Sponsor Message:
Non Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
Do You Have Life Insurance? If So, How Much?  
User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Posted (2 years 10 months 3 weeks 5 days 3 hours ago) and read 1052 times:

I am a Life Insurance Underwriter and wanted to take a small "poll" to see how many of you have life insurance and if so, how much. September was life insurance awareness month, but I didn't get a chance to post this in time.

Underwriting personal life insurance policies has made me realize how important it is. Please take care of yourself and family by getting some if you don't have any or more if you do not have enough (I'm not saying this to sell it, as I'm not an agent).

So, Do you have personal Life Insurance? How much?


If anyone has any questions about the subject, please do not hesitate to ask me in a response to this thread or private message me.


Christopher W Slovacek
22 replies: All unread, jump to last
 
User currently offlineShyFlyer From , joined Dec 1969, posts, RR:
Reply 1, posted (2 years 10 months 3 weeks 5 days 3 hours ago) and read 1042 times:

Quoting DFWHeavy (Thread starter):
September was life insurance awareness month

I was not aware of that.

Quoting DFWHeavy (Thread starter):
Do you have personal Life Insurance? How much?

I used to have some, but I cashed in the policy some time ago. I have no clue what the amount was. I'm eligible for a policy through my employer but I don't think I've opted into it. No clue how much that policy is for either.


User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Reply 2, posted (2 years 10 months 3 weeks 5 days 2 hours ago) and read 1036 times:

ShyFlyer... How old are you? Do you have a family, mortgage and bills? I'm just trying to get a better perspective. You may not need it if none of the above apply to you; however, most people do and that's why I encourage so much.

People usually wait until it's too late and it's a sad situation.



Christopher W Slovacek
User currently offlineShyFlyer From , joined Dec 1969, posts, RR:
Reply 3, posted (2 years 10 months 3 weeks 5 days 2 hours ago) and read 1028 times:

Quoting DFWHeavy (Reply 2):
How old are you?

Early 30s

Quoting DFWHeavy (Reply 2):
Do you have a family

Nope

Quoting DFWHeavy (Reply 2):
mortgage

Essentially, yes.

Quoting DFWHeavy (Reply 2):
bills

Who doesn't?!


User currently offlineJetsGo From United States of America, joined Jul 2003, 3083 posts, RR: 5
Reply 4, posted (2 years 10 months 3 weeks 5 days 2 hours ago) and read 1012 times:

My wife and I each have $100k through her employer and it only costs like $9/month. We figured that was a reasonable balance given we are still in our mid 20's and don't have any huge debt obligations.


Marine Corps Aviation, The Last To Let You Down!
User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Reply 5, posted (2 years 10 months 3 weeks 5 days 2 hours ago) and read 1002 times:

JetsGo,

Do you have kids and a mortgage?



Christopher W Slovacek
User currently offlineJetsGo From United States of America, joined Jul 2003, 3083 posts, RR: 5
Reply 6, posted (2 years 10 months 3 weeks 5 days 1 hour ago) and read 991 times:

Quoting DFWHeavy (Reply 5):

Neither, but we plan to have both within the next 2 years.



Marine Corps Aviation, The Last To Let You Down!
User currently offlinekiwiinoz From New Zealand, joined Oct 2005, 2165 posts, RR: 5
Reply 7, posted (2 years 10 months 3 weeks 4 days 23 hours ago) and read 973 times:

In US$, we have $500K for me through my employer. Privately, we have $1.5m on me and $800K on my wife.

User currently offlineSmithAir747 From Canada, joined Jan 2004, 1628 posts, RR: 28
Reply 8, posted (2 years 10 months 3 weeks 4 days 22 hours ago) and read 965 times:

I don't have any. Should I get it?

I'm single, 36, a graduate student (PhD candidate), live alone far away from family, rent an apartment (have no mortgage), and have student loans to repay (and other bills of course). I also have a genetic craniofacial syndrome; is that considered a preexisting condition?

The closest thing I have is a Forethought funeral prepaid trust, however I am leaning toward donating my body to medical education/research.

SmithAir747



I will praise thee; for I am fearfully and wonderfully made... (Psalm 139:14)
User currently offlinePyrex From Portugal, joined Aug 2005, 4008 posts, RR: 28
Reply 9, posted (2 years 10 months 3 weeks 4 days 22 hours ago) and read 960 times:

Late 20s, no wife, no kids. One student loan secured by property that is not mine, but I have a (forced) credit life policy (and loan is mostly amortized anyway). I do have a Variable Universal Life policy but for now I just use it for investment purposes (for the tax benefits - hope to accumulate some cash value in there for retirement). I also have Group Life / Group AD&D (around 1x salary) through my employer, but this time around I did not choose the supplemental coverage since I already have the death benefit VUL policy which I don't need anyway. A while back I was in the market for a Long-Term Care policy, but the LTC market is so messed up right now (so many carriers taking major losses and discontinuing the product) that I can't justify it for someone my age.

Out of curiosity, as an aside - my clients are all insurance companies (mostly life, but also P&C) so I have been trying to learn a bit more about the "mechanics" of the several types of products (cash-flows, GAAP and stat accounting, etc.). I tried looking for "Actuarial analysis for dummies" on Amazon but apparently that book does not exist. Do you know of any books / other materials that do a good job of explaining how that works (something not too technical but also not too dumbed down)? Thanks.



Read this very carefully, I shall write this only once!
User currently offlineAirCanada787 From Canada, joined Nov 2010, 282 posts, RR: 0
Reply 10, posted (2 years 10 months 3 weeks 4 days 22 hours ago) and read 955 times:

In short yes. I also have critical illness insurance (which covers me for two events and provides access to Best Doctors).


The mind, like a parachute, functions only when open.
User currently offlinearmitageshanks From UK - England, joined Dec 2003, 3621 posts, RR: 15
Reply 11, posted (2 years 10 months 3 weeks 4 days 22 hours ago) and read 950 times:

I have it through my employer. I think its $20,000. I am single, have no debt, and no real financial liability so its kind of silly to have it but it costs about a dollar a week so why not? I just listed my brother and a friend as the beneficiaries, but don't tell them!

If I had to pay "out of pocket" for it I'd drop it tomorrow. No real need for someone like me to have it.

[Edited 2011-10-11 20:10:03]

User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Reply 12, posted (2 years 10 months 3 weeks 4 days 14 hours ago) and read 897 times:

Kiwiinoz,

Good job, you seem to be very well covered.

I must say that I'm surprised, but most of people answers on here suggest the lack of real need for coverage (which is okay).. I guess it's just part of the Anet demographic (single, no kids, rent home, etc).



Christopher W Slovacek
User currently offlineEGGD From United Kingdom, joined Feb 2001, 12443 posts, RR: 35
Reply 13, posted (2 years 10 months 3 weeks 4 days 13 hours ago) and read 890 times:

Yes, I do. 8x Salary.

User currently offlineidealstandard From France, joined Apr 2009, 409 posts, RR: 0
Reply 14, posted (2 years 10 months 3 weeks 4 days 13 hours ago) and read 874 times:

I don't have any....

My girlfriend works in the...banking sector...and is always pressuring me to sign up for some.

IS.


User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Reply 15, posted (2 years 10 months 3 weeks 4 days 12 hours ago) and read 867 times:

Idealstandard,

You really should. Get it while it's young and cheap. I'm not sure what kind of policies the UK has, but getting a nice 20 year Level Premium Term Policy is going to be very cheap (assuming you are relatively healthy).

Don't wait until it's too late and you are non insurable or you are sick and so highly rated that it becomes cost prohibitive.



Christopher W Slovacek
User currently offlineEDICHC From , joined Dec 1969, posts, RR:
Reply 16, posted (2 years 10 months 3 weeks 4 days 12 hours ago) and read 857 times:

Both my missus and I have NZ$500k+ for life and critical illness cover. It's enough to cover our mortgage and a fair bit extra. We also have income protection to the value of 85% of our current salaries.

User currently offlineogre727 From Spain, joined Feb 2005, 719 posts, RR: 2
Reply 17, posted (2 years 10 months 3 weeks 4 days 10 hours ago) and read 826 times:

I have one that i had to get with my mortgage loan, and another one my company gives me, but tbh I have no idea what amount it is for. I am married to my partner but no children (although we have tried hard for 8 and a half years).


Sigh
User currently offlineALTF4 From United States of America, joined Jul 2010, 1212 posts, RR: 4
Reply 18, posted (2 years 10 months 3 weeks 4 days 10 hours ago) and read 823 times:

I'm 21, single, renting. $750,000 coverage through my employer, I personally pay $3 a month, my employer obviously pays much more.

I'm surprised my family hasn't killed me yet.



The above post is my opinion. Don't like it? Don't read it.
User currently offlinesignol From United Kingdom, joined Oct 2007, 3003 posts, RR: 8
Reply 19, posted (2 years 10 months 3 weeks 4 days 10 hours ago) and read 820 times:

Both my wife and I have scheme's through our respective employers where they will pay a cash sum equivalent to 2 year's salary. We also have 2 properties on mortgages, and each has a decreasing term life policy - in essence, should one of us die, the property that is in that person's name is paid off instantly.

signol



Flights booked: none :(
User currently offlineB727 From United States of America, joined Oct 1999, 521 posts, RR: 2
Reply 20, posted (2 years 10 months 3 weeks 4 days 8 hours ago) and read 799 times:

I have coverage thru my employeer for 5x times my salary.

B727
Glenn


User currently offlineajd1992 From , joined Dec 1969, posts, RR:
Reply 21, posted (2 years 10 months 3 weeks 4 days 7 hours ago) and read 794 times:

Neither me nor my girlfriend have life insurance - I'm 19 and she's 20, we both live at home, no kids and no real bills to speak of.

No need for it, at the moment - but I will be talking about it when we seriously get around to talking about kids and a house.


User currently offlineDFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0
Reply 22, posted (2 years 10 months 3 weeks 4 days 7 hours ago) and read 781 times:

I've got 8 x Salary through work, plus 4 other policies totaling $1.45 Million. I'm only 26, but I'm thinking about the future and have locked in my insurability (at least through the next 20 years). I may not necessarily need that much at this very moment, but I am trying to have a child and regardless I want my lady to live well if something were to happen to me. Given that I'm young and in pretty darn good health, Term insurance for me is very very cheap.


Christopher W Slovacek
Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Where Do You Get Your Haircuts And For How Much? posted Sat Aug 2 2003 20:41:31 by Jcs17
How Much Do You Have To Pay For Licence Plates? posted Tue May 1 2007 22:17:42 by Airfoilsguy
So How Much Do You Drink? posted Sat Jan 7 2006 18:36:15 by Cosec59
How Many Pets Do You Have? posted Sat Feb 6 2010 19:20:14 by JMackey
How Many Citizenships Do You Have? posted Sat Jan 9 2010 16:46:33 by AA7295
How Many Passports Can/do You Have? posted Mon Mar 17 2008 01:47:21 by Elite
Stupid Thread-How Many Phones Do You Have? posted Sat Feb 16 2008 03:22:32 by B747forever
How Many Mobile Phones Do You Have? posted Thu Jun 15 2006 15:41:13 by Runway23
How Many Credit Cards Do You Have? posted Sat Jun 3 2006 20:30:56 by HAJFlyer
How Many Gadgets Do You Have In Your Car? posted Sat Apr 22 2006 11:55:45 by CVGpilot