My life no longer has any value

Richard Cranium · Tuesday at 7:25 AM

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.

69conv · Tuesday at 7:36 AM

Smart move.

YY1 · Tuesday at 7:39 AM

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.

WileE · Tuesday at 8:03 AM

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".

Richard Cranium · Tuesday at 8:47 AM

WileE said:
Now, your policy has matured, but have you ?

I consider myself to be an 18 year old (sometimes 14) trapped in a 66 year old body.

Fran Blacker · Tuesday at 8:52 AM

Hope there was some cash value?

Richard Cranium · Tuesday at 8:53 AM

Fran Blacker said:
Hope there was some cash value?

68 bucks.

Runcharger · Tuesday at 8:55 AM

Yeah I dumped mine when I was about 50. I see no reason for it if a person owes no money and has assets.

SlingLow · Tuesday at 8:59 AM

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.

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.

toolmanmike · Tuesday at 9:01 AM

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.

chargervert · Tuesday at 9:43 AM

Colonial Penn Life is $9.99 a month and covers burial expenses.

XS22J8R · Tuesday at 9:48 AM

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!

Dennis H · Tuesday at 9:50 AM

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.

TorRed · Tuesday at 9:50 AM

chargervert said:
Colonial Penn Life is $9.99 a month and covers burial expenses.

One of my favorite commercials ... to mock mercilessly

Dennis H · Tuesday at 10:01 AM

TorRed said:
One of my favorite commercials ... to mock mercilessly

Yup. The Brudda will get Commissions.

toolmanmike · Tuesday at 10:08 AM

chargervert said:
Colonial Penn Life is $9.99 a month and covers burial expenses.

That's the POS company I had mine through.

Don Frelier · Tuesday at 10:25 AM

No fancy lunch for you next year (since you're now worthless)
Think of the savings.

69conv · Tuesday at 10:26 AM

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.

68BabyBlue · Tuesday at 10:29 AM

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.

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.

Cranky · Tuesday at 10:33 AM

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.

I canceled mine a lot of years ago!

My life no longer has any value

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