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Give the gift of peace of mind this holiday season. If you have

Give the gift of peace of mind this holiday season. If you have

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by: mw3538 Active Indicator LED Icon 5 OP 
~ 4 years ago   Dec 5, '19 1:20pm  
Give the gift of peace of mind this holiday season. If you have not done so, check into getting your life insurance quotes. It really is cheaper than you think in most cases. The longer you wait, the more expensive it gets. For those who have your life insurance through work, good for you. Just remember in most cases when you retire, quit or get terminated you lose that plan and everything you paid into it. (I know it happened to me) Not telling you it's bad, just as your HR person if you can take it with you when you leave or retire. Make them give you the answer in writing, if they can't or wont, then you can't.
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Greg Active Indicator LED Icon 9
~ 4 years ago   Dec 6, '19 8:59am  
@mw3538 : I'm 53, have minimal term plan. Any reasonable suggestions?
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scamp Active Indicator LED Icon 6
~ 4 years ago   Dec 6, '19 10:05am  
And on a similar note - DO A WILL.
 
Had a first cousin pass recently. Never married, no kids, no siblings, parents and uncles / all deceased. We cannot do anything, secure anything, settle anything, as they have to locate some wayyyyyyyy distant relatives on his father's side. So the house and belongings will sit and rot until they do. It's a ****** thing to do to your only close relatives.
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mw3538 Active Indicator LED Icon 5 OP 
~ 4 years ago   Dec 6, '19 10:34am  
I just bought a policy for all my kids and grand kids. Great holiday gift.
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sandman Active Indicator LED Icon 16
~ 4 years ago   Dec 6, '19 2:40pm  
hmmm... Life Insurance is one of those products where the consumer really needs to educate him/herself, understand the terms and shop around.
 
On a high level, a Life Insurance policy pays someone else when you die. So, it's now what you need, but what your survivors may need. Yes, there is the cash value on some types of LI products, but I believe you can get better performance from other investment products.
 
My beef with LI products is the complexity and the expense ratio. To me it makes sense to have LI if you are young and have a young family, as income replacement for your spouse and to pay for education, healthcare or other needs of your survivors. Also, keep a small whole life policy for your final expenses and short term income replacement for when you die, enough to bridge until your survivors can settle your estate.
 
There may be other circumstances where LI policies may be a good fit, but for saving and investing, emergencies, and other cash needs, I think you're better off with an investment account (i.e. taxable, IRA, cash, 529, etc.)
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