Term life insurance - do you have it, brehs?
- Thread starter Sad Bunny
- Start date
Yes
I have a wife, kids, mortgage
It is essential
Two policies
I have universal life ($750k) and one through work (7x my salary, so ~$900k)
I have a wife, kids, mortgage
It is essential
Two policies
I have universal life ($750k) and one through work (7x my salary, so ~$900k)
Vandelay
Life is absurd. Lean into it.
I need to get a plan.
I have a good one through my job, but obviously you can't take that with you.
I have a good one through my job, but obviously you can't take that with you.
@jdubnyce if you are single and have no children do I need to get it? Is it still recommended?
Well depends on what type of liabilities you'd have if you passed. Typically if you don't have dependants you don't need to have life insurance.
Life insurance is a way for your dependants to maintain a similar quality of life (financial wise) if you were to pass.
you also don't want people scrambling to bury you but then again some folks don't care what happens once they are no long alive so there is that
Just through the job. I have whole life. Wouldn't get a term life policy on my own. Almost seems like a scam. If I'm paying x amount of dollars a month to pay for my kids college if I pass away then goddammit I want my ROI. Imma have to find a way to die 
BaldingSoHard
Banned
The whole life is the one that's more scammy, imo.Just through the job. I have whole life. Wouldn't get a term life policy on my own. Almost seems like a scam. If I'm paying x amount of dollars a month to pay for my kids college if I pass away then goddammit I want my ROI. Imma have to find a way to die
A breh broke it down once before, but the long and the short of it is that all whole life policies are term life policies where the premium increases the older you get but you don't see the premium increase because they take the difference out of your benefit amount.
You are mixing them up. Term is cheapest and the one majority of people should get. It doesn’t build the cash value and is only for a certain amount of years.Just through the job. I have whole life. Wouldn't get a term life policy on my own. Almost seems like a scam. If I'm paying x amount of dollars a month to pay for my kids college if I pass away then goddammit I want my ROI. Imma have to find a way to die
Whole life is a permanent life insurance policy that’s more expensive. It builds a cash value that you can borrow against once you have enough.
My suggestion for most would be to get term and save the difference in a high yield savings or index fund depending on your needs.
I'm not mixing them up. I don't want to put money into something that will only pay out if I die within a certain time frame. At least with whole life I know someone is gonna get paid one day. Whole life isn't necessarily expensive either depending on the policy.
