Question to family men here; do you have life insurance?

MrFreezy

Sparrow
Bro I m an immigrant. From Germany to Canada. Came here alone with 2 suitcases 7 grand Canadian and a bleeding stomach ulcer. 10 years later I am married with 2 kids 3rd on the way a house and an old Toyota. There is no insurance for anything. YOLO!
 

Mike_Key

Woodpecker
Back in 2012 or 2013, I knew a woman quite well that was left as a widow. Her husband was 43 years old or so and died one day while at work. He died of a heart attack. She was devastated. She didn't have a chance to say goodbye, but to merely identify the body. For a good number of years, I did free work for her, to help out especially when there was snow and freezing ice. This woman and man had a 1 year old kid at the time. They didn't have life insurance. She continued working after he died so not much changed except that she probably missed his salary, likely $80k per year. She made plenty to cover the mortgage. His work provided a life insurance policy ... it's a basic plan so she likely received $90 to $100k.

She's doing ok now, she seems to have remarried after 9 long years, or soon to be remarried. She didn't date at all during those years, or so it appeared from a distance. She's highly educated, a "conservative in lifestyle" latina; but liberal in politics. And I think having an advanced degree helped her with a "good head on her shoulders" to not live a life of chaos. After all, she had to protect her kid, to the extent that a working widowed mom could protect a young kid.

I imagine that if she had had a 1.5 million dollar life insurance policy - she's still remain working and holding a career. But the money would likely ease the stressors in life after such a loss.

It's interesting to consider this because of my dad.

Milton Friedman, is not my dad, but he said that "all most people want to do is work, be taxed little and leave money for their kids when they die". My dad left a little cash when he died (not much), but I think he could have done better. We have a 30 year policy and mid-stream we may pick up another small insurance package; while we are in good health.

1
Working wife + Working husband ... good sized policy for each person since there is higher Risk (work, travel, stress, health risk)
2
Stay at home wife + Working husband ... Husband has a larger policy and Mom's policy is low ($300K)

John 3:16
 

fokm

Woodpecker
Gold Member
Stay away from "Universal Life" policies. They are an absolute scam.

Go for Term life insurance, the most you can afford. Get a 20 year term.

Even in having a nest egg, we know we're all going to pass one day. If you can leave an extra $100k or even $500k, then you should do it. It makes a huge difference, especially if you're in the process of building that nest egg.

My wife had a friend who just died of cancer. He was 41. A year ago he didn't know he had it. He did not have insurance. At 39 years old, had he started a policy for about $300/yr, he could have left his wife $100k.
 
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