Life Insurance

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Life Insurance

Post  Moodyblues on November 8th 2013, 1:15 pm

Guys I know this is off topic, but make sure your family is taken care of if something happens to you.
 
I know of a wife with 3 kids that her husband was killed in a car wreck on the way home from work the other day.  He was 36 years old and he left his family with the $50,000 employer insurance.  She came to me and said did he have any life insurance coverage with you and I had to tell her I had quoted him several times but he never purchased.  This guy made good money and they have a nice 250,000 house, that she will now have to move out of, they have lost his 90,000 a year salary.  The kids are 15, 12, and 7.  The lifestyle of this family will change dramatically over the next 5 years because she only makes 24k a year.  This tore me up.
 
I know he had a $50K policy through the company, but that don't pay for jack.  
 
We need to make sure our family is taken care of.  If you have kids and don't have $500k in life insurance your not properly insured.  
 
PS:  I know I'm a insurance agent, but this really hit home for me.
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Re: Life Insurance

Post  kim on November 8th 2013, 3:00 pm

Should also be a payout on his auto insurance, and of course then there are the law suite settlements. Even if its a one car accident, its the auto manufactures fault, the city/state/county fault for road design, warning signs, etc. Of course if alcohol was involved, it was the server or sellers fault, then if it is multiple car, now we are talking big bucks.....

I agree, life insurance is a mandatory investment as soon as you become responsible for more than your life, ie Married, and especially a father. Not only do I have a hell of a policy on myself, but also insured the wife, because truth be told, there are few of us that would be financially able to just take on the cost and burden of daycare, etc without the spouses help or income. And then there are policies for kids, most agents will advise something between 5K and 10K, because with all the trauma of losing a child the last damn thing you want to worry about is how the hell am I going to pay for child memorial services etc...... Usually child programs are written so the child can take over and make them whole, or term life for them, with little cost change.

Im not an insurance agent, although I do have a family full of them, Grandfather, Uncle and Sister...... for the small amount payed in, depending on program someone deems necessary to ensure their families way of life, its one less headache to worry about should things get bad.

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Re: Life Insurance

Post  whatbumper on November 8th 2013, 5:52 pm

Life Insurance is too cheap to not have. That's a sad story but pretty common.

Now, you can't convince me that whole life is good (because I know how to use a calculator) but term life is in my opinion.

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Re: Life Insurance

Post  cool40 on November 8th 2013, 6:15 pm

Life insurance is the only insurance thats not over priced. I guess it's because we haven't been forced to buy it.......yet!
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Re: Life Insurance

Post  460bronco on November 11th 2013, 9:41 pm

Moody--- Do you ask people if they participate in any form of racing? I just got out of college and started working...I felt like I was in a pool of sharks! Had several different companies trying to sell me all sorts of insurance. One guy asked me if I participated in any type of racing. He said I'd be uninsurable if I did! How do you handle that?
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Re: Life Insurance

Post  kim on November 11th 2013, 10:17 pm

I got independent life insurance when I was in the military, not only did I drag race, I exited planes before the landed. I spent months inserted in unfriendly territory, I hit every high risk group there was, about the only positive thing I had going for me is I quit smoking 5 years before applying for insurance.

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Re: Life Insurance

Post  cool40 on November 11th 2013, 10:43 pm

the idea is to sell you something your not gona use.
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Re: Life Insurance

Post  Moodyblues on November 11th 2013, 10:44 pm

460bronco wrote:Moody--- Do you ask people if they participate in any form of racing?  I just got out of college and started working...I felt like I was in a pool of sharks!  Had several different companies trying to sell me all sorts of insurance.  One guy asked me if I participated in any type of racing.  He said I'd be uninsurable if I did!  How do you handle that?
Yes I do. I pay about $20 extra a month for the racing rider.
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Re: Life Insurance

Post  chuck on November 12th 2013, 5:59 pm

Moodyblues wrote:
460bronco wrote:Moody--- Do you ask people if they participate in any form of racing?  I just got out of college and started working...I felt like I was in a pool of sharks!  Had several different companies trying to sell me all sorts of insurance.  One guy asked me if I participated in any type of racing.  He said I'd be uninsurable if I did!  How do you handle that?
Yes I do. I pay about $20 extra a month for the racing rider.
I have around $450,000 total some whole, some term. I have never been asked about my hobbies, I work in a high risk environment "Power lines" do I need to see if I'm covered in my car?

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Policy

Post  747JetMech on November 12th 2013, 10:30 pm

How big of a policy can a person purchase with a physical?
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Re: Life Insurance

Post  Moodyblues on November 13th 2013, 11:23 am

chuck wrote:
Moodyblues wrote:
460bronco wrote:Moody--- Do you ask people if they participate in any form of racing?  I just got out of college and started working...I felt like I was in a pool of sharks!  Had several different companies trying to sell me all sorts of insurance.  One guy asked me if I participated in any type of racing.  He said I'd be uninsurable if I did!  How do you handle that?
Yes I do.  I pay about $20 extra a month for the racing rider.
I have around $450,000 total some whole, some term. I have never been asked about my hobbies, I work in a high risk environment "Power lines" do I need to see if I'm covered in my car?
I would see your agent about that rider. Warning, as you know they will look down on you concerning racing, so just ignore that and get down to the facts. There is a questionaire that you will have to complete that asks about the racing. Your car, hp, mph, what type of racing, and length of the track and is it a legal NHRA, IHRA track.
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Re: Life Insurance

Post  Moodyblues on November 13th 2013, 11:33 am

747JetMech wrote:How big of a policy can a person purchase with a physical?
Well a physical is just part of it. The financial determines how much you can actually get along with the physical.
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Re: Life Insurance

Post  the Coug on November 13th 2013, 1:02 pm

This is a good deal Just Do yourself a great big favor make Damn sure someone knows where your insurance is and with whom...... My parents both passed away and I know they had life insurance BUT we can't find any trace of whom or where......and nobody knows a thing.....
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Re: Life Insurance

Post  61coon on November 13th 2013, 4:36 pm

the Coug wrote:This is a good deal Just Do yourself a great big favor make Damn sure someone knows where your insurance is and with whom...... My parents both passed away and I know they had life insurance BUT we can't find any trace of whom or where......and nobody knows a thing.....

Sound advice. Happened to my cousin not long ago.
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Should have read without a physical?

Post  747JetMech on November 13th 2013, 8:22 pm

Moodyblues wrote:
747JetMech wrote:How big of a policy can a person purchase with a physical?
Well a physical is just part of it.  The financial determines how much you can actually get along with the physical.
Should have read without a physical..  Metlife will allow 2 times annual salary without a physical.
The reason I bring this up is the way they label people being fat. ( I am a lard ass ! ) I bet very few people are considered normal weight to height using that B.S. method, Body Mass Index.



FatBoy..
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Re: Life Insurance

Post  bcr466 on November 14th 2013, 6:27 pm

If you can afford it, then get it. We had a policy that paid 90G on me and if it was an accident 180G. Wife's was 30G. It was all we could get due to her illness's. Then when I retired to spend some time with her, the premiums went to $580 every 3 months. When it came down to get her prescriptions or the life ins, well which one would you choose? She passed away on Oct 8th with no insurance other than SS. So now I owe all the funeral expenses. To sum up get insurance if you can afford it, you never know!
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Re: Life Insurance

Post  Dave C. on November 14th 2013, 6:59 pm

So sorry to hear about your wife.

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Re: Life Insurance

Post  GT300TD on November 14th 2013, 7:52 pm



Sorry about your wife, such a shame.


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Re: Life Insurance

Post  Moodyblues on November 14th 2013, 10:08 pm

bcr466 wrote:If you can afford it, then get it. We had a policy that paid 90G on me and if it was an accident 180G. Wife's was 30G. It was all we could get due to her illness's. Then when I retired to spend some time with her, the premiums went to $580 every 3 months. When it came down to get her prescriptions or the life ins, well which one would you choose? She passed away on Oct 8th with no insurance other than SS. So now I owe all the funeral expenses. To sum up get insurance if you can afford it, you never know!
Sorry to hear about your wife.
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Re: Life Insurance

Post  bcr466 on November 15th 2013, 2:54 am

It is a nightmare. Collectors calling, mail box full of demands and now the funeral home is starting to send statements. The next step will be the collection agencys. All because we didnt have life insurance or a burial policy. SS paid their customary $255 death benefit. So once again get what you can, something beats nothing every time!
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