Posted by Buzzman72 on March 26, 2012 at 08:49:38 from (74.129.196.127):
I've heard a lot of different philosophies on life insurance over the years. The "wise investors" tell us that "whole life" policies are a bad investment vehicle, that we should instead "buy term and invest the difference." I understand the principles of that.
But I have a brother-in-law in his early 60's who followed that advice. A few of years ago, during a routine colonoscopy, doctors discovered a couple of cancerous polyps. The polyps were removed, and he went through some cancer treatments, and fo the past couple of years he's been declared cancer-free. BUT since he was diagnosed with cancer, to the life insurance companies he's now considered "uninsurable"...and his term insurance has expired, so he can no longer buy more life insurance of ANY kind.
Since my house is not yet paid off, I have a term policy separate from the loan, and no credit life, per se. The term policy I have runs the length of the home loan, and is in the face amount of what the loan was when I took it out [level term, not decreasing term]. I figured that way, if anything ever happened to me while the house was still mortgaged, the wife could pay off the house and have a little money to live on until she could start collecting SS.
I also have a whole life policy [purchased when I was 18, so the premiums are quite low], but today I filled out the paperwork to cash it out. My PLANS are to sit down with the funeral director of my choice and prepay a simple funeral, casket, etc., and then use the remaining cash to pay off some bills that have accumulated. My grandmother, who passed away on New Year's Day at the age of 100, had prepaid and pre-planned her funeral, and that made things easier on the family when that difficult day came. Since hers was prepaid years ago, a few prices had increased, but overall the family will only be out around $1,000 for the things that have gone up [no, she didn't lock in the total price, only the major stuff].
The thing is, if I outlive my mortgage, while the house WILL be paid for, there won't be any life insurance proceeds left after cashing in the whole life policy. Sure, I could possibly buy another small term policy, but since I'm now 57 years old, the premiums are something I'm not looking forward to, just at a time when I'm trying to get rid of a lot of monthly payments.
I know some of you will probably say I'm doing the smart thing, and should've done it years ago. Others will probably think I'm making a stupid move, and just another in a long line of stupid moves. But I'd like to hear your thoughts on life insurance, and dealing with funeral expenses. [And I'm philosophically opposed to cremation, even though that's probably the cheapest route, short of having the county bury me as an indigent.]
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Engine Valves - Some Helpful Information - by Staff. Intake - On the intake stroke the piston moves doward, sucking in carburized fuel through the open intake valve. Exhaust valve is closed. Compression - With both the intake and exhaust valves closed, the pistons upward stroke compresses or squeezes the fuel into the combustion chamber. Firing - Ignited by the spark, the compressed fuel explodes and forces the piston downward on its power stroke. Intake and exhaust valves are closed. Exhaust valves and seats are exp
... [Read Article]
Latest Ad:
Oliver 550 Diesel runs like a watch three point hitch pto engine gone threw about two hundred hours ago nice clean tractor
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
