Posted by
Member since Jun 2017
44 posts

Life Insurance
I have a 50K term rider on spouse’s 70K UL plus cash value with term also. We are retired with no debt and have several other life Insurance policies. We were contacted by our Farm Bureau agent that in few days, I will no longer be guaranteed no questions asked and conversion time will expire. I have preferred rate. The policy will lapse at 76 YO and therefore, would loose rider also. Options: I can keep it like it is; want to me buy a 25K policy for myself; take cash value and buy a single premium whole life. We have cemetery plots paid for already. Have good health insurance and see no need to have $25K policy. I am 65 YO in good health; Hubby is 64 YO. Work did not have life insurance portability, only took cancer policy and my LASERS retirement. I am confused. We are making 4% interest on policy and feel that is main reason for knocking on our door. Can someone give me suggestions/thoughts.

Navy Fan
Member since Dec 2012
9542 posts

re: Life Insurance
Why do you need insurance at all?

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Ohio State Fan
Member since Jul 2014
31352 posts

re: Life Insurance
I’m at a different stage in life so maybe I’m missing something but with no debt, the costs of a cemetery plot covered, and a retirement income, what exactly would you need to insure against? Seems to me that a life insurance policy would be something to work towards no longer needing (no debt, no loss of income, etc.), meaning you’ve eliminated the financial risks of death. And what you described seems to meet that.
This post was edited on 12/5 at 10:04 pm

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Auburn Fan
Member since Feb 2016
9132 posts

re: Life Insurance

I am 65 YO in good health; Hubby is 64 YO

Your life insurance should be there to pay for something your spouse can not afford without you. If you don't have that need, you don't NEED life insurance.

The insurance agent called in a SALES call. It wasn't for your own good, I promise, it was for their own. They wanted to worry you into spending more money. Now it can certainly help you potentially, but I'm saying just because they called doesn't mean you NEED anything.

If you are retired with no debts, savings, and means of income through retirement accounts/ Pension then you do not NEED life insurance. Its 100% up to you at that point.

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Member since Oct 2011
597 posts

re: Life Insurance
It appears the only reason you would need insurance now would be for legacy planning. So, unless you want to gift money to a person or charity; insurance is not needed at this position in life.

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