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Old 08-17-08, 10:14 PM   #1
Snowsurfer
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Life Insurance

Does anyone currently have life insurance? If so, how much do you pay a month, and how do the terms work? How much will the pay out be for the premium you pay? (e.g. $40/month, $250,000 pay out).
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Old 08-17-08, 10:26 PM   #2
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I pay very little and it pays out a whole lot. I'm worth more dead than alive. Seriously.

$250,000 is a VERY low pay out.
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Old 08-17-08, 10:32 PM   #3
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I pay very little and it pays out a whole lot. I'm worth more dead than alive. Seriously.

$250,000 is a VERY low pay out.
*thinks evil thoughts* Hey, how you doing?
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Old 08-17-08, 11:15 PM   #4
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Same as Siu... high coverage, low premiums. No exclusions, either. I can even fly my own plane and I'm covered. Part of my coverage also pays out for war casualities, etc etc; all the typical exclusions. But that's one of my military benefits.
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Old 08-18-08, 04:37 AM   #5
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Yes... I have three policies. One is paid for by my employer and is worth 1.5X whatever my salary is at the time of my death. I have another policy that I pay $7/paycheck for that adds an additional 2X my salary to that.

Finally, I have a "dangerous activities" policy that covers death while acting as Pilot in Command of any aircraft for which I am rated. It will also cover a cycling accident if my employer's lawyers decide that they don't cover things they think are "dangerous."

You have to be very careful when you buy life insurance, especially cheap life insurance. The cheaper the insurance, the more exclusions it is going to have.
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Old 08-18-08, 04:38 AM   #6
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Same as Siu... high coverage, low premiums. No exclusions, either. I can even fly my own plane and I'm covered. Part of my coverage also pays out for war casualities, etc etc; all the typical exclusions. But that's one of my military benefits.
AOPA policy?
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Old 08-18-08, 04:48 AM   #7
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Originally Posted by Snowsurfer View Post
Does anyone currently have life insurance? If so, how much do you pay a month, and how do the terms work? How much will the pay out be for the premium you pay? (e.g. $40/month, $250,000 pay out).
Are you in to some heavily loaded annuity or what?!?!?

$40 a month in a 10 year term, tobacco free, ~25-30years old, should buy you near a million in benefits.
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Old 08-18-08, 06:23 AM   #8
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I won't be buying one as long as I'm single and child free.
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Old 08-18-08, 06:30 AM   #9
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I won't be buying one as long as I'm single and child free.
I am single and child-free, but I am not parent-free, so it would be good to know they will be taken care of in their elder years should something happen to me prematurely and I am unable to support them.
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Old 08-18-08, 08:02 AM   #10
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That's why my parents have got more children, retirement funds and an expensive enough house.

I think money is the least my parents will be mourning if I pass away. I know that my parents have not been supporting their own parents financially although they support them in other ways (time mainly).
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Old 08-18-08, 08:05 AM   #11
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I'm pretty sure my parents would throw a party if I died.
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Old 08-18-08, 08:09 AM   #12
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Quote:
Originally Posted by Snowsurfer View Post
Does anyone currently have life insurance? If so, how much do you pay a month, and how do the terms work? How much will the pay out be for the premium you pay? (e.g. $40/month, $250,000 pay out).
You only need enough to cover your debts, and to bury you.
Creditors do not write off your debts when you die. Your family inherits them.
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Old 08-18-08, 08:09 AM   #13
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Better cancel the life insurance, UnsafeAlpine!!
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Old 08-18-08, 08:12 AM   #14
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That's why my parents have got more children, retirement funds and an expensive enough house.
Oh, did I say they didn't have more children? I'm sorry, I didn't mean to imply that.

Read between the lines...
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Old 08-18-08, 08:20 AM   #15
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You only need enough to cover your debts, and to bury you.
Creditors do not write off your debts when you die. Your family inherits them.
Exactly why my policy covers the mortgage and not much else.
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Old 08-18-08, 08:22 AM   #16
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ehidle: I wasn't commenting on your case at all so I'm not sure how you figure I was saying yours didn't have more children.
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Old 08-18-08, 08:24 AM   #17
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Nobody inherits your debts when you die. The creditors may collect from your estate, but if there is not enough to cover the debt, then the creditors are left holding the bag. Being related to someone does not obligate you to their debt.

The flip side of that coin is that life insurance is part of the estate (in some places), so a creditor can try to attach to life insurance proceeds, which may leave your heirs with less of an inheritance.

When you die, your assets are liquidated and this becomes your liquid estate. As long as your assets exceed your liabilities, there will be cash left over for an inheritance.

Laws vary from State to State, and in some states, Funeral costs have first priority to estate funds, and then creditors come second. In some States, creditors come after heirs. It all just depends on where you live when you die.
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Old 08-18-08, 08:25 AM   #18
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You only need enough to cover your debts, and to bury you.
Creditors do not write off your debts when you die. Your family inherits them.
If that were true, that would be horrible, imagine the revenge a disgruntled family member could give the survivors.

Simplifying it, when you die you may have assets and liabilities. In general, the deceased assets can be used to payoff creditors. Note, the life insurance policy is not an asset of the deceased. You are not responsible for debts not held in your name.

I went through this a few years ago. My MIL had a few credit cards with balances totaling around $2500. I sent each of them a copy of the death certificate, a note indicating that there are no assets, and instructions to close the accounts. I got letters from each demanding payment implying that I had to pay them. I ignored them. I then got collection notices. Ignored them as well. It is all scare tactics to see if someone will pay.

I should also say that on all these matters, don't take my word or anyone else that posts word for it. It is your responsibility to determine what your responsibilities are. The defense "but some guy on BikeForums.Net said so" probably won't hold up.
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Old 08-18-08, 08:25 AM   #19
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ehidle: I wasn't commenting on your case at all so I'm not sure how you figure I was saying yours didn't have more children.
I think it was simply both temporal and spatial proximity to my post. Reading it, it could have easily been a response to my post. No worries..
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Old 08-18-08, 08:29 AM   #20
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Yes it was a response to your post but I wasn't saying anything about your parents, just that *my* parents have got more kids to rely on when I'm dead.
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Old 08-18-08, 08:31 AM   #21
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If you live in a community property state (e.g. California) a spouse will inherit debt even if his/her name is not on it.
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Old 08-18-08, 08:38 AM   #22
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But they won't get the property unless their name is "and/or" on the title.....

It's crazy.
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Old 08-18-08, 08:59 AM   #23
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The flip side of that coin is that life insurance is part of the estate (in some places), so a creditor can try to attach to life insurance proceeds, which may leave your heirs with less of an inheritance.
Insurance is only part of the estate if you fail to designated a beneficiary on the policy. If you designate a beneficiary, it passes outside of the estate and is not subject to attachment to satisfy creditors.
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Old 08-18-08, 09:03 AM   #24
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I'm pretty sure my parents would throw a party if I died.
I know Foo would,

I kid, I kid

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Old 08-18-08, 09:05 AM   #25
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I have a pretty substantial policy because I make more than my wife does. I decided some years ago that, if anything happens to me, I want her to be able to pay off the house completely and take a year or two off work if she wants. There's more than enough insurance for her to do that.
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