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      07-24-2014, 07:23 AM   #23
Hawkeye
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I think costs are close to the same. The employer just subsidized most of the cost and includes it as part of your compensation most of the time. Similar to health insurance.
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      07-26-2014, 01:49 PM   #24
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All I have to say is get life insurance when you can if you ever plan on getting married/family. I had life insurance and terminated it when I felt being single I didn't need it. Fast forward a few years. I get engaged....have the talk about starting a family and then my world gets turned upside down. I get diagnosed with cancer and am now ineligible to get life insurance except through a group plan from my employer. You never know what will happen in the future.
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      07-28-2014, 09:25 AM   #25
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Originally Posted by zx10guy View Post
All I have to say is get life insurance when you can if you ever plan on getting married/family. I had life insurance and terminated it when I felt being single I didn't need it. Fast forward a few years. I get engaged....have the talk about starting a family and then my world gets turned upside down. I get diagnosed with cancer and am now ineligible to get life insurance except through a group plan from my employer. You never know what will happen in the future.
Yes thats my opinion. Better to have and not need then not have and need.

zx10guy hope you get well and stay healthy.
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      07-28-2014, 11:52 AM   #26
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i never understood why people take out life insurance on their kids. its not like your children are supporting and god forbid if something happens to them your left without an income. am i missing something?
It's called great salesmen who can sell the Brooklyn Bridge if you give them enough time.

Again I probably mentioned this before but it's simply dumbfounding how good salesmen can get people to overinsure, like on an engagement ring or home (INSURANCE WILL NEVER PAY OUT THE AMOUNT ON WHICH THEY'RE PAYING THE PREMIUM)
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      07-28-2014, 12:54 PM   #27
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kid life insurance is usually a part of company insurance policies (i.e. free). nominal amount to cover cost of funeral and therapy sessions if the worst comes to pass
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      07-28-2014, 01:01 PM   #28
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Yes thats my opinion. Better to have and not need then not have and need.

zx10guy hope you get well and stay healthy.
Thanks for the well wishes.

It's certainly been a shock to myself and everyone around me. I had no family history or life style risk factors yet got lucky with the cancer lottery.

So far everything seems to be ok. I'm coming up on 2 years since being diagnosed and have gone through surgery and chemo. I've been told by the various insurance agents I've contacted that once I reach 5 years, I can be eligible for a standard policy; which is when the medical community deems someone cured.

I'm putting this out there in hopes someone might avoid the situation I'm currently in. Fortunately, I was able to get $500k of coverage from my employer without the need for a health screen. In addition, I've been pretty responsible with my money and have quite a bit saved up for my family if something bad happens to me.
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      07-28-2014, 02:23 PM   #29
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kid life insurance is usually a part of company insurance policies (i.e. free). nominal amount to cover cost of funeral and therapy sessions if the worst comes to pass
does it actually sell more policies? sounds really macabre having death and child in the same sentence..

I know one family the dad died in a car accident at work, left 3 kids teenaged and under.. the mom bought a new car.. it was weird
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      07-29-2014, 12:14 AM   #30
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Kid life insurance costs next to nothing right? I can't imagine $25k costing more than $8 to $10 a month. My father bought me a WL policy that's worth $25k and it took him like 4 years to make it that value. It has cash value and i could continue to pay the minuscule premium to increase cash value. At the time he purchased it it served as a small long term investment / saving vehicle that was transferred to me at 18. And if i died prior to 18, all expenses would have been covered. For next to nothing in cost, this is likely why most people have kid life ins.

My wife and i both have term and WL policies. Each have $250k in WL and $750k in 20 term. Our combined premiums are $506/ month. BUT, our term policies are the ROP variety. Return Of Premium. So at the end of the 20 year term, should neither of us die, we'll receive all the premiums we paid in. This is why the premium is a little bit higher. So if you have the cash flow, this may be a viable option for you.

We basically got the WL policies so that we would always be insurable and be able to get another term policy should we need one when the 20 yr term is up. Our WL policies are adjustable as well. So if we don't want the term but want to increase our WL policy value, we can do so without getting reevaluated health wise.

Good friend of mine is my agent and he hasn't let me down yet. We've only had one claim over the years but it was a large one. Whole business went up in flames. Total loss. We told him that we wanted the kind of insurance that would allow us to just go back to sleep if we got a call in the middle of the night telling us that the building was on fire. We didn't expect the building to ever be on fire, but that's what happened. Ins stroked a check 2 days after the fire for the limits of the policy. Paid out all lost revenue, all lost rents, all lost inventory, all lost contents and all lost estimated profit. Of course all of those limits were paid out at a later date but the property limit was paid in 2 days.
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