quote:
I said there is absolutely no reason to have life insurance past your 50s unless you suck at saving money

Please stop posting financial advice/thoughts because you went to a Dave Ramsay seminar one time. There are many different reasons why someone should buy life insurance for older ages

LOL, can you not read? And I have never gone to a seminar nor read his books. Simply heard it on the radio on occasion. I'm by no means a follower of his.

So instead of saying I'm wrong, offer some actual advice. I said there is no reason for the normal person who actually saves money and tries to get out of debt before retirment to have life insurance past their 50s. Because the average person that saves money and invests, will have a net worth of a couple of Mil by the time they are 60.

If you are worth over $11 mil and didn't do estate planning so you want some extra whole life insurance in your later years, fine. But that's not what we are talking about here. So outside of you selling life insurance, tell us some good reasons for someone in their 60s, that's debt free, with a couple of Mil to have life insurance please?

This post was edited on 10/2/17 at 12:57 pm

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Posted by GenesChin

The Promise Land

Member since Feb 2012

37722 posts

Posted on 10/2/17 at 1:35 pm to baldona

quote:
So outside of you selling life insurance

I don't sell life insurance and have no personal stake in people buy life insurance. You just have posted frequently on this board about financial advice with blanket statements + assumption of identical risk aversion for everyone

It isn't you saying to buy term life that I'm criticizing, it is you making a blanket catch-all statement.

quote:
I said there is no reason for the normal operson

Your actual phrasing was " unless you suck at saving money" as the only exclusion

quote:
But that's not what we are talking about here

Then maybe don't put out blanket catch all generalizations

quote:
to have life insurance please?

You are now changing your tune about estate planning but you also left out

- To cover value of illiquid assets (business, property etc)
- Combo life/LTC provides long term care benefits tax free
- People whose career has late stage salary acceleration-> BIL finished medical residency "later" at age 38 with $000,000s in debt, he won't have the luxury of saving/investment compounding interest on his side pre 60
-People whose retirement plan is based on primary earner's survival (pension w/ no survivorship, social security benefits, working after retirement)

This post was edited on 10/2/17 at 1:39 pm

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