My life no longer has any value

[Davefinan]

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

I did that as well….about the same age

 

[SlingLow]

I do have a policy that my parents bought for $1,000 when I was an infant. It has a cash value and a $27k death benefit, or as I like to call it, party money for my friends and family. Make sure you spend it all! I'll be watching...

 

[Davefinan]

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!

Slush fund.

 

[toolmanmike]

I do have a policy that my parents bought for $1,000 when I was an infant. It has a cash value and a $27k death benefit, or as I like to call it, party money for my friends and family. Make sure you spend it all! I'll be watching...

 

[zyzzyx]

$28,700.00 down the drain? WoW!

I bought a Prudential whole life policy when I was 25 because I worked in alot of power plants and
refineries and didn't want my Wife and kids be homeless. Paid $100.00/Mo. for twenty years and then
the policy paid it's own premium and a dividend check to us. Now I pay $0.0 and have $170,000.00
for the Wife and the kids. I lucked out and didn't need it, but was nice to not need it. Everyone is
different. To me, $100.00/mo was nothing working alot of hours and traveling. Nowadays the young
kids die and their friends and relatives do a Go-Fund-Me page and they're set! The new order.

 

[WileE]

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

My quote ad infinitum: My mind stopped aging at 17 years, my body's aged for 5+ more decades. ( 17 was a good year for me )

 

[cr8crshr]

Hope there was some cash value?

There never is with a Term Life Policy...savings/cash value provisions...just the insurance all. cr8crshr/Bill

 

[SlingLow]

$28,700.00 down the drain? WoW!

You're looking at it wrong. It was $28,700 for a level of protection that was likely much higher than $170k. You did well by starting at age 25, but if one starts such a policy in their 40s, the premium is much higher. If your immediate family has health issues, like heart disease in my family, they're even higher yet. I started my term policy when I started borrowing heavily from the banks in my 40s. It was the least expensive option to make sure I didn't leave my bride with suffocating debt.

 

[WileE]

68 bucks.

68 bucks, eh ? I think I might pay slightly more for you than that. Just slightly.

 

[dadsbee]

Interesting. After 25 years of paying in the Wife and I's went into autopay off the interest and dividends. Haven't paid in 13 years now on 100k and 250k. Same with the kids policies, being paid from dividends.

That said, the term life company partnership insurance her old man and I have on each other for a 1/2 mill each. He pays $2700 a year on me. I was paying $5900 a year on him (21 years older). 25 years in they jacked his premium to $15,900 and I bowed out.

 

[cr8crshr]

When I was in the business selling both Life/Health and Home/Auto Insurance, the going Life policies were Whole Life and Universal Life. The companies I represented pretty much demanded those Life policies be the ones to sell over Term Life, etc. After a bit of trying to get my sales numbers up, I stopped selling them and advocated that anyone contemplating Life to buy Term and invest the difference. Those who have done so are far better off money-wise than those who bought into the Whole/Universal Life deal even up to today. I did buy a Term policy while in Service through the SGLI for 1 million and a very low monthly payment per month deducted out of my pay, and never really missed it. After I retired from the USAF, I no longer had nor acquired any life insurance as I do not need it. No immediate Family to think about, I am covered for burial after my passing by being a Veteran, so that and a headstone are covered, and burial in a Veteran cemetery or Government one, so all is set up for me. Now that I am wiser and no longer in the business, I have come to realize that the Insurance business is nothing more than a Ponzi scheme that runs on fear and intimidation tactics to solicit hard-earned $$$s from the average individual and to line their coffers with those hard-earned $$$s. Nothing but GREED for those greedy Bastards!!! cr8crshr/Bill

 

[Fran Blacker]

There never is with a Term Life Policy...savings/cash value provisions...just the insurance all. cr8crshr/Bill

Don't know if this would've worked for you. A company buys your insurance policy and pays the premium. They give you 10/12% of the death benefit. See the ad on Fox all the time.

 

[cr8crshr]

Don't know if this would've worked for you. A company buys your insurance policy and pays the premium. They give you 10/12% of the death benefit. See the ad on Fox all the time.

Thanks, I have, but to me it is just another scam, so I avoid it like the Plague. I just do not need a Death Benefit as I have mentioned...cr8crshr/Bill

 

[YY1]

Now that I am wiser and no longer in the business, I have come to realize that the Insurance business is nothing more than a Ponzi scheme that runs on fear and intimidation tactics to solicit hard-earned $$$s from the average individual and to line their coffers with those hard-earned $$$s. Nothing but GREED for those greedy Bastards!!! cr8crshr/Bill

Fortunately for me, I figured that out at about age 18.

I get the minimum insurance I am required to have by law or by (financed purchase) agreement.

...and pocket the difference.

I see insurance as being for catastrophic loss only.

...and even then I am willing to eat all or most of the loss, especially when it comes to big ticket items.

 

[Richard Cranium]

68 bucks, eh ? I think I might pay slightly more for you than that. Just slightly.

I made a mistake, it's $64.66.

 

[Richard Cranium]

$28,700.00 down the drain? WoW!

I bought a Prudential whole life policy when I was 25 because I worked in alot of power plants and
refineries and didn't want my Wife and kids be homeless. Paid $100.00/Mo. for twenty years and then
the policy paid it's own premium and a dividend check to us. Now I pay $0.0 and have $170,000.00
for the Wife and the kids. I lucked out and didn't need it, but was nice to not need it. Everyone is
different. To me, $100.00/mo was nothing working alot of hours and traveling. Nowadays the young
kids die and their friends and relatives do a Go-Fund-Me page and they're set! The new order.

Well, the same can be said about auto & home insurance.

 

[Dennis H]

I too cashed a Policy my Parents got for me back in the day. About $20k value. Put it towards the 20 Hellcat. Thanks Mom.

 

[zyzzyx]

My Homeowner's policy went from $1150.00 to $2100.00 in three years! Northern Illinois and a 1400 sq. ft. house with a garage!

 

[Budnicks]

Now that I am wiser and no longer in the business, I have come to realize that the Insurance business is nothing more than a Ponzi scheme that runs on fear and intimidation tactics to solicit hard-earned $$$s from the average individual and to line their coffers with those hard-earned $$$s. Nothing but GREED for those greedy Bastards!!! cr8crshr/Bill

100% agree

 

[Budnicks]

I made a mistake, it's $64.66.

you can almost buy a "quality" set of plugs for the 'Hellcat for that'