What Are You

Discussion in 'Money & Finances' started by Lon Tanner, Apr 23, 2017.

  1. Lon Tanner

    Lon Tanner Well-Known Member
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    Reading a few posts where widows talk about having to watch their finances since their spouse died made me think about Life Insurance. I am 82 years old and have $75,000 of Paid Up Group Term Insurance despite being single and no one financially dependent on me. The most life insurance I ever had was $500,000 when I was married and raising a family and had $150,000 on my wife at that time. When my first wife died in 1989 she had $75,000 on her life with me as the beneficiary.
    I know all the excuses but I still can never understand some folks reluctance to purchasing ADEQUATE Life Insurance. My adult married grand mother daughter is my sole heir and primary beneficiary of my insurance.
    http:www.thoughtsandtravels.blogspot.com
     
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  2. Chrissy Cross

    Chrissy Cross Veteran Member
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    I don't have life insurance because I don't need it, my husband had some but I used that up because I had no income for about 8 years...

    My kids all have life insurance and it's a very big number...more than a million, but that's really not all that much when you consider their expenses.

    In fact they have all kinds of insurance and it isn't cheap...malpractice, also their hands, etc. I forget all of it.
     
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  3. Babs Hunt

    Babs Hunt Veteran Member
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    I have a Life Insurance policy too Ren. I wanted to leave my daughters and grandkids a little something when I leave my earthly home but figured cash was the best thing...that way they can use it the way they want, not how I want although part of it is set aside for them to spend some time at the beach and toss my ashes to the wind. :)
     
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  4. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
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    No life insurance for us. My husband has some long as he works where hes at. My kids got all I had to give long time ago.
    Personal items will be distributed to them...I doubt any wealth will come of it.
     
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  5. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    Wife has Life Insurance, but I don't........at least none that I know of. We've borrowed from her Life Insurance before, but now that she gets her SS each month, don't have to do that anymore.
     
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  6. Ken Anderson

    Ken Anderson Veteran Member
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    We have life insurance. I don't remember how much now, but enough so that one or the other of us will have time to get things in order before being hit by a loss of the other's income.
     
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  7. Babs Hunt

    Babs Hunt Veteran Member
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    Because my husband is a smoker his life insurance policy costs us alot more and it is for less than mine is. The Insurance man told me if my husband could quit smoking for a year then his policy costs would go down too and he would be able to get a higher policy too. We both have enough coverage though to cover the necessities and leave a little for our children.
     
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  8. Sheldon Scott

    Sheldon Scott Very Well-Known Member
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    I have a $100,000 policy which I bought soon after I retired. It will no longer be affordable after I turn 77 but will not be needed. I se up my retirement pension so that my wife will still receive the full amount if I die. Our house is paid for, we have money in investments so she will be financially secure.
     
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  9. Babs Hunt

    Babs Hunt Veteran Member
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    I don't think my term life policy will expire before I do :) but if it does my daughters want to take over paying the higher payments and that is fine with me.
     
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  10. Kitty Carmel

    Kitty Carmel Well-Known Member
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    No dependents. I don't have life insurance. I think I have had it through work which was free.
     
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