Life Insurance. I Have None. Do You?

We bought some additional life insurance and did the will when the baby was born. It really has given me peace of mind.

My brother-in-law dropped dead at the age of 47 after working out at the gym, and left my sister-in-law and 2 kids in high school with almost no life insurance. Nightmare. You don't want that to happen.

 

sucker.

>> seriously, term is the best way to go - esp. if you save/invest at the same time.

 

Seriously, $25? That's it? That seems like petty cash for peace of mind. I'm calling tomorrow. I just hope I don't need a physical. I have high blood pressure. But I'm not on meds for it. So it's not that high.

 

see my post above, pete ... they will often make cash value sound like this fantastic investment tool for retirement or whatever, but it's really not the case. the returns are awful. invest in a mutual fund and actually make some money. and, anyway, if you die, all that savings is gone straight into the pockets of the insurance company.

 

Ah, shit. I had high cholesterol last time I had blood done!

 

pete, here's my set of policies:

for the kiddo, we've got "15 pay to life" or something like that. we pay premiums on her for 15 years. we don't pay anything after that, but she's covered for life for 25k. do it now - if they find something wrong, God forbid, can't get the plan. but get it now (there's no test for her), she's set. for that, it's about $25 per month.

I'm on 20-yeal, level term. I had to have a physical and blood draw and a pee test. that will help determine how much it costs. there are, if I recall, three levels. I made the middle range, otherwise could have gotten it a bit cheaper. still, just $40 a month gets me $300k.

mrs. jps is $25 per month for 50k for her universal life policy. (she's got some health issues, so couldn't get the term deal.)

 

I have a friend who's a financial adviser, and he gives horrible advice. My advice is not to get any financial/insurance/advice from friends, or those who are selling such things.

Consumer Reports says to go with term.

 

Given broadly increased life expectencies, term's pretty cheap, these days. Check on line and make a couple of calls. You'll be amazed, and you won't have to settle
for some no-name outfit to snag a wholly-satisfactory deal.

 

I just hung up the phone with my friend who has spent his life working for insurance companies. I told him what you wrote. He was so embarrassed after he learned your point of view, he said, "Well if JPS said term is best, by all means, listen to the anonymous message board poster instead of me, and give him my apologies."

I'm not sure, but I believe he might have had a sarcastic twinge in his voice.

 

Does this mean I have to make another phone call?