Life Insurance

[Win TWINS!!!]

My plan is to remain insured through my work (life, AD&D, short and long term dis) and when I retire then I won't need it anymore. My retirement account would then cover my wife's expenses if something happened to me or it will serve as a nice bonus for my kid. Don't really see the need to have life insurance when I'm 60+ because it will be crazy expensive and the purpose is to make sure my family is taken care of.

AD&D is wasted $ that could be utilized to bolster policies already in place that cover you 24/7 regardless.


As for post-retirement life insurance needs, tax planning and final expense considerations are often overlooked until those last few years, and people realize "oh shit. I should've planned better". I do love people that come back to me in their 60s though.... those premiums are YUUUGE!

 

[fordman84]

I agree with this on one had on the other my mortgage is 30 years since I just moved and that means I'll be 78 when it pays off. So I'm going to get something long term that will be there for that.

So I have a buddy who said basically this, but I don't get it. If I die my wife will move. The equity in this house is more than enough to buy a condo for her and the kid since they won't need all the bedrooms +space +garage +yard.

But I also never plan to own this place. My plan is still to get my kid through college and out on his own, then retire and sell this place. that will be in 14 years (fingers crossed) and at that point I will have roughly 10 years left on the mortgage. But I'll have a few hundred K in equity to buy a homebase outright and then we will be travelling. So the townhome will just be to store stuff and we have a crash pad between adventures.

 

[fordman84]

AD&D is wasted $ that could be utilized to bolster policies already in place that cover you 24/7 regardless.


As for post-retirement life insurance needs, tax planning and final expense considerations are often overlooked until those last few years, and people realize "oh shit. I should've planned better". I do love people that come back to me in their 60s though.... those premiums are YUUUGE!

I pay less than $2 a month for my AD&D. Figure it is worth the investment

We plan to be able to live on my retirement alone, not even needing my wifes or social security. I'm approaching 20 years now of putting 20% of my income into my retirement account, about 15 years left to go. Assuming we don't have a 2008 level correction in 12-15 years I should be able to withdraw on interest alone at 100% my current salary. Again, fingers crossed.

 

[Win TWINS!!!]

I pay less than $2 a month for my AD&D. Figure it is worth the investment

We plan to be able to live on my retirement alone, not even needing my wifes or social security. I'm approaching 20 years now of putting 20% of my income into my retirement account, about 15 years left to go. Assuming we don't have a 2008 level correction in 12-15 years I should be able to withdraw on interest alone at 100% my current salary. Again, fingers crossed.

I don't like paying taxes... so I'd rather pay premiums, leaving more to my heirs.

Life insurance is pennies on the dollar.

I get where you're coming from, though. I just don't see it as an efficient way to transfer money.

 

[Me]

My plan is to remain insured through my work (life, AD&D, short and long term dis) and when I retire then I won't need it anymore. My retirement account would then cover my wife's expenses if something happened to me or it will serve as a nice bonus for my kid. Don't really see the need to have life insurance when I'm 60+ because it will be crazy expensive and the purpose is to make sure my family is taken care of.

This

 

[Wild Turkey]

So I have a buddy who said basically this, but I don't get it. If I die my wife will move. The equity in this house is more than enough to buy a condo for her and the kid since they won't need all the bedrooms +space +garage +yard.

But I also never plan to own this place. My plan is still to get my kid through college and out on his own, then retire and sell this place. that will be in 14 years (fingers crossed) and at that point I will have roughly 10 years left on the mortgage. But I'll have a few hundred K in equity to buy a homebase outright and then we will be travelling. So the townhome will just be to store stuff and we have a crash pad between adventures.

Yeah my goal was to buy this house with equity but my wife wanted a more expensive house! It's fine because it's not like I lost the equity and we live in a pretty hot real estate market so that will increase.