Life insurance?

[MissHell]

I have an appt tomorrow to get info on life insurance. My co-worker feels I have no real need for it, since I am single. Any thoughts?

If I do get, what amount would I want it for?
Enough to pay off my condo, other debt and funeral costs?
Wasn't sure about the condo payoff being included in the amount. :idk:

If/when I pass - what happens to my debt? Does my family become responsible for it?

[Gas Man]

I have heard a few angles.

double your mortgage
3 times your annual income

[Mikey]

I am a non-attorney spokesperson, so take my advice with that in mind.

Your debt generally dies with you, but there are caveats on that. For instance, whatever is owed on your condo will still be owed or it can be forclosed on, iirc. Same goes for things like cars and motorcycles. If you leave behind a significant estate and you also have serious outstanding debts (credit cards, school loans, etc), your creditors can go after the estate to be paid off.

For me, the amount of life insurance I carry is based on who I feel like I should/would like to help out after I'm gone. I'm married, so that means I want to leave things in the best condition possible for my wife. I'm active duty, and carry max SGLI, so my death is worth about a half mil to the wife if I check out. ;)

[ontwo]

If you have no dependents, you really don't have a need for it. Life insurance is for 3 things...
1. Pay funeral costs
2. Pay off debt
3. Replace lost income

You might want some to handle your funeral arrangements.

[MissHell]

If you have no dependents, you really don't have a need for it. Life insurance is for 3 things...
1. Pay funeral costs
2. Pay off debt
3. Replace lost income

You might want some to handle your funeral arrangements.
Does the debt include the mortgage? :scratch:

[Particle Man]

Does the debt include the mortgage? :scratch:

depends on the terms of the mortgage...

[Gas Man]

Don't worry about the house if you aren't trying to leave it to someone. Just let the bank foreclose on it and have it.

I should have stated that... my setup or idea is more for married couples or peeps with kids.

[shmike]

Don't worry about the house if you aren't trying to leave it to someone. Just let the bank foreclose on it and have it.

I should have stated that... my setup or idea is more for married couples or peeps with kids.

This is right.

The debt will be owed by your estate but will not pass to your next of kin.

[Leon]

I carry enough to pay for my house about 4 times and leave some extra just in case.

[RACER X]

i'm worth more dead then alive :panic:

[askmrjesus]

If you don't have anyone to leave the money to, you'd be better off with disability insurance.

JC

[Particle Man]

If you don't have anyone to leave the money to, you'd be better off with disability insurance.

JC

depends on the program - privately funded disability insurance is pricey depending on the Plan provisions...

[Cutty72]

I have SGLI... I'm good. Took out a KC life ins plan more as a sure deal retirement plan than as actual life insurance.

[HurricaneHeather]

I am not sure if this will apply to you, Michelle but with my mortgage it was in both my husband and my name, so we did a policy for each of us large enough to pay off the mortgage so that the survivor doesn't have to deal with the stress of making the payments if they can't afford it.

Now that we don't own a house, I just have 3X my salary for me and a little more for him. His parents have a ginormous policy out on him, so I'm not too worried about funeral costs.

[Particle Man]

I am not sure if this will apply to you, Michelle but with my mortgage it was in both my husband and my name, so we did a policy for each of us large enough to pay off the mortgage so that the survivor doesn't have to deal with the stress of making the payments if they can't afford it.

Now that we don't own a house, I just have 3X my salary for me and a little more for him. His parents have a ginormous policy out on him, so I'm not too worried about funeral costs.

or you could get a mortgage with a life insurance clause... ;)

[skiergirl]

I have enough to pay off my house, car, bike, credit cards and a little extra. I wanted my family to not ever have to worry about anything of mine and if it's all paid then they can sell what is left or do with it what they want in a way that can benefit them.

It's different if you are married or have children, most people want some extra so the spouse doesn't struggle, which is a good thing.

['73 H1 Triple]

.....

It's different if you are married or have children, most people want some extra so the spouse doesn't struggle, which is a good thing.

I have enough life insurancve on myself to pay off the house and about two years of "take home" pay for my wife.

She has a policy to cover to the cost of the mortgage balance.


Start a whole life policy as soon as you can afford. If you start when you're younger, it's cheaper as you age :yes:

Jeff

[askmrjesus]

depends on the program - privately funded disability insurance is pricey depending on the Plan provisions...

True, but at least you can use it if a truck runs over your legs.

JC

[RACER X]

Start a whole life policy as soon as you can afford. If you start when you're younger, it's cheaper as you age :yes:

Jeff

dave ramsey says term life.

[Rider]

Single, no kids.. Just get enough to cover funeral costs and maybe your mortgage. Check with your employer, you might already get 2x your annual salary for free. My work does anyway.


I have a big life insurance policy but I have 2 young kids at home and a wife who doesn't work. She'd be fucked if something happened to me with no life insurance.

[CrazyKell]

I have life insurance. I didn't set it up (was set up by my parents some time ago) so I'm not entirely sure what it covers. I think it's a fairly small policy that would cover ALL of my debt and then some. :idk:

[tallywacker]

I've got 400,000 for 23 a month

[shmike]

I've got 400,000 for 23 a month

I wear sun screen when it's sunny outside.

[Amorok]

I'm worth over $800,000 when I go. And military, remember that SGLI is a term life insurance that gets unbelielavably expensive when you get out. You'll want to have coverage somewhere else.

[MissHell]

Start a whole life policy as soon as you can afford. If you start when you're younger, it's cheaper as you age :yes:

dave ramsey says term life.
My CFO at work and lawyer I saw regarding living will both said go term life. ;)