Posted: 6/4/2005 3:05:27 PM EDT
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My sis opened up policies on everyone in the family. I have the paperwork in front if me that I need to sign and send back. For $99/12 months, my parents get $50,000 if I die. It's to take care of funeral/medical expenses and settle any personal debts if any. It seems logical, even though I'm 25. Never really thought about it. This is a policy from Citi group. This sound like a fair deal? |
I'm 25 also, and I have 3 life insurance policies. My parents won't have to spend a dime when I die. Although Burlap is cheap and we have plenty of bridges here, so they wouldn't have to spend much anyways. I have a $10,000.00 policy through work whether I die at work or not. I also have a $15,000.00 whole life policy I took out with state farm. Then I have a decreasing payout policy through one of my deferred comps at work that will pay out $267,000.00 till I'm 30, then it goes down every 8 years or something like that. I did the math as to what I pay per month for the decreasin one, and even if I life to get to the last(lowest) stage of it, I won't have payed in that much. it all seems like overkill, but I don't want my credit/outstanding debt to ruin someone elses life. $99/yr doesn't sound all that great to me, I'm paying $98/yr for $15,000.00. although I think region has something to do with price, so that could be good for your area. |
My name is on the policy, so I guess I own it. Not married, single, so I don't know who else should be the beneficiaries. Hmmm, dunno where to even start about estate planning. Never thought about it. Completely lost here. 
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I was always one to figure that if I'm single, I didn't need but a $10-$15,000 policy to cover burial expenses, which I had from work. I didn't have to make sure that any dependants were covered in case of my death. Which is why I don't agree with getting them for children, either. Take that money and put it into a mutual fund for your kids instead of buying them insurance policies. Now that we're married and have kids, I carry insurance. Enough to make sure they get through college, and the wife is covered for her future also. Term insurance is pretty cheap. I then figure once the kids are through college, and we're near or in retirement, I'll also cut back on how much insurance I'm buying. My .02 |
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I have a $200,000 policy with MBA. It costs me $12.00/month. All active/retired/ex military are eligible. It is much cheaper than VGLI so I got a policy with them instead. www.militarybenefit.org/ |
Not necessarily. The owner, the insured, and the beneficiary can be three seperate people or entities.
Are you a college graduate? Check with your alumni association to see whether they have contacts with people who do estate planning. Before you vomit, most of these arrangements I've seen are NOT just ways to get money funneled into the university foundation, though I'm sure you'll be reminded that they'd love for you to remember them in your will. ;) Estate planning is a pretty complicated subset of law. Once you're out of school it's never too early to start, and once you have kids (if you do) it is absolutely imperitive. Jim |
Damn, that can stop a drunk driver?
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I have very quick reflexes.  And the good sense not to put myself in so many dangerous situations (ie, driving around at 2:00am) too often. The 50k I get from work doesn't bother me so much either, but the Kahr makes me feel more secure than anything else. Truthfully, can you say that putting pen to paper on some document gives you more security than seating a 30 rounder in your AR? |
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My wife and I have couple. If I die my wife get... the house paid off + $500,000 + $100,000 + $25,000 + $33,333 and my parents gets $33,333 and my sister gets $33,333 If my wife dies I get... the house paid off + $50,000 + $33,333 Everybody should have some life insurance. Start when young as its cheaper. |
Fair enough. Packing heat gives me assurance over things I can control. But God can be cruel sometimes, ya know. Some things you just can't prevent and never see coming. |
Have you checked local and state laws regarding the legality of your burial site? If its an existing cemetery, will they allow your simple pine box? Some will not. Check now while you can so you don't jamb up your heirs. |