Gun owners: do you have adequate life insurance?

[hoosierdoc]

We talk about protecting our families, but I'm curious if that carries over to life insurance as well.

We're probably more likely to die in a car accident or other means than need to use a gun for personal or family protection. Does everyone with dependents have 5-10 years of salary in life insurance?

 

[Prometheus]

Not as much as I should, but it will pay off the house and cars and money left over to live on for a year or two if budgeted properly till she gets back to work.

I need to double it quite honestly.

 

[Birds Away]

I'm divorced. Kids are grown and gone. The military will stick me in the ground for free.

 

[Prometheus]

I'm divorced. Kids are grown and gone. The [STRIKE]military[/STRIKE] tax payers will stick me in the ground for free.

FIFY.

 

[Rocket57]

At one point in my career I had $400,000 worth of life ins. Then the company decided they didn't need me or the other 2000 employees and left the taxpayer sponsored facility that Indianapolis so graciously provided for them. (those of you that were there know who I mean)

Now I have what my wife's job provides- enough to bury me .

 

[hoosierdoc]

At one point in my career I had $400,000 worth of life ins. Then the company decided they didn't need me or the other 2000 employees and left the taxpayer sponsored facility that Indianapolis so graciously provided for them. (those of you that were there know who I mean)

Now I have what my wife's job provides- enough to bury me .

That is why you don't buy a policy through work. Lock in your term rates while young and then it stays with you. My employer provides coverage but I also bought personal in case my job changes

 

[Suprtek]

This is actually one of my major regrets. If I would have started a good life insurance policy when I was in my 20s (like dad tried to tell me) I could have easily maintained a more than adequate amount of insurance. Now that I'm older and ended up having some health issues, life insurance for the amount I'd really like would cost 100's per month. I've tried to make up for it as best I can with some savings and investments over the years but its still not what I would like for my family.

So you young guys out there, I know it can be difficult to think in those terms because you feel like you have all the time in the world, but take some advice from your elders and start now. Just because you may not have a family yet doesn't mean you can't start taking care of them now.

 

[Suprtek]

That is why you don't buy a policy through work. Lock in your term rates while young and then it stays with you. My employer provides coverage but I also bought personal in case my job changes

^^^ Smart man.

 

[possum_128]

I have over a half mil for my wife for the rest of my life.

 

[Arm America]

Good point!
Wife's 32-year old nephew passed yesterday morning from massive heart attack.
Left a wife and two small children.
I doubt that life insurance was in their plans.

 

[littletommy]

That is why you don't buy a policy through work. Lock in your term rates while young and then it stays with you. My employer provides coverage but I also bought personal in case my job changes

Excellent advice for the younger folks here! I have $250,000 on myself, and I do have a $25,000 policy through work, but that's only as long as they feel like offering it. I only wish I had all the beer money back from my younger days, hell, I could probably retire.

 

[kwatters]

25K from work, $600K personal policies.
2 years ago I put the wife through nursing school now that the boys are getting older. She could be completely self sufficient just off her career now. I think she and the boys are covered.

 

[indyjohn]

Not as much as I should, but it will pay off the house and cars and money left over to live on for a year or two if budgeted properly till she gets back to work.

I need to double it quite honestly.

^^^^ Me too ^^^^

 

[Sailor]

If term insurance is all you can afford make sure you buy a policy that is convertible to permanent for life, and add a guaranteed rider that lets you increase the coverage at fixed dates in the future.

 

[Pami]

My dad told me once that we're better covered than he is. We got a policy when we got the house 8 years ago. Pays off the house and student loans, gives me 10 years of the hubby's income, and gives him 5 of mine (because apparently men recover more quickly than women do...). I can't remember if we added in extra for child education... we didn't have kids at the time. Lars has the rider to accommodate any wage increases he has each year, but I'd have to have a physical each year due to a health condition, so we didn't add the rider to mine. Our project for this year is to get it updated to account for recent life changes.

 

[hoosierdoc]

If term insurance is all you can afford make sure you buy a policy that is convertible to permanent for life, and add a guaranteed rider that lets you increase the coverage at fixed dates in the future.

Oh, this again??

So a 35 year old male, non-smoker can get a million dollar term 30-year policy for $76/mo. At 65, retired, adult children living on their own, Why exactly would he still need whole life insurance at that point?

I cancelled my million dollar whole life policy a few years ago, bought twice that in 30-year term, and lowered my premium.

 

[Bunnykid68]

I don't really like the people that would be stuck with the bill, so I cashed out my policies and bought a gun and some ammo.

Seriously, I have enough to pay everything off, burn me and send the kids to college.

 

[Sailor]

Oh, this again??

So a 35 year old male, non-smoker can get a million dollar term 30-year policy for $76/mo. At 65, retired, adult children living on their own, Why exactly would he still need whole life insurance at that point?

I cancelled my million dollar whole life policy a few years ago, bought twice that in 30-year term, and lowered my premium.

Because, I had a young couple (pregnant) where the father had a small Universal Life policy and a larger term policy. Finds out he has MS. These are the last policies he will ever be able to qualify for. Because he has the guaranteed insurability rider, he can add 25k to his policy every 3yrs to age 49. If it makes sense he can also convert his term. (would have to look at the cost in the future vs his new lifespan)

Polices are tools, pick the right one for your situation.

Most importantly have enough death benefit when you die. Nobobdy ever asks me what kind of policy it was when I deliver a life insurance check. They want to know how much is it.