life insurance

[GMN]

Ho wmany of you have it, is it worth it? We took out a policy, 23 years ago, a universal life, they said our premiums would never go up, and it would last until we were 78 years old-NOW they say, in 10 years the plan will expire if we do not increase the amount we are putting in-just wondering where anyone else has insurance thru, is term better than universal life-that kind of thing?

GMN

 

[Anonymous]

While life is expensive but builds cash value.
Term is cheap but builds no value unless you die.
Both me and the wife have it. Enought to pay off the house, put the kids through college and live on for quite a while.

 

[dun]

Don't have it and never have had it. Well when I was born the folks got one of those $1000 20 payment life policys on me. I cashed it in as soon as I turned 21 and got almost a $1000 out of it.

 

[gimpyrancher]

Which is better? Insured paying monthly premiums or debt free and a bank account? :tip hat:

I should have added also having a few beef on feet and a healthy garden along with being debt free. :wave:

 

[Anonymous]

With a wife that stays home with the kids, I would be an idiot not to have it on at least myself.
They'd be hard pressed
Financially if I go because of being the sole income of the family

 

[Ryder]

Term is better. You are buying insurance, not an investment, and it should be cheaper.

If you want to invest money, then do it yourself or get advice from someone that knows about investments.
Don't depend on insurance companies to do your investing for you.

I will add that this mess can get very confusing. Do your own thinking. Don't rely on an insurance or annuity salesman to do your thinking for you.
A while back someone requested I listen in on what one of these salesmen had to say. He had ME almost convinced until the end when he came on high pressure to close the sale.
I put the whole thing in neutral till I could do some checking around.
Come to find out, that salesman either didn't know what he was talking about, OR was lying through his teeth.

 

[cow pollinater]

Term is better. Buy it cheap and then make your plans so that WHEN you die, which will most likely be after it has run it's term, your family will still be well cared for.
Mine is enough to pay off all of my liabilities and my assets are enough that my wife could hire everything done and still make a living.

 

[Jogeephus]

I have whole life and my cash value has increased to the point that I would not have to make another payment till I die but I still pay every year just to remind them I still exist. Whole life is cheap if you start young. I'm glad I bought it and I'm glad I never cashed it in even though I was very tempted at times. I don't know what I'd do if I was looking to buy a policy at my age.

 

[Kathie in Thorp]

I'll wait to see what else is posted, before I jump in. Personally, hubby would be pretty well situated if I kicked the bucket tomorrow. Me . . . not so much.

 

[Jogeephus]

I'll wait to see what else is posted, before I jump in. Personally, hubby would be pretty well situated if I kicked the bucket tomorrow. Me . . . not so much.

Yeah, cause then you'd be dead and like Brooke Shields said, "if you die, you've lost a very important part of life". :hide: :hide:

(sorry I just couldn't help myself)

 

[Kathie in Thorp]

I'll wait to see what else is posted, before I jump in. Personally, hubby would be pretty well situated if I kicked the bucket tomorrow. Me . . . not so much.

Yeah, cause then you'd be dead and like Brooke Shields said, "if you die, you've lost a very important part of life". :hide: :hide:

(sorry I just couldn't help myself)

S'okay, Jo. I'm just waiting to see what other people say, about where they/theirs would be, if they haven't adequately planned. And sometimes those decisions/choices don't come on after 23 yrs. -- they come on when you are older.

 

[houstoncutter]

I am 56, and have a couple of years left on a term life policy. Everything is paid for, daughters out of college, which I paid for. So she has no notes as well. When your younger ur doing your family a disservice, not to have insurance... As you get older tell the insurance man to go take a leap.

 

[GMN]

he said the plan got shortened because of the interest rates being so low-if we added money now, it would be lengthened over time

 

[1982vett]

Except the "free" policies the banks and Farm Bureau give you, I don't have any.... I'm to busy paying for health insurance....However,I have no dependants except my dogs and cows, but they will be fine.

 

[TexasBred]

I am 56, and have a couple of years left on a term life policy. Everything is paid for, daughters out of college, which I paid for. So she has no notes as well. When your younger ur doing your family a disservice, not to have insurance... As you get older tell the insurance man to go take a leap.

AND accumulating cash value really has no value unless you're using it as a savings account instead of a life insurance policy. (planning on cashing it in before you die). When you do die you lose the cash value anyway as all your beneficiary gets is the face amount of the policy.

 

[backhoeboogie]

I am 56, and have a couple of years left on a term life policy. Everything is paid for, daughters out of college, which I paid for. So she has no notes as well. When your younger ur doing your family a disservice, not to have insurance... As you get older tell the insurance man to go take a leap.

AND accumulating cash value really has no value unless you're using it as a savings account instead of a life insurance policy. (planning on cashing it in before you die). When you do die you lose the cash value anyway as all your beneficiary gets is the face amount of the policy.

Better to save your money and take out a huge policy just before you die?

 

[TexasBred]

Better to save your money and take out a huge policy just before you die?

IF you can afford the outrageous premiums at that age. I plan on being around 100. ;-)

 

[snake67]

I seldom jump into insurance discussion as there are so many who seem to be dead set against it.

I actually have both whole and term

I am worth several million dead and about 10 cents as I sit here taking a break from fixing fence and cutting out the bull who got hurt today.

That being stated there is something I like to point out to people when this topic comes up.

Every time an old timer - and I am now one - kicks off there is he!! to pay with the land, the equipment, the animals and the house - the entire estate gets kicked by kids and relatives and such.

If people would simply get smart and discuss estate planning far enough in advance - they would not see family wrecks, ruined ranches and farms or tax burdens so high that the entire place has to be broken up and sold so the kid can keep a bit of it back.

If you would like to see your place continue on in the family there had better be some serious thought given to equalization of benefits when you die - otherwise grief and greed very likely will take the entire place down.

Even the kid who has not been home for 20 years has been known to challenge a will in court.

One of the best ways to do this is to use insurance. The payoff to the living is far greater than the expense is to the dead person.

Now, if you are a hobby guy, or a person who simply does not give a damm then that is fine.

But is there ANYONE on this board that has NOT seen a ranch or farm torn up by the survivors?

Any will can be and often IS challenged - do as you see fit - but remember - the kid that you promised the place to might not get to keep it unless s/he can come up with a schitte load of cash to buy off the others who have decided to take YOUR will to court.

It all might look rosy now, but once you are dead and buried and rotting in the ground, the real fun can start - as soon as that one PO'd kid or relative finds out how much your place is REALLY worth.

Do not want to pay the insurance costs? Get the kids to pool their money on you. Yeah, you WILL die someday. They can call it their guaranteed investment.

Mine have done it on me and I have done it on my folks.

And I have a pile of insurance that I no longer pay for as it carries itself. In fact some of it pays me on a monthly basis now. That nice 1500 dollar cheque I get from the insurance company every month has bought me some real nice stuff over the past few years and the death benefit is STILL growing!

Anyways - build your will, plan your estate and do nothing about the money and I guarandammtee you someone will be challenging that will in court, or there will be a tax burden or there will be creditors coming for money - and your heirs will have to solve that problem with cash - which might - if things go bad - just come form breaking up and selling your ranch or farm.

If you are independently wealthy or you are not concerned about your place then that is fine. If you have an operation you want to see carried on you better plan it out before you go - or someone just might plan it out for them self after you are dead.

Do not wait - you should have done this planning yesterday.

It gets more expensive the longer you put it off.

Best to all

Bez

 

[Anonymous]

Well put bez

 

[GMN]

Yes but buying life insurance worth millions is pretty expensive at any age-I'm on a tight budget, and once I'm in my late 60's I don't plan on having much if any debt-life insurance is great to those left behind only if you die young-other than that, I would think the policy would expire long before then, and not even be useable to your survivors. What you are talking is wills and estate planning-thats a whole other headache-

Fact is I'm kind of stressed out this week, so I'm not dealing with any of this for a few weeks or months, I can't afford to up my premiums now anyways-until some debt is paid off