Any Life Insurance Policies...

EdFred

EdFred

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...that don't try and rape you with a saguaro cactus because you give some occasional flight instruction and reviews?

Getting quotes back and the initial rates are $3.50/$1000 coverage/year, so a $1MM policy will be about $3500/year. Yeah, not happening.
 
Wow, unless you know you're going to die soon, who would buy that policy?


Personally I'm not a big believer in insurance in the first place, just a gamble, and unlike a casino, they don't pay out when they loose.
 
James331 said:
Wow, unless you know you're going to die soon, who would buy that policy?


Personally I'm not a big believer in insurance in the first place, just a gamble, and unlike a casino, they don't pay out when they loose.
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Do you have any dependents?
 
FormerHangie said:
Do you have any dependents?
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Nope, but I also don't have any debt, nor would I ever allow a unemployed partner. If I were to die, toss my carcass in the dumpster, have a drink on whatever is in my wallet and sell off some of my toys if somehow money is tight.

Just don't get the appeal of their product.
 
James331 said:
Nope, but I also don't have any debt, nor would I ever allow a unemployed partner. If I were to die, toss my carcass in the dumpster, have a drink on whatever is in my wallet and sell off some of my toys if somehow money is tight.

Just don't get the appeal of their product.
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If you don't have any dependents, and you have enough of a net worth to provide for a bare bones burial, you don't need life insurance.

I have dependents, so I do. If you have dependents, it's the responsible thing to do.
 
"Responsible thing to do"

That not a fact, that's a marketing line

Just get cremated and put into the cheapest thing possible. Done.

If someone has so much debt, or is so overextended that they need a payday for their family to get by if they kick it, well that's stemming from a long line of bad decisions.

Insurance, credit, etc it's all a giant circle jerk, just say no
 
James331 said:
"Responsible thing to do"

That not a fact, that's a marketing line

Just get cremated and put into the cheapest thing possible. Done.

If someone has so much debt, or is so overextended that they need a payday for their family to get by if they kick it, well that's stemming from a long line of bad decisions.

Insurance, credit, etc it's all a giant circle jerk, just say no
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I seriously want to punch you. Imagine going through the pain of loosing a loved one and then having to go back immediately to work so you can afford the mortgage. Most people don't buy their house off a single income, so going back to work might not even allow for the mortgage payment to be made.

I couldn't imagine my wife alone, not able to afford the house or the student loans because something happened and I'm dead. That's why I have life insurance.

TJ


Sent from my iPhone using Tapatalk
 
Ed:

Check out Piclife.com - they specialize in life insurance for pilots.
 
James331 said:
"Responsible thing to do"

That not a fact, that's a marketing line

Just get cremated and put into the cheapest thing possible. Done.

If someone has so much debt, or is so overextended that they need a payday for their family to get by if they kick it, well that's stemming from a long line of bad decisions.

Insurance, credit, etc it's all a giant circle jerk, just say no
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Debt? What are you talking about? The life insurance money would go to pay off what little we owe on the house, and the rest would go to supporting my daughters until they are grown. You do realize there's a good reason that so many families have two earners in the workplace, don't you? If I kick the bucket before they are self supporting and leave my wife no insurance, that will put quite a strain on her ability to support them. Being a single parent is not an enviable position, being a single parent who has to worry about making ends meet is much worse.
 
James331 said:
"Responsible thing to do"

That not a fact, that's a marketing line

Just get cremated and put into the cheapest thing possible. Done.

If someone has so much debt, or is so overextended that they need a payday for their family to get by if they kick it, well that's stemming from a long line of bad decisions.

Insurance, credit, etc it's all a giant circle jerk, just say no
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Why does debt have anything to do with it? Even without debt, the cost of living is quite high.
 
If only having one earner would devastate a family to that extent, perhaps they should reconsider their finances, maybe lay off the new cars and flat screens. Or maybe rethink having dependents


Just a diffrent way of thinking, I'd rather bank that insurance money and let it compound, or invest it in a guest house I could air B'n'B, etc.

To me this is like using runways that are shorter than your accelerate / stop distance, anything goes sideways you're going to need insurance, or you could just be a little more cautious with your initial decisions and mitigate risk and save on insurance.
 
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I want my wife to live like a well kept royal princess that's why I have life insurance. :D
 
FormerHangie said:
$27,000 owed on an asset that is worth $400,000. Do you think everyone pays cash for their home?
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Ofcourse not, many people don't even pay cash for their TVs, phones and toys anymore, even Wally World has lay away.
 
James331 said:
If only having one earner would devastate a family to that extent, perhaps they should reconsider their finances, maybe lay off the new cars and flat screens
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In that case you are effectively advocating that your lifestyle should be adjusted according to the lesser of the two earners, just in case the person earning the most dies.

That makes no sense. I happen to make over 10 times what my spouse does, or at least what she did. So according to you we need to give up 90% of our lifestyle so that in case I die, she can just resume her old lifestyle without skipping a beat.

Why on earth would I do that, when I can just pay $1500 per year, get the exact same security, and we don't have to sell everything we have and move back into a condo for the rest of our lives.
 
Meh, like I said, just personal preference.


Personally I couldn't stand having a "partner" who made one tenth what I make, been there, done that, bought her the t shirt.

I look more for a partner than a pet.
 
James331 said:
Personally I couldn't stand having a "partner" who made one tenth what I make, been there, done that, bought her the t shirt.

I look more for a partner than a pet.
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My partner and I made the same amount when we first met, and she's actually more educated than me. I just happened to have gotten lucky since.

Kind'a see why you're single if you think being equal in a relationship is about making the same amount of money.
 
Actually I've never had a problem being in relationships, staying in relationships, or finding relationships, I just like to be with someone who pulls their own weight and hustles to the same degree I do.

I fully supported my ex for years, it wasn't hurting me that bad money wise, but it bothered me, it wasn't the money, it's more of a respect thing, or being equal, if that makes sense. I didn't think it was going to bother me going into it, but it wore on me year after year, like I said having a PARTNER is a beautiful thing, but if I'm going to have a pet I'd rather get a dog.
 
James331 said:
If someone has so much debt, or is so overextended that they need a payday for their family to get by if they kick it, well that's stemming from a long line of bad decisions.
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That's where things get a bit more complicated. Let's say you contract a deadly disease such as cancer. Do you go into debt to fight it or do you go plan your final blaze-of-glory departure? If the latter then you'd have to look your dependents in the eye and say "Sorry guys but I'm giving up and deserting you."

Let's say the doctors tell you that you have a good chance of surviving that medical fight if you pony up the big $$$ so you decide to go for it. You go into debt to get the treatments and it turns out the doctors were wrong. In that case you've saddled your dependents with that "bad" decision and life insurance would sure help them out.

Or let's say you get into a weird accident, say perhaps you had a mid-air where the wreckage harmlessly falls into a lake but your body smashes somebody's house or business. Does your aircraft insurance pay for that since it wasn't the airplane that caused the damage? If not, then life insurance would help out your dependents.
 
All just odds.

Or the highest of all in probability, what if you don't get into a midair, and don't get cancer, but pay some scum bag insurance company every month for nothing?

I just plan thing out, if I got hitched and had kids, I'd sort things out so if I checked out it wouldn't drag everyone else's accounts into the toilet with me.
 
James331 said:
All just odds.
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Yup, which is why your earlier reasoning is a gross oversimplification for people that are you not you. And not only do you have to factor the odds but you also have to factor the cost. What if a comfy policy was only a small percentage of your income? What if you bought early in your career/mortgage where the policy is cheaper and the ramifications of a payout are higher?
 
James331 said:
I fully supported my ex for years, it wasn't hurting me that bad money wise, but it bothered me, it wasn't the money, it's more of a respect thing, or being equal, if that makes sense. I didn't think it was going to bother me going into it, but it wore on me year after year, like I said having a PARTNER is a beautiful thing, but if I'm going to have a pet I'd rather get a dog.
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My wife and I do everything together. We can't stand being apart. The number of days in a year that we're apart for more than 4 hours I can count on 1 hand.

Her hobbies are my hobbies. We remodel properties for fun (pseudo-investment - but you end up with like minimum wage equivalent so it's more about the fun). My wife is as comfortable as I am around a miter & table saw, nail gun, router, cement mixer, backhoe, auger, PVC/ABS you-name-it. Ok, you got me - I use the framing nailer because it's too loud for her, and she cuts the crown molding, because I always screw up the angles. So maybe we're not 100% equal...

My wife also used to like Christmas lights. I didn't. But I got into it, and even more than she ever was - now we order lights by the pallet and we spend about a month per year putting it up together and writing choreography. My motto: "If something is worth doing, it's worth overdoing.".

And when I first started at my startup, we didn't have any income for about 18 months. She could have gone to work if needed, but the thought of being apart for more than a couple of hours at a time was unbearable. So we just sucked it up and cut back, and got through that time without income.

We have no other friends. We don't need or want anybody except for each other. We are addicted to each other and have been for 15 years.

This is partnership. It has nothing to do with who earns the actual money.
 
I'm with James on this. The wife and I are DINKS. The only life insurance that I carry is the free policy from my employer. Same with her. I'd rather have the money for the premiums for the here and now.
 
ok here is how you do it go to joe your small town broker and ask to buy life insurance. answer no to any question that could cause a increase in premium. did you ever smoke say no .fly a aircraft no, skydive no,and so on . insurance will only not pay on items you lied about for only 2 years.and will still pay out somthing just a smaller amount based on what your premium would have been. the broker joe cant tell you this it is in the contract however, and you might be on a inter company data source because you recently were shopping for insurance it used to be called "clue" so you will be screwed but give it a try you have nothing to loose and you are home free after the 2 year contestability period some brokers used to whisper this to there good clients! just some guy off the street no
 
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asicer said:
What if a comfy policy was only a small percentage of your income? What if you bought early in your career/mortgage where the policy is cheaper and the ramifications of a payout are higher?
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I bought my policy when I was very young, we're covered for the price of a case of beer/month. Very small price to pay for piece of mind.
 
I bought a 1million 20 year term life policy when I turned 30 and my kids were born. 35 now. If I auger in somewhere, my house will be taken care of, and my kids college fund will be funded, and my wife and her new boyfriend can live it up for a few months. the premium each month is worth the price for piece of mind knowing she will not have to donate plasma to put beans on the table should I leave this world. If I reach my financial goals before the term runs out, then I will drop the policy and manage that risk myself.
 
to be clear to some of the brain damaged. were in the already underwritten and delivered and paid for life policy does it say write us and inform us {the ins co} if you take UP scuba ,flying smoking .drugs .or hookers with stds ??
 
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They asked all of those questions when I was trying to get approved. Flying was the first question they asked after my name and age.
 
EdFred said:
They asked all of those questions when I was trying to get approved. Flying was the first question they asked after my name and age.
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My God-son was getting some life insurance, and I just happened to be in the office with him when they were asking all the risky activity questions. I felt sorry for the poor lady. It seems that I couldn't help laughing after all the questions had been asked. When she inquired about my humor, I had to tell her that my answers would have been "Yes" to about 95% of them. She was probably glad she wasn't trying to insure me.
 
They asked if I had or planned in the next two years to:
skydive
rock climb
scuba dive
free dive
mountain climb
race automobiles
ride motorcycles
travel outside the US or Canada
lie, smoke, drink, eat, cheat, steal, philander...
and a bunch of other questions.

Phone interview took about 45 minutes and about 2 of it was name/stats, and the rest was lifestyle choices.
 
After two years in-force most policies drop the "crazy-ass activities" and suicide disclaimer. Check with your agent.

Life insurance is for replacing (to some extent) your income. If your survivors don't need your income for living expenses, then you don't need insurance. Also, life insurance isn't taxed so it's a good way to pass wealth on without Uncle getting a huge chunk of it.
 
EdFred said:
They asked if I had or planned in the next two years to:
skydive Yep
rock climb Yep
scuba dive Yep
free dive Yep
mountain climb Yep
race automobiles Nope
ride motorcycles Yep
travel outside the US or Canada Yep
lie, smoke, drink, eat, cheat, steal, philander...
and a bunch of other questions.

Phone interview took about 45 minutes and about 2 of it was name/stats, and the rest was lifestyle choices.
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They should have a question, "Do you give insurance agents heart palpitations?"
 
Anymouse said:
They should have a question, "Do you give insurance agents heart palpitations?"
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It's all a scam, what they should do is get a idea for your mental hardware, ask if when standing you can see your feet, can you do 20 push ups and sit-ups and describe what you will eat today and this week.

That'll tell you way more about the probability of death, than if some USPA D gives tandem rides on the weekend.
 
paflyer said:
Also, life insurance isn't taxed so it's a good way to pass wealth on without Uncle getting a huge chunk of it.
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The accuracy of this statement depends on who owns the policy, and who the proceeds would go to.
 
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EdFred said:
...that don't try and rape you with a saguaro cactus because you give some occasional flight instruction and reviews?

Getting quotes back and the initial rates are $3.50/$1000 coverage/year, so a $1MM policy will be about $3500/year. Yeah, not happening.
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Name me the beneficiary and I'll pay the premium for you. Whats your schedule, I need some dual.
 
I have 2M for about $1500 a year.

I fly and did the full disclosure. I had my instrument ticket and 300 hours when I got the policy. No restrictions or limitations on the policy other than the participating in a war or other standard wording.

I even called my agent and asked where the words 'OK with flying' were. He said it is not restricted, therefore, my wife gets a big check if end up below the dirt without a pulse.
 
SkyDog58 said:
Who the hell smokes anymore?
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"if you take scuba ,flying smoking .drugs .or hookers with stds ."

I like that the only problem you had was with smoking. All the other in that list were non life threatening. :rolleyes:
 
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