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Started By
Message
Do you have life insurance? Who is the beneficiary?
Posted on 6/6/26 at 4:33 am
Posted on 6/6/26 at 4:33 am
Upper 40's, healthy, no wife/kids.
One 100K policy that is free.
Another 200K policy that is $620/yr. Money isn't tight but I'm thinking about canceling that one. A parent is the beneficiary and really doesn't need it.
One 100K policy that is free.
Another 200K policy that is $620/yr. Money isn't tight but I'm thinking about canceling that one. A parent is the beneficiary and really doesn't need it.
This post was edited on 6/6/26 at 4:35 am
68
Posted on 6/6/26 at 4:36 am to lsu xman
quote:
Upper 40's, healthy, no wife/kids.
I’ll be yours if you need one.
Posted on 6/6/26 at 4:42 am to lsu xman
My husband gets everything if I die. If we both die it gets split 4 ways among the kids.
Posted on 6/6/26 at 4:45 am to lsu xman
Yes but a lot less than I did when my children were not adults. My wife is beneficiary and it’s only 60k.
Posted on 6/6/26 at 4:50 am to lsu xman
If no one is dependent on you, you don’t need life insurance.
Posted on 6/6/26 at 5:10 am to lsu xman
If you ever plan to get married I would keep policy
if you cancel now and renew later policy with cost more since premiums are based on age and health
if you cancel now and renew later policy with cost more since premiums are based on age and health
Posted on 6/6/26 at 6:05 am to UptownJoeBrown
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This post was edited on 6/6/26 at 6:08 am
Posted on 6/6/26 at 6:10 am to lsu xman
Two term policies, staggered. My wife. Upper 40s, 3 kids.
Posted on 6/6/26 at 6:19 am to lsu xman
Yes, my wife. We have young kids.
Posted on 6/6/26 at 6:20 am to UptownJoeBrown
quote:
If no one is dependent on you, you don’t need life insurance.
You should have it if anyone is responsible for your burial, cremation, etc.
Married, one kid. We got a $2 mill return of premium policy on the wife like 20 years ago that expires in ten (will readdress then) and it's a hundred something a month. I have a $1mill policy as well plus a couple hundred thousand I get from work that's super cheap.
Primary beneficiary on all of mine is my wife. I am hers. Secondary on mine is our daughter, on hers it's her mother because we didn't have a kid when we took it out and just never changed it. It's on our "to-do" list
This post was edited on 6/6/26 at 6:24 am
Posted on 6/6/26 at 6:22 am to lsu xman
No offense but why are you worried about taking care of your parents if you kick the bucket?
Yes, I have a large policy, my wife is the beneficiary, she stays home with our 3 kids. She will need it if I'm gone.
Yes, I have a large policy, my wife is the beneficiary, she stays home with our 3 kids. She will need it if I'm gone.
Posted on 6/6/26 at 6:23 am to UptownJoeBrown
quote:I tend to agree with this. OP’s issue is a little more nuanced. Should he cancel an existing, though what appears to be largely unneeded, policy. I would agree with the other poster who said answer that the answer to that question depends on his future plans/potential needs.
If no one is dependent on you, you don’t need life insurance.
Posted on 6/6/26 at 6:25 am to lsu xman
OP - the responses so far are actually pretty helpful for the OT (it’s early so give it time). If you want a more thorough and/or nuanced discussion, the money board might be a good place to ask.
Posted on 6/6/26 at 6:27 am to lsu xman
quote:
Upper 40's, healthy, no wife/kids.
One 100K policy that is free.
Another 200K policy that is $620/yr. Money isn't tight but I'm thinking about canceling that one. A parent is the beneficiary and really doesn't need it.
No. Always had term coverage through work. Now retired. Your other assets over time can coverage death benefits if you grow it over time.
At your age, no wife/kids, then the only real purpose of life insurance is covering final expenses or leaving a gift. If your parent doesn’t need the money, then the paid-up/free $100K policy already covers anything you’d reasonably need.
The $200K at $620/yr isn’t wrong to keep, but you’re paying for a benefit no one actually needs. A lot of people in your situation drop the extra policy once they realize the original reason for having it no longer applies.
I'd drop that and invest the $620/year in an Index Fund like FXAIX. Have parent be beneficiary of that account if you wanted to.
Posted on 6/6/26 at 6:27 am to lsu xman
$100,000 through work benefit and the kids are 50/50.
Posted on 6/6/26 at 6:35 am to lsu xman
If I didn’t have a wife or kids, I’d probably have just enough for my parents to bury me if I died before them.
Posted on 6/6/26 at 6:54 am to lsu xman
$700k whole life
$2.6M through work
Wife and kids are benes
$2.6M through work
Wife and kids are benes
Posted on 6/6/26 at 6:58 am to lsu xman
I’ve got a term life policy that’ll pay out $300K or so to my wife if I die before I’m 65 or so. It’s just there if I die before I have significantly more in my 401k to pay out to her. Most life insurance these days is basically a scam.
Posted on 6/6/26 at 6:58 am to lsu xman
nm
This post was edited on 6/6/26 at 6:59 am
Posted on 6/6/26 at 6:59 am to lsu xman
I have something like 300k for the wife. Enough to pay off all the debt and carry her and the kids through a year. I need to double it. Its cheap as hell up to $1M through work, and the kids are young. Id like to be able to keep her from having to go to work at least till both kids are in school
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