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re: Life insurance questions\advice
Posted on 9/29/17 at 9:05 pm to GenesChin
Posted on 9/29/17 at 9:05 pm to GenesChin
quote:
There are plenty of reasons to have life insurance past age 50. If you are a Dave Ramsey follower, you probably don't have enough money for them to apply to you
Name one that is applicable to the average person that is not going to die with a multimillion dollar estate or tax obligation from business ownership.
This post was edited on 9/29/17 at 9:07 pm
2
Posted on 9/29/17 at 9:19 pm to EA6B
quote:
ame one that is applicable to the average person that is not going to die with a multimillion dollar estate or tax obligation from business ownership.
50 is not very old...
A lot of people are having kids later in life and kids are still dependent on parents income, and many grandparents are assisting with grandkids expenses (either taking care of them or helping with school costs)
People aren't saving enough and having a large debt (like a mortgage) is not uncommon in your 60s and even 70s, and their spouse cannot survive financially without their income.
People want to leave a legacy to family or an organization
life insurance is the most efficient way to pass money down to heirs
Great way to equalize an estate among heirs
Permanent life insurance has several tax benefits for people in the right position.
Posted on 9/30/17 at 1:19 pm to EA6B
quote:
Name one that is applicable to the average person that is not going to die with a multimillion dollar estate or tax obligation from business ownership.
quote:
Those situations are rare among the average person.
Again the guy said blanket statement "there are no reasons" for everyone over 50. I pointed out that there are many valid reasons. It wasn't supposed to shite on Ramsay but point out his customers don't typically have the need
You just named two. A third is cash deferred inside buildup when investment vehicles are maxes. You can also buy combo life/LTC products that provide tax free AB LTC benefits
This post was edited on 9/30/17 at 1:22 pm
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