Who has life insurance?

[PaleMoonlight]

So I was told I should get life insurance. I think it's about $125 for $1 million.

1) Do any of you guys have it?

2) If so, what was your experience. I heard there's one that you can use it as investment and you get it back at end of the term, is this true?

Thanks Sherbros.

 

[kimocomplex]

I got whatever my job provides for free, dont want to pay for extra

Btw I am a city worker so the benefits are decent

 

[Tone C]

Yea, I get it through my work pension.

I think it is worth about $350,000 to her.

 

[JudoThrowFiasco]

I have it via work.

And, depending on your provider you CAN get a ROP which you get your premium back if you outlive your term. However, while it's tax free it's zero interest so you're just giving an insurance company a zero interest loan which will be less valuable to you due to inflation. Also only applies if you're American

 

[mjmj]

Whole life insurance is like an investment, you’ll get it back once the term is over. Although I use the term investment loosely, its more like a savings account earning no interest. An economics professor stressed to us repeatedly to get whole life insurance while we were young and it would be dirt cheap. I wasn’t smart enough to listen. Term life insurance is like auto or home owners, once its gone, its gone.

 

[PaleMoonlight]

Whole life insurance is like an investment, you’ll get it back once the term is over. Although I use the term investment loosely, its more like a savings account earning no interest. An economics professor stressed to us repeatedly to get whole life insurance while we were young and it would be dirt cheap. I wasn’t smart enough to listen. Term life insurance is like auto or home owners, once its gone, its gone.

LOL yeah, it's hard to plan long term when we're in school. We had other priorities.

Okay maybe I shold do the whole life insurance. It's better than losing it forever. Thanks for the info.

 

[JudoThrowFiasco]

Whole life insurance is like an investment, you’ll get it back once the term is over. Although I use the term investment loosely, its more like a savings account earning no interest. An economics professor stressed to us repeatedly to get whole life insurance while we were young and it would be dirt cheap. I wasn’t smart enough to listen. Term life insurance is like auto or home owners, once its gone, its gone.

That's not entirely accurate. Whole life insurance takes a portion of your premium and invests it. But they keep the bulk of your premium. When you die your family gets whatever the policy payout is for your age at death but the savings.

 

[mjmj]

That's not entirely accurate. Whole life insurance takes a portion of your premium and invests it. But they keep the bulk of your premium. When you die your family gets whatever the policy payout is for your age at death but the savings.

I could certainly be wrong. I was under the impression that if the policy doesn’t pay out, you get your entire premium amount back. Not accurate?

 

[aerius]

Nope. I don't need to give my wife another reason to kill me.

 

[JudoThrowFiasco]

I could certainly be wrong. I was under the impression that if the policy doesn’t pay out, you get your entire premium amount back. Not accurate?

That's not a whole life premium. That's a ROP one. You're right but it's not really an investment...unless it's undeclared income that you're shelling. You basically pay a higher premium and if you outlive the term, you get it back but with no interest.

 

[ObsoleteSoul]

Nope. Have nobody to really leave it to. Kids will get my savings, property, valuables, and they are all older now. Just don't see the need anymore.

 

[subtlySteve]

So I was told I should get life insurance. I think it's about $125 for $1 million.

Who told you to do that? Your wife? Oh, buddy, if she starts whipping up your favourite meal right after you make that first insurance payment, I'd be faking a stomach flu quicker than you can say 'takeout!

 

[Fedorgasm]

I do, so if I get murdered please investigate my wife

 

[Ardaric]

I do, so if I get murdered please investigate my wife

I promise I will thoroughly investigate this newly wealthy widow.

 

[666]

Nah I ain't never gonna die.

Those filthy Insurance scammers are just trying to take my money.

 

[mjmj]

That's not a whole life premium. That's a ROP one. You're right but it's not really an investment...unless it's undeclared income that you're shelling. You basically pay a higher premium and if you outlive the term, you get it back but with no interest.

Yeah, investment was a poor choice of words. Savings would be more accurate. But it does provide some security to your family during the term.

 

[blaseblase]

Yes, I'm not married so the money is going all to my cats.

 

[Kowboy On Sherdog]

When I was younger I had it for a million... thought it was a waste of money so I dropped it.

Nothing now that I'm closer to dying

 

[Thepaintbucket]

I'm only worth like $300,000 according to my company's insurance policy

 

[WadeWatts]

Do you have kids? Why do you need it? For what its worth I have a $500k 20 year policy that cost about $37 a month