Seniors & Life Insurance

Jules

Jules

SF VIP
Do any of you seniors still have life insurance? I remember my mother keeping if for a long time, just to pay for funeral expenses. She could have paid for a funeral many times over based on the rates for an older person.

While we were still working, we had life insurance. Gave it up when we retired.
 

When I retired from the military, I converted part of my SGLI ( Servicemember's Group Life Insurance ) over to VGLI.
Since I was still 'young' ( in my 40's ), figured the family needed something just in case.
Premium is taken out of my retirement check, so didn't really miss it.
It is paid up in full when I reach 70 years old, so I'll just let it ride.
 

I don't have it but get tons of mail for it all the time. If I could afford it and was permitted to have it I would get it.
 
We had a Term Life policy when I was still working, and had kids, house payments, etc. Once we were debt free, and the kids were grown, we dropped it. Now, we just have a long term care policy, in case we need care when we get older.
 
Paid for my wife's funeral and paid for mine. It's simple cremation and it's cheap. Don't need any insurance. Don't need those stupid looking Hollywood, Mafia funerals with a 1/2 dozen black limos and a huge bunch of flowers. What are they thinking? Makes me think that so many of these Hollywood films are just plain stupid and don't come close to showing what real life is to real people.
 
I bought some whole life insurance with a term rider back in 1970. Those two little policies cast me a our $7 a month and we’re paid up in 20 years. The cash value was guaranteed to pay no less than % permanently. I added more over the years and bought more for my wife after we married. All of them are paid up at this point, and of course all of the term riders have been expired for a long time.

Later the policies added the ability to use them as long term health care insurance. So now I have a total cash value of over $200K, and either life insurance or disability insurance of $210K for myself, and over $110K of either life or disability insurance for my wife.

At this stage of life we could not afford either term insurance or health care
insurance with that kind od coverage.

Could we have done better in the stock marker, who knows.
 
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If you are young, and have kids, term life insurance makes great sense. If you are self disciplined enough to put what you would pay for a whole life policy into your our bank account, you'd have more of a return. While Pecos above has done rather well, with his insurance, all you have to do is miss two consecutive premiums, and you loose a great deal of coverage. The over 55 "final expense" insurances are cash cows for insurance companies. And they are policies you have to pay on for the rest of your life. And if you miss two payments.........
 
I've never had any kind of insurance. Except vehicle insurance and now Medicare.
Don't believe in it.
It's all fear based.,

Life insurance seems rediculous if it's for a Senior. IMO.
 

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