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My life no longer has any value

Richard Cranium

Richard Cranium

FBBO Gold Member
FBBO Gold Member
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My year term life insurance policy has finally matured. For 25 years, I've been paying 287 bucks per quarter & the new cost jumped to just shy of 3,100 bucks per quarter. The kids are grown and I'm no longer working, so I said to myself; funk that. I cancelled it.
 
I've never bought into "life" insurance.

Instead, I put that money into that "big pile" that I use for "self insurance".

...and I married a self sufficient woman and raised a self sufficient kid.
 
While many can't believe you did a smart move, I do. Now, your policy has matured, but have you ? Ok, ok, all kidding aside. A life policy insures someone who's loss will have economic consequences on others. At this stage, a term policy will have questionable benefits, vs. cost, so your reasons are the usual ones to "terminate the term".
1756213356267.png
 
Yeah I dumped mine when I was about 50. I see no reason for it if a person owes no money and has assets.
 
Richard Cranium said:
My year term life insurance policy has finally matured. For 25 years, I've been paying 287 bucks per quarter & the new cost jumped to just shy of 3,100 bucks per quarter. The kids are grown and I'm no longer working, so I said to myself; funk that. I cancelled it.
Click to expand...
My 20-year, $250,000 level-term life insurance policy for $369/year matured in January of this year. The theory was that by avoiding the high cost of whole life insurance, I would have that money in the bank at the end of the 20 years and no longer need the insurance. It worked and I let it go.

Congratulations @Richard Cranium you took a gamble and lost. Or won, depending on how you look at it.
 
I had a whole life policy that happened to. For years the investment profit was paying the premium until one day I got a notice that they need over double per month for a premium. FU, I'm outta here.
 
The only life insurance I have is through my work. I have no family so if I croak before I get off my butt and retire, I'm not sure where my insurance benefit gets paid to!
 
Term Life has (HAD) a purpose. Not anymore. Adult children can be a problem. This is a good first step. Now, continue to spend down the Inheritance.
 
No fancy lunch for you next year (since you're now worthless)
Think of the savings.
1756221894106.png
 
Little side story for your afternoons entertainment. My Mom passed and about 3 months later I received a notice they were going to double the cost of her life insurance policy. As the executer of the will, I didnt know she had that policy. Turns out the company has 1 star reviews because they wait till the policy has just about matured, ridiculously raise the rates and keep the money when the clients forfeit. Particularly targets seniors. So I spent 41 documented hours jumping through every hoop they could throw until the foreign representative finally told me they wouldn't pay out no matter what I did. Thats when I contacted the Florida attorney general (issuing state) and within a week we had the payout.
 
SlingLow said:
My 20-year, $250,000 level-term life insurance policy for $369/year matured in January of this year. The theory was that by avoiding the high cost of whole life insurance, I would have that money in the bank at the end of the 20 years and no longer need the insurance. It worked and I let it go.

Congratulations @Richard Cranium you took a gamble and lost. Or won, depending on how you look at it.
Click to expand...
My mother was an insurance agent. Many decades ago, to her consternation, I cashed out a whole life policy she had forced on me, and bought a cheap 20 year term policy. I placed the premium difference into 401(k) contributions. At the end of the policy term, the 40l(k) accumulation surpassed the policy benefit, and I didn't renew. Won that round, but now I'm hedging in the opposite direction, trying to minimize longevity risk.
 
Richard Cranium said:
My year term life insurance policy has finally matured. For 25 years, I've been paying 287 bucks per quarter & the new cost jumped to just shy of 3,100 bucks per quarter. The kids are grown and I'm no longer working, so I said to myself; funk that. I cancelled it.
Click to expand...
I canceled mine a lot of years ago!
 
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