life insurance

[kingstrider]

Kinda in the same boat, taking out a business loan and the lender requires a policy to cover the loan which is just under a million. Should have the nurse out sometime next week to draw blood.

[old wound]

I'm with tranteruk on this. Pretty much the same scenario and it has worked well for my family. The only difference is that my wife and I want to be cremated, no stone or marker. Spread our ashes in the woods. There is enough $$ in the checking to cover that...

[OLSKOOL]

oh we will be cremated, going the cheapest way! but I was just thinking about the first one of us to croak to leave the other a little more $$$,,,,,,,,,,,

[GFK]

I am sorry for the loss of your parents.

BTW like your avatar. Reminds me of an enquiry after a shooting I was told about. The legal bod asked the shooter what was going through his mind while actually shooting, the reply was 'Front sight, front sight, front sight'. No idea if true, but I like it.

Thanks. And, that is what I try and keep in my mind: front sight, front sight, front sight.

[GFK]

. . . but I was just thinking about the first one of us to croak to leave the other a little more $$$,,,,,,,,,,,

That is a thought. My wife reminds me of that. I don't worry about it as much. I figure that we should have enough income (together or on our own) to play with some toys. But, we do have a $25K policy (enforced to age 95 years, then pay cash payout of $25K~) for final expenses. Our debt should be at a minimal. Plus, we have some cash saved up. As long as we don't take trips around the world (may could do one), we should be fine. At this stage in life, the best thing seems to payoff debt and save.

[old wound]

oh we will be cremated, going the cheapest way! but I was just thinking about the first one of us to croak to leave the other a little more $$$,,,,,,,,,,,

I don't like to assume much of anything. Why would either one of you need a little more $$ unless there is barely enough right now. Perhaps this isn't the right time to retire. Kind of late in the game to play catch-up...

[GFK]

I don't like to assume much of anything. Why would either one of you need a little more $$ unless there is barely enough right now. Perhaps this isn't the right time to retire. Kind of late in the game to play catch-up...

I can understand. Yes, early is better. But, late beats never. Some of us just get a late start on somethings. Only is our education system stress finance. If so, our Government may be able to live with a balanced budget.

[Golphin]

After 40 years in the insurance business I see and have seen more people at retirement age needing life insurance or more life insurance than those that don't. While everyone's situation is different many depend on both incomes even after retirement even if just social security. Life insurance can give them the money to pay off any debt or additional fund to live off of when they loose their spouse. There are other reasons as well such as the pension trap where you give up a large percentage of your retirement to guarantee your spouse will receive a part of your retirement in the case of your death. Life insurance can fill this need much better most times. I could go on and on with other reasons.

[redhawk0]

My wife and I decided not to get life insurance. We have $25K set aside in a savings account for this purpose. (aside from our retirement funds) We both plan to be roasted to dust so there isn't the expense of a casket (I wanted a coffin anyway)....and we're going with nothing more that a plaque as a marker and an urn on the mantle. No real-estate costs this way. Whatever is left over...well....we won't care what happens to it once we're both gone....that will be for the kids to decide.

redhawk

[old wound]

Just because our government can't do it (survive with a balanced budget) doesn't mean you can't. And yes, life insurance can fill the void, if you can afford it...