DFWHeavy
Topic Author
Posts: 518
Joined: Thu Jul 21, 2011 5:35 pm

Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 9:47 pm

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
 
ShyFlyer
Posts: 4698
Joined: Fri Jun 19, 2009 11:38 pm

RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 10:01 pm

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.
I lift things up and put them down.
 
DFWHeavy
Topic Author
Posts: 518
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RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 10:10 pm

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
 
ShyFlyer
Posts: 4698
Joined: Fri Jun 19, 2009 11:38 pm

RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 10:27 pm

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?!
I lift things up and put them down.
 
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Jetsgo
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RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 10:43 pm

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!
 
DFWHeavy
Topic Author
Posts: 518
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RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 11:05 pm

JetsGo,

Do you have kids and a mortgage?
Christopher W Slovacek
 
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Jetsgo
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RE: Do You Have Life Insurance? If So, How Much?

Tue Oct 11, 2011 11:33 pm

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!
 
kiwiinoz
Posts: 1999
Joined: Mon Oct 10, 2005 3:07 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 1:20 am

In US$, we have $500K for me through my employer. Privately, we have $1.5m on me and $800K on my wife.
 
SmithAir747
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 2:32 am

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)
 
Pyrex
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 2:45 am

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.
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AirCanada787
Posts: 255
Joined: Wed Nov 17, 2010 7:56 am

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 2:51 am

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.
 
ArmitageShanks
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 3:02 am

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]
 
DFWHeavy
Topic Author
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Joined: Thu Jul 21, 2011 5:35 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 10:59 am

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
 
EGGD
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 11:13 am

Yes, I do. 8x Salary.
 
idealstandard
Posts: 403
Joined: Tue Apr 21, 2009 1:00 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 11:48 am

I don't have any....

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

IS.
 
DFWHeavy
Topic Author
Posts: 518
Joined: Thu Jul 21, 2011 5:35 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 12:15 pm

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
 
EDICHC
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 12:49 pm

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.
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ogre727
Posts: 514
Joined: Thu Feb 24, 2005 9:43 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 2:46 pm

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).
I am between the devil and the deep blue sea
 
ALTF4
Posts: 1157
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 2:59 pm

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.
 
signol
Posts: 2652
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RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 3:03 pm

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
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b727
Posts: 464
Joined: Sun Oct 24, 1999 3:19 am

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 4:50 pm

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

B727
Glenn
 
ajd1992
Posts: 2390
Joined: Mon Jul 24, 2006 7:11 am

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 5:15 pm

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.
 
DFWHeavy
Topic Author
Posts: 518
Joined: Thu Jul 21, 2011 5:35 pm

RE: Do You Have Life Insurance? If So, How Much?

Wed Oct 12, 2011 5:34 pm

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

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