How many of you guys have it?
If so.. when did you get it?
Life Insurance
How many of you guys have it?
If so.. when did you get it?
I have it. My grandparents set it up for me when I was born and they also got it for my oldest son too.
I am not really big on insurance, unless there is really something worth insuring (like a house or car that I owe money on). I don't have a lot of assets, nor debt. If I died, right now, there is enough to cremate me and my kids would go to their fathers, I really should get a will wrote up...so the bits I do have could be put away for them for college. That would make a decent start for them.EDIT: It just occurred to me that I don't know where I got that attitude about insurance. My parents (that I grew up with) have EVERYTHING insured, they probably even have my life insured...Same with my grandparents. Even my father who didn't raise me has a lot of insurance....You would think that I would believe in the stuff more.
I have it, have had it for years. Im worth about 800k if im dead.
Iv had that insurance sine my first kid was born in 91, my kids are the only benifactors on that policy.
I also have another policy for just abuot enough to cover funeral expenses for myself, and with no funeral that measn cremation and no services. and another policy for my will be wife, she would be OK for a few years if I died today, she would get about 200k.
Of course this is all pretax (does tax apply to life insurance?)
If I was single, had no kids, Id have the policy to cover my cremation and thas it.
That policy was given to me by a union I used to be in for 10 years, when I left I had teh option to keep it (its like 6 grand total) and pay 6 dollars a month for it. Iv had the policy since 1992, Iv prolly overpaid the benifit amount in all that time, I should really cancel it and just save that money on my own in a account and swap it to a CD when it hits a decent amount.
My kids would get that money into a trust fund managed by my unlce whos an attorney and I trust. if htey used it for school they could get at it when they are 18, if they do nto attend college they cant get at it unless they were 22 I think, maybe its 25? Id have to aks my uncle to make certain of the age.
I have life insurance that carried over from my parents. It's not a really big deal, I just pay on it because it would be harder to get when I get older.