Life insurance Pro's

[notherhalo]

Some dude is trying to sell me life insurance

Male, 37, white, no health issues, passed all the health checks, one wife (odds of divorce surely greater than 50%)

Guy works at Mass Mutual.    Hes kind of a buddy (kind of) so I sat through 2 hours of "financial advice" which I think was just a ploy to obligate me into saying yes.

anyway

$ 1M / 15 yr / $77.87 month

$ 500k / 30 yr / $92 month

$500k / 15y /  $43.51 month  (maybe something like this)

Im going to inherit two $1M+ value homes nearly free and clear from my 71/72 year old parents 

 

Anyone know if the price above is higher than it should be?   I was OK spending $15 a month on it, but didnt expect it to be that much.   Is life insurance a suckers bet?    So many questions,  somebody kill me

[Blarg]

Would you like to spend that money on something else, move it into a retirement fund or leave a rich widow? 

You can spend $78 on an average meal with your wife each month and maybe avoid divorce.

You can add $78 a month to your retirement fund but even with compounding interest it's not going to be worth $500k in 15 years but you'll still have it to spend later.

You can give $78 to your pal for insurance that you will out live but he makes his money on you buying a policy and four years down the road giving up and the annuity is then worthless.

If you do stick it out to term you are not collecting, you have to be dead. Maybe your kids will spring for the better box or go cheap and have you cremated, you'll never know. 

 

 

 

[arch stanton]

When I ended up having a kid at age 52 I took a 30 year $500k that runs over $100 a month but I felt it was necessary to make sure she’s able to get started as an adult if I’m not here to see it

[Taylor]

Reminds me I need to up my life insurance. I'm currently about 7 years into a 20-year term for $450,000, and it's $27 per month. Purchased when I was 26.

[HanfordGuy]

One can usually find cheaper term on the internet but the insurance comes down to the company and your agent when you (err…your spouse) needs it. So you’ll be paying $213 for $2 mm of coverage. In 15 years you’ll be able to continue with the 2 15yr policies but you’ll be paying the price as a 52 year old. Hopefully your parents are still alive but if one or both pass away, the need for $1.5 mm of coverage goes away with one or two houses. Just remember insurance price comes down to 3 things: the length of the contract, the age you are when purchasing and whether you’re a smoker or non-smoker. If you’re a non smoker, fit and healthy, there’s usually a discounted rate but you would need to have a paramed exam and answer a few additional questions.

[T.G.]

41 minutes ago, HanfordGuy said:

One can usually find cheaper term on the internet but the insurance comes down to the company and your agent when you (err…your spouse) needs it. So you’ll be paying $213 for $2 mm of coverage. In 15 years you’ll be able to continue with the 2 15yr policies but you’ll be paying the price as a 52 year old. Hopefully your parents are still alive but if one or both pass away, the need for $1.5 mm of coverage goes away with one or two houses. Just remember insurance price comes down to 3 things: the length of the contract, the age you are when purchasing and whether you’re a smoker or non-smoker. If you’re a non smoker, fit and healthy, there’s usually a discounted rate but you would need to have a paramed exam and answer a few additional questions.

No meme? No video clip? WTF?

[HanfordGuy]

2 hours ago, HanfordGuy said:

One can usually find cheaper term on the internet but the insurance comes down to the company and your agent when you (err…your spouse) needs it. So you’ll be paying $213 for $2 mm of coverage. In 15 years you’ll be able to continue with the 2 15yr policies but you’ll be paying the price as a 52 year old. Hopefully your parents are still alive but if one or both pass away, the need for $1.5 mm of coverage goes away with one or two houses. Just remember insurance price comes down to 3 things: the length of the contract, the age you are when purchasing and whether you’re a smoker or non-smoker. If you’re a non smoker, fit and healthy, there’s usually a discounted rate but you would need to have a paramed exam and answer a few additional questions.

 

1 hour ago, True Grich said:

No meme? No video clip? WTF?

The Angels’ losing skid can really change a guy but to be honest I was thinking this (see below) as I was replying to @notherhalo.

 

[HanfordGuy]

Oh and one more thing…don’t forget the inflation rider if your policies have that…$2 mm in 13 years might just pay for funeral and the gas to get there.