Life Insurance

[VietCowboy]

Just wanted to see what your thoughts are on this. I do plan on getting life insurance when I start a family, but this is really for my mom.

I'm trying to convince her NOT to get life insurance, and I'm seeing if that's the right move.

1) My mom is 51 years old, in good heath (no smoking/drinking, good bp and cholesterol)

2) Our only outstanding debt is our house, which only has 70K left on the mortgage.

3) No small kids or anything to worry about.

She wants to get a small 50-100K life insurance policy, and sees her friends who are also in their 50s have a 50K life insurance policy paying only $20/month for both husband and wife (btw, i can't find that price for anyone). I'm asking my mom if she can provide the policy for their coverage to see if there are a lot of restrictions because that's a really cheap price (they say that is forever, which of course is bogus. I think they were duped into buying some crappy life insurance).

any thoughts?

 

[YosemiteSam]

I'm not 50+ so I don't know what life insurance costs at that age for $50k.

One thing that is 100% true, is you should ALWAYS have life insurance. Especially if just to cover the funeral expenses. If you have dependents, it is far more important than just covering final expenses though.

If your mother wants to get life insurance, I'm sure she has just cause to do it. Life insurance exist for a reason, and thats to help their surviving family.

 

[jksmith269]

Just wanted to see what your thoughts are on this. I do plan on getting life insurance when I start a family, but this is really for my mom.

I'm trying to convince her NOT to get life insurance, and I'm seeing if that's the right move.

1) My mom is 51 years old, in good heath (no smoking/drinking, good bp and cholesterol)

2) Our only outstanding debt is our house, which only has 70K left on the mortgage.

3) No small kids or anything to worry about.

She wants to get a small 50-100K life insurance policy, and sees her friends who are also in their 50s have a 50K life insurance policy paying only $20/month for both husband and wife (btw, i can't find that price for anyone). I'm asking my mom if she can provide the policy for their coverage to see if there are a lot of restrictions because that's a really cheap price (they say that is forever, which of course is bogus. I think they were duped into buying some crappy life insurance).

any thoughts?

When life insurance agents (which I am, and don't approve of this method) quote prices such as the 20 bucks a month they are pricing the very best health class, which most of us don't fall into. But using their practice, I ran some quotes based on your mom's age and again the very best health class, she could get a 20 year term at 170.65 a year for 50k of coverage, or 30 years at 220.70 annual premium. So as you can see it is out there.

Now should she get it, my first question would be does she have any life insurance currently? One way to figure the amount needed is take all her expenses, house, credit cards, car notes, all debts combined total that up, and add on average 2 years salary on top of that. If small kids were involved I'd say 10 years salary. The reason for this, is you have funeral expenses, possible probate court expenses, having to pay off all the current bills, plus you never know why may cause her death. She could sit in the hospital for a month, which will need to be paid. So yes she should have insurance, it's not for her, it's for those she leaves behind.

Remember, insurance will never be as cheep for her as it is today.

NOTE: Insurance carriers recently changed the weight requirements for Preferred Non Tobacco, used to for a person 5'10" the PNT weight was 175lbs, they have raised that to 219lbs. I doubt this will stay very long. So if anyone is borderline on their weight and would like to save some money on their Life Insurance now's the time to contact an agent.

FYI We are licensed in all 50 states...

 

[YosemiteSam]

FYI We are licensed in all 50 states...

:laugh2:

 

[Kangaroo]

Just wanted to see what your thoughts are on this. I do plan on getting life insurance when I start a family, but this is really for my mom.

I'm trying to convince her NOT to get life insurance, and I'm seeing if that's the right move.

1) My mom is 51 years old, in good heath (no smoking/drinking, good bp and cholesterol)

2) Our only outstanding debt is our house, which only has 70K left on the mortgage.

3) No small kids or anything to worry about.

She wants to get a small 50-100K life insurance policy, and sees her friends who are also in their 50s have a 50K life insurance policy paying only $20/month for both husband and wife (btw, i can't find that price for anyone). I'm asking my mom if she can provide the policy for their coverage to see if there are a lot of restrictions because that's a really cheap price (they say that is forever, which of course is bogus. I think they were duped into buying some crappy life insurance).

any thoughts?

I have over 500k in coverage right now to help my family and I am in great health even though I am overweight I have no outstanding omg I am going to have this are this kill me or even worry about. Just in case but I have Wife and two kids. I have a mixture I use to have a Universal Policy which I paid into for years reduced the coverage amounts now and it is paying for itself and still making money. I supplement the second part with a cheaper term policy. Plus the coverage I get from work.

I see nothing wrong with her getting Term to help cover things like if something happens. Maybe she wants to make sure she leaves you something behind or if she ever has grandchildren she may want they to be covered as well.

I have to support your mom in this decision if she feels like that is the right thing to do.