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Those with grown kids do you keep life insurance

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Those with grown kids do you keep life insurance

Old 03-15-2014, 05:32 AM
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Default Those with grown kids do you keep life insurance

Curious as to what others do, we have a soon to be 27 yr old son(have same thing on my 20 yr old daughter) that I took a life insurance policy out on when he was born

There is some cash value and really we pay very little each month and calculated in all other monthly life insurance bank draft but each is separate policy

He is married and both he and his wife just completed updating their life insurance (no kids) to make sure one or the other is very well taken care of and house paid off it something happens

I got to thinking I guess if the very unfortunate thing did happen we could pay all funeral costs for his wife(think it is a $25K policy) to help her out
but other than that not sure it is worth keeping any more

I will have one of my agents in my office this week and will ask him what cash value is, really have no clue
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Old 03-15-2014, 05:40 AM
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You have life insurance on your children?
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Old 03-15-2014, 05:56 AM
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Not a bad idea, especially if the child has a large student loan debt...
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Old 03-15-2014, 06:02 AM
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I'm not a fan of life insurance. IMO it's oversold by most agents. When my daughter was young we had term life insurance on my wife & I. She's 26 yo now and on her own. We have minimal life insurance and none on my daughter.
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Old 03-15-2014, 06:04 AM
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Originally Posted by tcontic View Post
Not a bad idea, especially if the child has a large student loan debt...
Why would that matter, as long as the parents haven't cosigned the loan. The deceased heirs aren't responsible for paying the deceased debts.
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Old 03-15-2014, 06:05 AM
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Originally Posted by OldPete View Post
You have life insurance on your children?
X2
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Old 03-16-2014, 06:37 AM
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I am a very strong believer in life insurance, always have been.

Seen WAY too many cases where the main bread winner dies and the spouse is left high and dry with no way to make a living.

I was always sold on the idea of life insurance when kids were born, simple fact if something happened and they became uninsurable they could always(at least with the company I use) increase what I had to 5 times the amount of face value regardless of health.

Diabetes runs in my wifes family pretty strong (admiral is diabetic) so this even more the reason to have insurance

Honestly forgot I still had a policy on my son, will keep the one on my daughter until she is through school and on her own.

Can not imagine ANYONE going through life that has a family WITHOUT life insurance, one thing is sure WE ALL GONNA DIE
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Old 03-16-2014, 06:44 AM
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My parents got a policy on me and my sister when we were born.

They maintained it until we were married at which time they handed us the bill and recommended we keep the policy going. I still maintain it today.

I know it's an estate builder policy and had a 10K face value. Supposedly the value can be changed at any time. I really don't know much more about it and one day I will find out. It only costs about $180/yr, but I've had it for almost 50 years.
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Old 03-16-2014, 07:21 AM
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I had it on my kids, when they got married I cashed it in and gave them the money for a down payment on thier first home.
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Old 03-16-2014, 08:35 AM
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Originally Posted by Graceman View Post
I had it on my kids, when they got married I cashed it in and gave them the money for a down payment on thier first home.
Kind of what I was thinking but they already have a home and BOTH My son and his wife save their $$ pretty well

I honestly thought about just converting cash value to a college fund for their children when ever they do have any.

Probably not a huge amount of cash value but I think that there is a few K in it
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Old 03-16-2014, 08:58 AM
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Originally Posted by Graceman View Post
I had it on my kids, when they got married I cashed it in and gave them the money for a down payment on thier first home.
You could have purchased the home for them if you had invested the money. And if your kids had died, how would the policy proceeds have helped?
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Old 03-16-2014, 09:05 AM
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whole life is one of the worst "investments" on earth.
Get term policies and invest the difference.
My wife and my term policies run out when my son turns 26
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Old 03-16-2014, 09:11 AM
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I was always sold on the idea of life insurance when kids were born, simple fact if something happened and they became uninsurable they could always(at least with the company I use) increase what I had to 5 times the amount of face value regardless of health

Tprice that is precisely what my thinking was on the issue. You & I have been in situations where family members have some health issues that make running down to the local Ins agent & buying life, or health insurance very difficult if not financially impossible. I wanted to make sure my young'un would always have some form of life insurance should he have a change in his health status. Makes perfect sense to me, everybody else can go to hell
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Old 03-16-2014, 09:54 AM
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Originally Posted by 18th hole View Post
I was always sold on the idea of life insurance when kids were born, simple fact if something happened and they became uninsurable they could always(at least with the company I use) increase what I had to 5 times the amount of face value regardless of health

Tprice that is precisely what my thinking was on the issue. You & I have been in situations where family members have some health issues that make running down to the local Ins agent & buying life, or health insurance very difficult if not financially impossible. I wanted to make sure my young'un would always have some form of life insurance should he have a change in his health status. Makes perfect sense to me, everybody else can go to hell
Oh I agree, MY family is MY RESPONSIBILITY.

Admiral makes decent money but my income is what it takes to live the lifestyle we live and I learned that LONG time ago

In fact took out a 20 yr term policy for $500K couple years back on myself, Admiral was asking WHY and I explained to her that was HER retirement fund if I died. Told her best thing that could happen was I died at about age 67 and she would get best of both worlds
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Old 03-16-2014, 10:56 AM
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Have it on all thereof mine since they were born
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Old 03-16-2014, 11:09 AM
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Originally Posted by Snakebit1 View Post
Have it on all thereof mine since they were born
Funny this comes up - I just met with my life insurance agent to discuss this very thing. I took a $25,000 policy on my son when he was born in 1986. At the time, I elected to roll all dividends back into the policy to purchase paid-up insurance. Today, the policy is worth over $80,000 even if I never pay another dime on it. He has an option to purchase additional insurance on it now, which is why I met with the agent.

That's the true advantage of buying a policy at birth. There are no guarantees in life. If, god forbid, your child develops some disease/disability/injury early on in life, they can easily become un-insurable. These options on his policy are guaranteed, he can increase the amount of coverage, no physical required and cannot be turned down. I'm getting ready to transfer the policy to him, since he got married last year.

I wish my parents had the foresight to have done something like that for me as a child. Unfortunately, most don't even think about it.
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