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Life insurance question

Discussion in 'Anything goes' started by Platyrhynchos, Sep 29, 2007.

  1. Platyrhynchos

    Platyrhynchos Active Member

    I still retain a six-figure life insurance policy I had when I was married. The ex is no longer the beneficiary, though. I split it evenly between my two brothers. Thing is, life insurance is meant to be a means to compensate for the loss of income. My brothers don't benefit from my income.

    Question is, should I drop my life insurance? I asked the agent to reduce the amount by 25 percent, and he hasn't done anything with it. That was two weeks ago. And, I could really use the monthly premium in my pocket.

  2. EStreetJoe

    EStreetJoe Well-Known Member

    Need a little more info.
    Since your brothers are the beneficiaries I'll assume there are no little Platyrhynchos running around that would need the money for college or other expenses, otherwise they would be the beneficiaries or set up trusts for them to get the money through.

    So that leaves the questions ... how much debt do you have (mortgage? car loan? etc.) the life insurance should be high enough where it will allow them to pay off any and all debt you have plus cover your funeral costs. Since they don't rely on your income for support, the policy should be just enough to cover your debts.
  3. markvid

    markvid Guest

    You tell your agent to do something, he should do it. Yell at him.
  4. Platyrhynchos

    Platyrhynchos Active Member

    No kin, no little Plays running around. No mortgage, all my debt is pretty much gone — with the exception of a low four-figure one. I would like to retain just a bit, perhaps $10,000 for funeral costs. Other than that, all the shit I own could be sold to cover my debt.
  5. Pancamo

    Pancamo Active Member

    Keep it in case you ever get married or find another significant other. Your rates are locked in and if you apply when you are older, you will be paying more.
  6. Platyrhynchos

    Platyrhynchos Active Member

    My rates adjust — upward, naturally — every year. Next April ends my 10-year contract. What I'm paying now isn't a lot, but it is a comparitively high chunk in relation to my meager salary.
  7. HejiraHenry

    HejiraHenry Well-Known Member

    You are how old?
  8. Joe Williams

    Joe Williams Well-Known Member

    Don't pay for insurance to cover funeral costs. Save the premium amount, or more, until you have an emergency stash that would at least cover the funeral costs. If you tap into it before you die, replenish it. Then it will be there for the funeral and stuff along the way.

    Beyond that, if you don't have dependents and don't care about enriching someone else when you die, you don't need the insurance.
  9. Platyrhynchos

    Platyrhynchos Active Member

    I'll be 49 next month.
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