Life Insurance - VeggieBoards
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#1 Old 03-19-2004, 10:44 AM
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Something that many people do not think about, and should. I am 34 years old and I have terminal cancer. I just celibrated what will most likely be my last birthday, my daughters, and my sons with me here. Today our insurance agent, a very dear friend of many years, brought to our home the check from my life insurance policy. This insurance policy will pay off our home, my wifes car, my car, and leave enough money for my children to attend what ever college they desire. I have had a great weight lifted from my shoulder knowing that I have been able to lift these monetary burdens, from my wife. She will be able to focus on our children and herself, and not have to worry about the future.

I will not make recomendations on insurance companies, only that I would hope each of you no matter your age would have a policy of some sort, it is important to get it when your healthy, and cheaper the younger you are. I had my military policy, that I maintained after discharge, a private, adn one with my past/current employer. My father told me in High School Senior year that "My actions from now on, starting today. Will dictate all of my future actions. That I was now a man, and needed to act like one, and be accountalbe for each and every step I took from there on out"

I make mention of all of this only because of my group of friends, I was the only one who had insurance above and beyond what my employer offered. A year and 1/2 salery realy just does not go that far beyond a year and half.
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#2 Old 03-19-2004, 12:11 PM
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I'm so sorry to hear that.



People need to keep in mind that most life insurance offered by their employers aren't portable, meaning that the insurance is only active while they are employed. And after you've been diagnosed with an illness isn't the best time to go shopping for insurance because you'll pay a higher premium if you are insured at all.



In my opinion, whole life is the best way to go (for me anyhow). I have my term life at work, a whole life policy for me and one for my significant other. We got the whole life policies cheaper than if we would have waited because we were younger when we bought them and not diagnosed with any illnesses.



The sad fact is we are all going to die. Insurance isn't a bet on whether or not you will, it's rather an estimation of when. I don't want to leave anything unmanagable should I die early. I'm 36.



Joshholis, you are so right. People need to prepare for the worst because when the worst happens it may be too late.
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#3 Old 03-19-2004, 01:04 PM
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joshholis, I am sorry that you have terminal cancer. Very sad. Yet, I'm certain that you feel better knowing that your family will not suffer financially on top of the grief they will feel upon your death. I am sure that they will reflect on that fact many times during their lives with a feeling of tremendous gratitude toward you.
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#4 Old 03-19-2004, 01:35 PM
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My sympathies are with you and your family.



I'm a licensed life insurance agent, so I'll have to try not to sound *too* biased. It amazes me that this is one of the things that people will forgo (Let's see, cable TV or life insurance? Hmm, The Sopranos are on right now...). I see lots of people that just put it off until it's unaffordable.



As long as you get a level premium policy (whether term or whole), it's going to be way cheaper if you start the policy in your 20's or early 30's than if you wait until middle age or later.



And though I can't really recommend one over the other (term v. whole life), I guess I would advise to look at how long it will be before your liabilities begin to disappear (i.e., in 30 years, the house will be paid off, my daughter will be grown and on her own, and my 401(k) will be available, all of which serves to reduce the amount of money that I would need to provide if still living at that point).



In the instance I just gave, I would personally prefer to have a 30-year level term policy, because the premiums are much less than a whole life policy, and I can invest the difference between what I would have paid for the whole life policy and what I actually paid for the term policy.



Sorry for the boring diatribe. If anyone wants any more info (or if what I said makes no sense), just email or IM me.
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#5 Old 03-19-2004, 03:57 PM
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I am sorry to hear....



I bought my first life insurance policy a couple months ago. Its $200 per month but pays well after many years down the road. Everyone should try to get one when they are younger, if i did this when i was 18, i would already have netted much more towards the investment already.
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