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re: Do you have life insurance? Who is the beneficiary?
Posted on 6/6/26 at 3:01 pm to thegreatboudini
Posted on 6/6/26 at 3:01 pm to thegreatboudini
quote:
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.
“Why do you care about your wife and kids if you kick the bucket?”
What’s hard to understand that people want to care for their loved ones if they have the opportunity/money to do so upon their death. If you had the spare cash to ensure all your relatives would be well off if you happened to die - would you not?
2
Posted on 6/6/26 at 3:14 pm to lsu xman
If you are worth more than 2 mill you probably don't need it. If your employment offers if for free great but otherwise you should be good unless you have a large family and many benefactors.
Posted on 6/6/26 at 3:59 pm to SundayFunday
quote:
What’s hard to understand that people want to care for their loved ones if they have the opportunity/money to do so upon their death. If you had the spare cash to ensure all your relatives would be well off if you happened to die - would you not?
No. Not at all. I want to only provide for the people who rely on me. Which in my case is my wife and kids.
If my parents depended on me financially then sure, but the only people who depend on me financially are my wife and kids.
Posted on 6/6/26 at 4:02 pm to lsu xman
Work gives me a $400k policy. I don’t pay for it. Not married, no kids. My parents are the beneficiaries right now. I might get married some day. If so, I might buy additional coverage.
Posted on 6/6/26 at 4:03 pm to lsu xman
My wife's term life insurance will be snaring some betabux should I take a premature dirt nap.
Posted on 6/6/26 at 5:23 pm to lsu xman
$2.5M term life. ~$100/month to give my wife financial freedom if something were to happen to me seems well worth it. Mulling over the idea of upping coverage to $5M.
$1M key man policies on me and a business partner. Also really need to up this to $5M.
$1M key man policies on me and a business partner. Also really need to up this to $5M.
This post was edited on 6/6/26 at 5:25 pm
Posted on 6/6/26 at 5:29 pm to lsu xman
quote:
Do you have life insurance?
Nope….I used to have a free policy through my work, but let that go when I retired. No wife & no kids. I am leaving my parents and sibling plenty enough 401K and savings money to bury me.
Posted on 6/6/26 at 6:12 pm to Dawgfanman
quote:
My wife is beneficiary and it’s only 60k.
Doesn’t take much to replace you.
Posted on 6/6/26 at 6:14 pm to go ta hell ole miss
quote:
Doesn’t take much to replace you.
She would also get whatever is left in our accounts (around 500k currently) and my pension has survival clause so she gets it til death (5k a month).
Posted on 6/6/26 at 6:31 pm to lsu xman
Wife gets the policy payout if I die. Same for her payout should she pass. If we both pass the the payout goes 3 ways to a trust set up in my will. Money remains in the trust till they are 35. We have our will set up with someone named to be their guardian. And another to be responsible for their trust. That way one does the day to day parenting and the other is responsible for the money. That way it doesn’t cause a resentment issue.
Posted on 6/6/26 at 6:54 pm to lsu xman
If the free coverage is a benefit at work, I would keep that second policy. You may decide to marry someone, and you don’t have to be old to be uninsurable. You can always set up a trust and name it as beneficiary. Whatever you do, never list a funeral home as a beneficiary.
Posted on 6/6/26 at 7:19 pm to lsu xman
10x income (low 7 figures) term not tied to job, VGLI of 50k that isn't even material to the conversation. When I get another W2, I'll max out company provided just because it's so cheap. 50% goes to each kid. I'll change that when I get married again in the next year or so, but the majority will still go to my kids.
Posted on 6/6/26 at 7:36 pm to SundayFunday
quote:
If you had the spare cash to ensure all your relatives would be well off if you happened to die - would you no
Your direct family only, and maybe if you have a sibling that has Downs or a similar condition, everyone else can get farked. You may be too young to understand how life insurance costs start to escalated as you age, and even $2M won't last a wife and two kids as long as you think, let alone if you split it across mommy and daddy, cousins, etc. They need to plan their own financial futures, not wait on the lottery ticket of you getting hit by a woman in a hijab that didn't see you on your bike.
Posted on 6/6/26 at 8:13 pm to Rize
I was offered something similar, but honestly didn't understand the product.
I was mentioning the other thing just to say there's other stuff out there, or was, so you younger guys would know about it.
It seemed like a good deal at the time, and I sure do miss the great guy that sold it to me.
I was mentioning the other thing just to say there's other stuff out there, or was, so you younger guys would know about it.
It seemed like a good deal at the time, and I sure do miss the great guy that sold it to me.
Posted on 6/6/26 at 9:23 pm to lsu xman
My beneficiary will be the animal shelter for my county and I am funding a softball scholarship at MSU.
Posted on 6/6/26 at 9:35 pm to lsu xman
Keep in mind your trust and will papers will trump the beneficiary designations in your insurance contracts.
Posted on 6/6/26 at 9:38 pm to Hondo Blacksheep
quote:
Keep in mind your trust and will papers will trump the beneficiary designations in your insurance contracts.
Don’t think this is true man. I think it is the opposite.
Posted on 6/6/26 at 9:40 pm to T1gerNate
It is true. The reason is that such contracts are considered during probate. The probate court's disposition is final.
Posted on 6/6/26 at 10:03 pm to Hondo Blacksheep
Term policy 1 mil 100 k work wife has 50k thru her work on me whole life for 250 but had cash value of 36k about to cancel cash out and invest it!
All affairs in order estate is in trust god forbid something happen to me and the wife but our 7 year olds taken care of in all
Aspects of life
All affairs in order estate is in trust god forbid something happen to me and the wife but our 7 year olds taken care of in all
Aspects of life
Posted on 6/6/26 at 10:05 pm to Hondo Blacksheep
Just get term for your dependents and forget it.
This post was edited on 6/8/26 at 7:07 am
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