Let's talk life insurance

Mac said:
I'm going to highjack this thread a bit.

Social Security. This seems to change a lot. After 10 years of marriage, your spouse can apply take YOUR Social Security. This is a backup plan I have. I want my wife to take mine as it will be WAY MORE than her's. I have seen the Fed go back and forth on this. I hope it works out that we can do this and she'll have more to live on. (Yes, chances are my wife is going to outlive me by a long shot). And yes...Social Security "might" not be around when we come of age. But here we are...a bunch of old fuckers and the day is coming up sooner than we'd like to admit, and they are still paying Social Security, so don't write it off.

So...with this said...for those of us that divorced beyond 10 years...unless you protect it, your ex-spouse can still claim YOUR Social Security. They don't even have to tell you. When I got divorced, I made sure this was in our divorce decree that we keep our own. It's little things no one thinks of that can matter down the road.
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Just a little side note that I'm sure you are aware of but not everyone else. If your wife draws on your SS she will not be able to draw on hers at the sametime.
 
RIDERED said:
Just a little side note that I'm sure you are aware of but not everyone else. If your wife draws on your SS she will not be able to draw on hers at the sametime.
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Also, she would be penalized the same as anyone else if she were to take it early. For example, I get the max amount from SS and when I die, if my wife chooses to draw SS at say 62, she would only receive the reduced share of my amount for drawing on SS early. She would have to wait until age 67 to receive the full amount.
 
Mt wife and I are 47 and we just up our $500K policies we have had for years to $3M each for around $7K/yr combined total. I thought $7K/yr was pretty reasonable. We just finished up a family business buy-out so the time to up it was right. This is a 15 year term thru Banner William that has a conversion policy.
 
Digging this up from old.

Is life insurance even needed if you have no debt and kids are doing fine? Is there a terminal illness insurance out there?
 
Terminal Illness can be added as a Rider to an existing policy, some already have that feature.
If the house is paid off, there is no debt and the kids are good...there is no benefit to insurance IMHO

Final expense insurance is nice, if you don't have your exit plan already hashed out and paid for.
I'm not a believer of dumping your final expenses on loved ones.
 
Cookie said:
I only still have Life Insurance for the chance I pass before my wife; I bring in 70% of the income and our house isn't paid off. Term 70, for me.
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Different here, everything is paid for and wife makes more than i do.

I just don't see the need for life insurance, in my case.
 
My oldest just had this talk with me a couple weeks ago about life insurance, business' and my property when I burn in some day.

Since I fly a lot, I have a additional rider to cover me as long as I do not enter Trumps airspace and get shot down by a F22.

Got it back in my 30's when it was cheap and pretty much still is since I have been paying for so long.

She was pleasantly surprised I have things pretty much laid out on paper.
 
i am 100% income maker, my wife has a $250k policy on her as i have a special needs son at 31 living with us and if my wife passed i would need some outside help.
i have a $1 million term policy for me which probably ends in the next 5 years of so. house balance is less than the policy, no debts and the other 5 children are all able to carry on just fine without us. so, when term policy ends for both of us, we will not renew
 
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