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How many of you have life insurance?

submitted by TheOriginal1Icemonkey to DebtFree 10 monthsJul 9, 2023 17:19:38 ago (+1/-0)     (DebtFree)

We finally got policies last year, my wife and I. Basically worth as much dead as I am alive now, which is cool. 20 year term, and if I’m not fully self insured by the time it expires, I’ll add another ten years to it.


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[ - ] LydiaFar 1 point 10 monthsJul 23, 2023 19:48:56 ago (+1/-0)

I have one policy and a carryover from a job I had all the way back in college. If your employer offers life insurance, sometimes it’s a good idea to take advantage because often there’s no health requirement and you can continue the policy after you separate. Always good to have enough to support your kids/spouse until they are adults or for the duration they would need to get back on your feet.

[ - ] lord_nougat 4 points 10 monthsJul 9, 2023 17:51:31 ago (+4/-0)*

At least one of myselves has life insurance. But it doesn't quite cover the mortgage, so it's not like a fortune or anything.

I figure it's kind of like selecting a vice president. You get enough to where you leave your family not totally fucked, but always be worth a little more to them alive!

[ - ] v0atmage 4 points 10 monthsJul 9, 2023 17:20:53 ago (+4/-0)

Been forced to have life insurance for 15+ years. Watch out for murderous wives and mistresses, fellow goat!

[ - ] lord_nougat 3 points 10 monthsJul 9, 2023 17:52:14 ago (+3/-0)

Murderous wives and mistresses... may the good Lord bless them. And may they never meet!

[ - ] xmasskull 3 points 10 monthsJul 9, 2023 17:21:44 ago (+3/-0)

Good luck getting insurance co. to pay benefits.

[ - ] MynxiMe 1 point 10 monthsJul 10, 2023 00:38:49 ago (+1/-0)

Healthcare workers usually get 20-25k free from employers here. If you want higher coverage you pay for it.

[ - ] TheOriginal1Icemonkey [op] 0 points 10 monthsJul 10, 2023 23:08:28 ago (+0/-0)

20-25k is burial expense. I’m talking insurance in the millions. Ten years of income is what one should be insured for.

[ - ] MaryXmas 1 point 10 monthsAug 5, 2023 16:46:18 ago (+1/-0)

I think past employers have had 300-600k as automatic or at like 5$. I think at some point, your portfolio would be greater than your benefits from life insurance. I wonder if there is an age cutoff. They probably don't sell it to 90 year olds.