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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Posted by baldona

Florida

Member since Feb 2016

20648 posts

Posted on 10/2/17 at 2:22 pm to GenesChin

quote:
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)

All of these are very rare. But more importantly, all of them fall under my same criteria. People that suck at saving money.

I would never recommend someone rely solely on a pension or social security, again they suck at saving money.

Finishing residency at age 38, that gives your BIL 21 years as a doctor to have enough cash and investments by the age of 59. If he can't do that, again he sucks at saving money.

Business without enough liquid cash by the age of 59, again, sucks at saving money.

Long term care is a different story.

Take anyone at the age of 44, that wants to buy life insurance. There is really no legitimate excuse for them to need life insurance after age 59 when a 15 year term ends. If you WANT it at that point, sure its your money. But 15 years of financial planning from 44-59 should be more than adequate to prepare for not NEEDING life insurance.

This post was edited on 10/2/17 at 2:25 pm

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