DFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0 Posted (2 years 2 months 1 week 3 days 20 hours ago) and read 929 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.
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.
DFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0 Reply 2, posted (2 years 2 months 1 week 3 days 19 hours ago) and read 913 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.
JetsGo From United States of America, joined Jul 2003, 3038 posts, RR: 5 Reply 4, posted (2 years 2 months 1 week 3 days 19 hours ago) and read 889 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.
SmithAir747 From Canada, joined Jan 2004, 1610 posts, RR: 31 Reply 8, posted (2 years 2 months 1 week 3 days 15 hours ago) and read 842 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.
I will praise thee; for I am fearfully and wonderfully made... (Psalm 139:14)
Pyrex From Portugal, joined Aug 2005, 3639 posts, RR: 28 Reply 9, posted (2 years 2 months 1 week 3 days 15 hours ago) and read 837 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!
armitageshanks From UK - England, joined Dec 2003, 3449 posts, RR: 16 Reply 11, posted (2 years 2 months 1 week 3 days 15 hours ago) and read 827 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.
DFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0 Reply 12, posted (2 years 2 months 1 week 3 days 7 hours ago) and read 774 times:
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).
DFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0 Reply 15, posted (2 years 2 months 1 week 3 days 5 hours ago) and read 744 times:
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.
EDICHC From , joined Dec 1969, posts, RR: Reply 16, posted (2 years 2 months 1 week 3 days 5 hours ago) and read 734 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.
ogre727 From Spain, joined Feb 2005, 708 posts, RR: 2 Reply 17, posted (2 years 2 months 1 week 3 days 3 hours ago) and read 703 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).
signol From United Kingdom, joined Oct 2007, 2962 posts, RR: 8 Reply 19, posted (2 years 2 months 1 week 3 days 3 hours ago) and read 697 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.
DFWHeavy From United States of America, joined Jul 2011, 560 posts, RR: 0 Reply 22, posted (2 years 2 months 1 week 3 days ago) and read 658 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.