of my annual salary, and another provided by a national company for $150,000. Since we have no children, Grancey will not suffer upon my departure.

But I'm going to win the Powerball tonight, so none of it really matters.

 

A. My total combined monthly premiums for all the above is around $250.

B. No.

 

I have a blend of whole life and term with an amount that would earn a bullet to my head if Plan9 were the beneficiary. I plan on moving more of the term into whole in the next few months.

I'm paying a very healthy amount of money for these, but they're as much an investment vehicle as anything else. I've had one long enough that I'll get to stop paying premiums on it since the dividends will be self-funding in about 5 years. The other big one will take a bit longer.

There are a tremendous amount of types of policies. Know what you're buying before you do anything.

 

And somehow a double tap to the head would be explained as an accident. At least ZombieSquirrel 's method would be easier to explain, at least until they try to figure out why she backed over your body slowly after those brakes "tragically failed" for the first hit..

 

Whenever I see that Speed_Gibson tagged me in a post, I know it's about the_jazz. When I saw it was related to insurance I knew it was.

 

I'm offended by the insinuations in this thread.

 

I have coverage that gives my family $1,000,000 on my death. In the event of a major illness (cancer, heart attack, etc.) I am given $500,000 of that 1 million immediately. After my wife's cancer, we decided it was better to get some coverage for me.

 

20 Year Term Life: $550 year for him til he is 71
Pay out: $150,000

20 Year Term Life: $295 year for me til 63
Pay out: $184,000