Let's talk life insurance

zilla68

zilla68

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Just got notified from my farmers insurance agent that since i've reached the old age of 57 my life insurance policy is going up about 400 per month between my wife and I.
I have 1.5 x my annual salary thru work, but i've carried an additional 350k for her and my self.

anyone have any other options they use that I can check into?
 
Is your employee life insurance at a fixed amount and do they give you the option to continue the policy into retirement? At your age I'm guessing that any new policy will be somewhat expensive.

I had a large policy with my employer which I reduced to 350k when I retired in '19 (using it to cover State tax on my estate, and other incidental expenses). My premium was $130 when I retired and went up to $180 after a couple yrs. I think they adjust the premium every 5 yrs. This is a group policy through my former employer which lessens the cost.
 
zilla68 said:
Just got notified from my farmers insurance agent that since i've reached the old age of 57 my life insurance policy is going up about 400 per month between my wife and I.
I have 1.5 x my annual salary thru work, but i've carried an additional 350k for her and my self.

anyone have any other options they use that I can check into?
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Have you shopped a term policy? I just renewed mine for another 20 years and it went from $68 to $83 per month. With that said, it was 500k and I'm 50 vs 57.
 
My wife just told me my Life Insurance (Term 70) had a big jump in the premium this year as well, I am 57 years old. We have 500k on me and 250k on her (she is 58). We have had the policy for 25 years as well
 
RiverDave said:
Going up 400 a month? What do you pay currently?
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between the wife and I, I think its 500 a month maybe, its lumped in with all the cars, kids etc, I'll have to look again
 
madweazl said:
Have you shopped a term policy? I just renewed mine for another 20 years and it went from $68 to $83 per month. With that said, it was 500k and I'm 50 vs 57.
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i have not, looking for some options, since i've been with farmers for car insurance since I was probably 20, I liked it was all together in one spot, one contact, etc. i never had a reason to look. when the kids were born i decided i needed to do something just in case, now they are pretty much gone. pretty much lol
 
I would look into term at 70 my term expired to keep it active it would have almost tripled so we lowered the amount from 500k to 250k and it went up just under 200 a month but is locked in until I turn 80 by then will have to decide if the juice is worth the squeeze. Whole life policies just didn’t pencil for us when we were in business we carried 1 million of term no way could we afford whole policy for that amount.
 
I've been shopping for a Whole Life Insurance Policy and setting up a Life Insurance Trust for it immediately. That's the only way to ensure my loved ones will avoid federal estate taxes and be covered for the modest lifestyle we currently live.

While I'm employed, my Life Insurance is great with the supplemental coverage I selected, but its the same as a Term policy, unless i die while employed it will be gone. That's the trade off with Term Insurance, no payout, no value if not used.
 
John@Outfront said:
i am almost 63 and coming close to an end of a 20 year 1 million term. i will not renew any life insurance as kids are now grown and looking good, our assets will cover any expense upon the death of my wife and me
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Look into having your company take out a “key man” policy on you, if you’re set up right “C Corp” or similar you may be able to pay for the policy as a business expense.
 
My insurance guy said " why you want to spend all that money each month? You'll be dead? she'll just spend it on her new dude." My wife will be fine with what I have saved...work insurance covers my retirement nut, so either I retire and get it or die and she gets more.....
 
When I started back racing in 2004 my wife made me get life insurance LOL I was 37. I got 980K for 72$ per month. (Genworth)

I am now 57 and it will be up in 2 years. I went ahead and got another 800K for 150 per month for another 20 years. Term is the way to go if you want cheap insurance against the family's main provider having an accident that puts the family in jeopardy. (Corebridge)
 
On social media I am always seeing these videos that you can take a life insurance policy and get the benefits up front for investment purposes.. I have never really looked into it but I see the videos enough that there has to be something there.. anyone have any experience with that?

RD
 
IMO Term life insurance is the only way to go, invest the money you would additionally spend on a "whole life" into a Roth IRA and you will be way ahead in the long run... Im 57, when I retired at 55 I dumped the 1.5M term policy I was carrying on myself, if you can retire you don't need life insurance assuming your spouse will be entitled to whatever benefits / accounts you have. (y)
 
Crusty said:
I've been shopping for a Whole Life Insurance Policy and setting up a Life Insurance Trust for it immediately. That's the only way to ensure my loved ones will avoid federal estate taxes and be covered for the modest lifestyle we currently live.

While I'm employed, my Life Insurance is great with the supplemental coverage I selected, but its the same as a Term policy, unless i die while employed it will be gone. That's the trade off with Term Insurance, no payout, no value if not used.
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You can get a term policy that will pay out for terminal illnesses as well.
 
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.
 
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