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  1. #1
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    life insurance

    I have a question. I am turning 62 and about to retire. my wife is right behind me and may retire this year. we want to buy some life insurance. is colonel Penn any good? is there something better?
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    I was one of those crazy 21 yr old guys that bought whole life ins. my policy has been paid off for yrs. im 60 now. I even got my plot ( double for me and the wife ) paid off. your doing the right thing. ask and shop around. best of luck.
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    Quote Originally Posted by OLSKOOL View Post
    I have a question. I am turning 62 and about to retire. my wife is right behind me and may retire this year. we want to buy some life insurance. is colonel Penn any good? is there something better?
    Colonial Penn is okay but if you are buying the guaranteed issue the price is high. If your health and is still pretty good you are better buying a policy that is underwritten (health questions). The amount of coverage will be higher and the premiums will be lower. You would do better to talk to a agent or even a couple different agents to get some quotes.


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  5. #4
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    Quote Originally Posted by Golphin View Post
    Colonial Penn is okay but if you are buying the guaranteed issue the price is high. If your health and is still pretty good you are better buying a policy that is underwritten (health questions). The amount of coverage will be higher and the premiums will be lower. You would do better to talk to a agent or even a couple different agents to get some quotes.


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    thanks, I kind of of thought that. our health is good as far as we know. I will check with an agent,,,,,,,,,,,,,
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    I have never harvested an animal but I have KILLED QUITE A FEW !

    I would rather have a gun in my hand than a cop on the phone,,,,,,,,,

  6. #5
    GFK
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    I can not speak to Colonial Penn. When I was considering converting my wife's term policy to a whole life policy, I consulted with the vendor (USAA). The discussion centered around the goal of the insurance (pay off debt, burial, gift, etc.). Since burial, income and probably debt are covered, the best move for us was saving. So, we are focusing more on saving. Funds are available for enjoying as we grow older, and we are not tied to a payment for years. If payments are stopped, we still have the full amount of the payment available. I can understand the desire to cover final expenses. At our age (60ish), insurance may be costly. Considering that we are living longer (85 years +), there may be time to save for final expenses. At $50 for 12 months over 25 years, $15,000 is set aside (not including interest). That should cover most basic final expenses. Yet, we are planning for $25,000. If that is not enough, it will have to do.
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    I'm sorry but I don't get why you would want to buy insurance at your age Why would you want to add another bill when you retire? My advice would be to work on being as debt free as possible before you plan on retiring.

    Did I miss something?

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    Join a Credit Union they usually have so many dollars just for being a member.
    I think mine is a few thousand just for being a member.
    Most Insurance is $10 per unit of $1000 so ten grand would be $100 a month.
    If you and your wife put $80 a month in an account you would be ahead of the game and save $120 a month.
    And in 20 years you have enough for final expenses which is all the insurance is good for.
    Really pre-pay for your funerals now you would save a ton over 20yrs.
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    Gun Wizard
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    This is odd, and runs contrary to whats usual here. Life insurance is something I had when middle aged, working with young kids. The idea was that should I die early my family could clear any debt, mortgage etc and help them get by for a while. Now, mid 60s I dont see any point. For one thing I am debt free, and my kids old enough to make their own way in the world. Added to which life insurance for my age would be very expensive.

    One thing that is popular is a funeral plan. You pay a small amount monthly and when you pass there is a payout to cover funeral expenses. So the family dont have that to worry about. Increasingly popular are non religious, non attended funerals. They just take the body away and incinerate. Really cheap and easy.
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    GFK
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    Quote Originally Posted by tranteruk View Post
    They just take the body away and incinerate. Really cheap and easy.
    Interesting. This is what my mother wanted. She did not want to be a burden to her children. When she passed in 2016 (a day after my father), we had them both cremated for around $3,500. My mother wanted her remains scattered in the river. So, my bother took half for that. And, I took the other half and had them buried, along with my father's remains, in a veterans' cemetery. Since it is state sponsored, it cost a few hundred ($300) for my mother, which was not a burden. The cost of a Federal cemetery is free for spouse. For us, the closest one is a couple of hundred miles away. I don't recall if there is a cost for transport though (probably was).
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  11. #10
    Gun Wizard
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    Quote Originally Posted by GFK View Post
    Interesting. This is what my mother wanted. She did not want to be a burden to her children. When she passed in 2016 (a day after my father), we had them both cremated for around $3,500. My mother wanted her remains scattered in the river. So, my bother took half for that. And, I took the other half and had them buried, along with my father's remains, in a veterans' cemetery. Since it is state sponsored, it cost a few hundred ($300) for my mother, which was not a burden. The cost of a Federal cemetery is free for spouse. For us, the closest one is a couple of hundred miles away. I don't recall if there is a cost for transport though (probably was).
    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.
    white cloud likes this.
    'Diligentia Vis Celeritas'

    Its not what difficulties life throws at us, but how we face them that defines us....


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