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Posted on 6/6/26 at 7:01 am to lsu xman
The purpose of life insurance is to replace your income if you die. If you have no wife or kids, and no one today depends on your income for living expenses, there is no need for life insurance.
This post was edited on 6/6/26 at 7:03 am
Posted on 6/6/26 at 7:08 am to UptownJoeBrown
quote:
If no one is dependent on you, you don’t need life insurance
Make sure you leave enough for your final burial expenses. If something were to happen you don't want that added burden on someone else.
Posted on 6/6/26 at 7:11 am to lsu xman
I screwed up early in life and didn't take out life insurance. At 50 I decided on a term life 50K policy, now that policy expires at age 80, 4 years from now.
It's $375 a month.....
It's $375 a month.....
Posted on 6/6/26 at 7:13 am to 756
I have more than a bit in several bank and retirement accts to cover a funeral.
I just neglected to do the simple math during benefits enrollment when it stated $23.xx/payperiod. I'm on the hook for it for the rest of 2026. This option is always available at my work.
I just neglected to do the simple math during benefits enrollment when it stated $23.xx/payperiod. I'm on the hook for it for the rest of 2026. This option is always available at my work.
This post was edited on 6/6/26 at 7:14 am
Posted on 6/6/26 at 7:15 am to lsu xman
It’s alot.
I have it but no one knows it. My kids will be taken care of for whatever they need school wise.
I have it but no one knows it. My kids will be taken care of for whatever they need school wise.
Posted on 6/6/26 at 7:19 am to lsu xman
Yes . $3M term policy. The wife is primary and the trust is contingent.
Posted on 6/6/26 at 7:19 am to lsu xman
quote:
Upper 40's
quote:
no wife/kids
Even with wife and kids you are nearing retirement age and should be getting closer to self insured. With what you have saved in retirement.
Without any dependents I would not be carrying any life insurance
This post was edited on 6/6/26 at 7:20 am
Posted on 6/6/26 at 7:24 am to lsu xman
I have a term policy that expires when I’m 55. My wife is the beneficiary. My youngest graduates high school that year, and if I kick the bucket at 56 I’ll be self insured via investment accounts. If I die before 55 my wife and kids will be taken care of.
I wouldn’t have anything other than a free policy through work if I didn’t have dependents.
I wouldn’t have anything other than a free policy through work if I didn’t have dependents.
Posted on 6/6/26 at 7:25 am to lsu xman
2 policies. Neither are huge. But it would get my people (wife, 3 kids. Youngest is 8) through a few years.
I'd keep it and name a nephew or something.
Is it possible to name a charity as a beneficiary?
I'd keep it and name a nephew or something.
Is it possible to name a charity as a beneficiary?
Posted on 6/6/26 at 7:26 am to lsu xman
I had about $1.5 million when my kids were young, and when I could afford the premium (God help my wife if I would have died when the four kids were young). Once the business got going my partners and I had a sort of key-man set of policies and contracts, but that was to facilitate buyouts of the deceased and was way more than necessary for sustenance.
I carry no life insurance now because I no longer work and my wife’s main concern would be how to give her money away.
I carry no life insurance now because I no longer work and my wife’s main concern would be how to give her money away.
Posted on 6/6/26 at 7:41 am to lsu xman
When my kids were young it was my sister in law. She's very level headed and great with money.
Now it's my kids 50/50.
If my whole family happens to dies at once it get splits 25/25/25/25 between all 4 of our siblings.
Now it's my kids 50/50.
If my whole family happens to dies at once it get splits 25/25/25/25 between all 4 of our siblings.
Posted on 6/6/26 at 7:45 am to lsu xman
Insurance = a fool and his money
Posted on 6/6/26 at 7:47 am to justjoe906
quote:
At 50 I decided on a term life 50K policy, now that policy expires at age 80, 4 years from now.
It's $375 a month.....
Jeez. Cancel that crap. Do you have at least 50k in investments that your beneficiary will inherent?
$375 a month for a $50k policy is a terrible freaking value. You got hosed. You could have been putting that in a damn shoe box for the past 26 years and have $117k. Over half a mill if you would have invested.
Posted on 6/6/26 at 7:50 am to lsu xman
Of course. My wife is the primary beneficiary. If we both die, our will stipulates all assets are to be liquidated and the proceeds will be split 50-50 between our two children.
Posted on 6/6/26 at 7:51 am to LSU6262
quote:
$375 a month for a $50k policy is a terrible freaking value. You got hosed. You could have been putting that in a damn shoe box for the past 26 years and have $117k. Over half a mill if you would have invested.
Yea I assumed that was a typo and he meant $500K. If it’s a $50K policy, hoo boy.
Posted on 6/6/26 at 8:00 am to lsu xman
Just a small policy through work.
Don't have much need for one. I have a work and personal IRA that are contributed to monthly, plus a sizeable inherited IRA and other passive income. My son is the beneficiary on everything. If I die, he will be more than ok with the inheritance amount he gets, especially once my house is sold off.
Which is a good reminder I need to get all this into a trust for him.
Don't have much need for one. I have a work and personal IRA that are contributed to monthly, plus a sizeable inherited IRA and other passive income. My son is the beneficiary on everything. If I die, he will be more than ok with the inheritance amount he gets, especially once my house is sold off.
Which is a good reminder I need to get all this into a trust for him.
Posted on 6/6/26 at 8:06 am to lsu xman
Bought 250K term @ 34.
Cashed it out 63 for a $78K payout.
Paif about $46K in premiums over the years.
It served it's purpose well.
Cashed it out 63 for a $78K payout.
Paif about $46K in premiums over the years.
It served it's purpose well.
Posted on 6/6/26 at 8:08 am to lsu xman
No life insurance here.
Posted on 6/6/26 at 8:09 am to lsu xman
Yes. Spouse and kids. Work and term policies near $2 million.
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