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marathonrnr262
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 Posted: 08/11/05 - 16:15 Post subject: Life insurance
Anybody have it? I am looking into a policy for Lucy and I. The best I have been able to find is about a buck 50 a month for both.
Seems like a steep price to pay to die.
Sheldon
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purple hayes
Frightened Inmate #2
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Posted: 08/11/05 - 16:18 Post subject:
I just got a quote today for $25.38/mo for $500,000 for me.
I've currently only got $100,000.
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Pug
The Movie Geek
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Posted: 08/11/05 - 16:18 Post subject:
$1.50 a month is expensive? Even I can cut that check (assuming it is a monthly check). Or do you mean $150?
I have 5X my salary through work for Sandy. That's it right now. It's a few bucks every two weeks.
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jrjo
Gone Fishin
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Posted: 08/11/05 - 16:19 Post subject:
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purple hayes
Frightened Inmate #2
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Posted: 08/11/05 - 16:20 Post subject:
Will Lucy be able to maintain her current lifestyle if you die? If the situation was reversed?
To me, if you've got two working spouses that both make good scratch and no kids at home or in college, you don't really need life insurance.
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marathonrnr262
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Posted: 08/11/05 - 16:22 Post subject:
| jrjo wrote: | http://runningforums.com/forum/viewtopic.php?t=33973
Tribob is worth over a million! 
Mrs jrjo & I pay about $80/mo in premiums. It's not term though, so someday I can actually get much of it back. |
I'm not sure what it is called but it is the type you keep for life. I don't want the short term stuff, that seems like a real waste of money.
Sheldon
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jrjo
Gone Fishin
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Posted: 08/11/05 - 16:22 Post subject:
| purple hayes wrote: | | To me, if you've got two working spouses that both make good scratch and no kids at home or in college, you don't really need life insurance. |
That's pretty much conventional wisdom about life insurance. During the kiddo years is when it has the real value.
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purple hayes
Frightened Inmate #2
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Posted: 08/11/05 - 16:24 Post subject:
I'm going with 20 year term life (the cheap stuff) because in 20 years, I'll have (hopefully) enough money invested that I won't need the insurance money.
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jrjo
Gone Fishin
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Posted: 08/11/05 - 16:25 Post subject:
| marathonrnr262 wrote: | | jrjo wrote: | http://runningforums.com/forum/viewtopic.php?t=33973
Tribob is worth over a million!
Mrs jrjo & I pay about $80/mo in premiums. It's not term though, so someday I can actually get much of it back. |
I'm not sure what it is called but it is the type you keep for life. I don't want the short term stuff, that seems like a real waste of money.
Sheldon |
Different companies call it different things. Mine is called Universal life. A lot of them call it Whole life or something else. The thing to do is pull out excel and do some future value calculations and find a policy you feel comfortable with. In the end, my policy is like a 4% return, but at least it's something to look forward to cashing in down the road.
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marathonrnr262
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Posted: 08/11/05 - 16:26 Post subject:
I don't think I would need it, but I would want Lucy to have it. I spend so much time on my bike, it only takes one idiot and she's a widow.
I might just get the insurance on me.
Sheldon
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marathonrnr262
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Posted: 08/11/05 - 16:28 Post subject:
| purple hayes wrote: | | I'm going with 20 year term life (the cheap stuff) because in 20 years, I'll have (hopefully) enough money invested that I won't need the insurance money. |
If you put a few extra bucks into it, you'd get it back. It doesn't seem right to throw the money in the dumper, plus your kids can use it.
Sheldon
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purple hayes
Frightened Inmate #2
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Posted: 08/11/05 - 16:31 Post subject:
The policy I was quoted this morning was an extra $20 / mo to get all the money back at the end of the 30 year term. That's an extra $7,200 over the life of the term. They didn't invest the extra $20 for you; you got back exactly what you paid in.
If you instead invested that $20/mo for 30 years with a 10% interest rate (historical returns on the stock market), you'd have $43,426.42 instead.
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marathonrnr262
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Posted: 08/11/05 - 16:34 Post subject:
| purple hayes wrote: | The policy I was quoted this morning was an extra $20 / mo to get all the money back at the end of the 30 year term. That's an extra $7,200 over the life of the term. They didn't invest the extra $20 for you; you got back exactly what you paid in.
If you instead invested that $20/mo for 30 years with a 10% interest rate (historical returns on the stock market), you'd have $43,426.42 instead. |
Ya, but you won't invest it, so at tleast oyu have something.
Then again, you might.
Sheldon
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runaroundsue
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Posted: 08/11/05 - 17:50 Post subject:
I cut a bigger check for insurance than my mortgages. DH calls it an investment. I think it's a little creepy.
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Ms. Jenn
Fresh, Hot & Wild
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Posted: 08/11/05 - 18:05 Post subject:
DH has 2x his salary term insurance at work that does not cover aviation accidents for not too much per month (included in the outrageous insurance taken out every month).
He has a $300,000 25-year term through USAA that covers aviation and military deaths for $156/month. He's 48.
I have a $150,000 25-year term through USAA for $14.83/month (that does not cover aviation deaths). I'm 31.
We chose term because at the time we were both saving in our 401(k) plans. If I die, he still makes enough to support the girlie and the insurance will cover the mortgage and any car loan we might have plus some left over for her college. If he dies, we have enough for the same plus enough for me to finish college and get a decent job.
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