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General Discussion => Essentially Flyertalk => Topic started by: WonderMeal on March 09, 2016, 05:53:47 PM
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As a dad of three Li'l 'Cats, I am long overdue in figuring out how to provide for my kids should I go to the great Ring of Honor in the sky. (Insert OK Cat joke here.) Any posters on here have any tips on life insurance, wills, or other common end-of-life stuff?
Some questions I have:
-I'm not interested in using life insurance as a de facto retirement savings strategy. Should I get a term life insurance policy that runs for like 20 or 30 years, assuming my kids will be grown and able to take care of themselves if I kick the bucket 20 years from now?
-Can I just LegalZoom a will, or do I actually need to contact an IRL lawyer for that stuff?
-What is a trust and do my Li'l Cats need one if I die before they're 18?
-Is there anyone on this board who would be willing to take WonderMealette, WonderMeal Jr., and WonderMealina me and Mrs. WonderMeal both die? It's freaking hard to ask someone to take three kids. (Katdaddy, FSD, or K-S-U-Wildcats need not apply.)
All pro-tips appreciated.
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You have three kids and don't have any life insurance currently?
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Term life insurance just long enough to cover until kids out of college years, then just count on my survivors (wife and kids) getting my 401(K) and equity in my house, and possessions. Frequently, you can get good term life through an employer, which is what I did. I had a couple health issues some years back that made me hard to insure for quite a while, and I haven't tried to reapply since having recovered. Not sure I will.
In the mean time, invest any "extra" in a retirement account (which they get too if I die).
That's my plan.
No one will "get rich" if I die early, but they won't starve or have to forfeit their future.
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That's great advice Pete. I have a similar plan. Term life expires when my youngest is twenty or so. I also have a free 2x salary policy from my employer. They'll be fine if something happens to me.
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I have 5x my salary through my employer. Would allow my wife to pay off the mortgage and have enough left to put a couple kids through school. Seems like enough.
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1. Term life. No gimmicks. If you've already got three kids, 20 years should be fine. Go about 5x your annual income - but at least 500k - for a wife and 3 kids.
2. LegalZoom is fine for a basic will, and that's probably all you need.
3. You probably don't need a trust unless you're rich.
4. What the eff's your problem?
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Lol, I was going to say that ksuw probably has good advice in this realm
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I have 5x my salary through my employer. Would allow my wife to pay off the mortgage and have enough left to put a couple kids through school. Seems like enough.
Yep. My employer has that kind of deal too. That's what I use.
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I told Mrs CF3 to just find a rich dude if I go belly up
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Wonder Meal-
I would be willing to do a like for like swap on kids in wills. Would give each other a large incentive to live.
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I was lazy about this and all I've done so far is bump up my life insurance offered through employer. Will be paying attention to this thread. My wife is pretty hot and kid is adorable so if I die I think they'll do pretty well either way.
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Wife and 3 kids, recommended life insurance is $1 million. Also, do not create a will, create a living or revocable trust. You will want a lawyer for this. Expect to pay at least $1 - $2 thousand for a decent lawyer. It will save your family tens of thousands of dollars, or more if you somehow become rich.
Also, make sure end of life documents are filed, unless you want to be a vegetable hooked up to machines.
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$1mill is a lot unless you have huge debt or make a crap load of money.
I am getting my will put together next week and my lawyer said $300-$500. He also said that a trust would cost double that but that I don't need that right now as I only own my one property(home) and don't have any other large asset other than my retirement.
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Trust.
8x salary through work. Additional term laddered. Two policies. One expires when the older two are through college. One expires when the younger one is through college.
The work stuff is great, but if you lost it, it is nice to have something else to fall back on.
Gonna win 'em all! (using Tapatalk)
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What a depressing thread.
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dobs what do you pay for something like that?
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500k through work 100k for each dependent through insurance. I pay 26 a month. Not sure if thats good or not
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buried a crap ton of gold in the backyard
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buried a crap ton of gold in the backyard
yeah but who gets the map?
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Give your kids to Stevesie.
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Life insurance is super cheap. I have a ton of it. My wife is going to hit the jackpot if I go.
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I have enough life insurance that Gooch can take the proper time to mourn without having to work, but not enough to make it worth killing me.
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dobs what do you pay for something like that?
Off the top of my head, I think I pay $1200 per year for $1 million in term. That may be wrong. One policy was 20 year the other is 15. It's all written down somewhere. I could look to confirm it all, but I think I am close.
Gonna win 'em all! (using Tapatalk)
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I have 5x my annual salary for my sister. She's the best person in my world.
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When you get a will, get the advanced directive add-on in case you get Teri Shivo'd. You don't want all the money you planned on supporting you family to getting drained while keeping your lungs artificially pumped up and down.
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Pending on a lot of things.. I prefer Return of Premium Term life, that's what I have on myself and wifey
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dobs what do you pay for something like that?
Off the top of my head, I think I pay $1200 per year for $1 million in term. That may be wrong. One policy was 20 year the other is 15. It's all written down somewhere. I could look to confirm it all, but I think I am close.
Gonna win 'em all! (using Tapatalk)
probably right. I pay $826 for $800k
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When you get a will, get the advanced directive add-on in case you get Teri Shivo'd. You don't want all the money you planned on supporting you family to getting drained while keeping your lungs artificially pumped up and down.
Yep. I don't know how specific I can be in it, but if I ever cough more than like 5 times in a row, or spend more than one night in the hospital, I want to be put down.
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Can you get a singular either/or policy covering both me and my wife?
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Can you get a singular either/or policy covering both me and my wife?
Not to my knowledge. Rates are based on actuarial data for each individual (age, sex, ht/wt, etc.)
My wife only gets 300k, well, because glass ceiling.
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Can you get a singular either/or policy covering both me and my wife?
yes
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Can you get a singular either/or policy covering both me and my wife?
yes
huh, interesting. Have never heard of that. I'll have to ask my agent why he didn't suggest one. Wonder what happens if both die at one time?
http://www.bankrate.com/finance/insurance/joint-life-insurance-policies.aspx
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Divorce is a big reason that a lot of people don't
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Divorce is a big reason that a lot of people don't
do you know the terms if there is a joint death? I assume if you have a 500k policy that pays for one or the other it wouldn't double for both.
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Divorce is a big reason that a lot of people don't
do you know the terms if there is a joint death? I assume if you have a 500k policy that pays for one or the other it wouldn't double for both.
depends on the type of policy.. if it's a something for example a term with you at 500k and your wife as a rider/additional insured at $250k then yes it would pay out $750k to whomever your beneficiary is
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4. What the eff's your problem?
lol
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the thread title makes me sad
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I don't understand why anyone doesn't have life insurance. Period. At the very least, throw some change out of each paycheck at a great post death present for someone. Sheesh.
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lots of betas scared of death ITT
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Make sure you hire a lawyer. It will pay for itself in the long-run. Think longterm and do what's best for your family. If you need a referral, just let me know.
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Make sure you hire a lawyer. It will pay for itself in the long-run. Think longterm and do what's best for your family. If you need a referral, just let me know.
EXPOSE: SPRACNE IN THE POCKET. FILM AT 11
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Spracne, I have a job offer for you: do my death stuff. This will be an unpaid internship with the potential for an extremely positive reference.
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Take the job before Dlew does.
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Talked to a friend last night about this. He has life policy through company. Company is self insured. When he got cancer, they canceled his term life policy as well as short term disability.
Read the fine print on the term life through your employer. You may be better getting policies outside your employer.
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Talked to a friend last night about this. He has life policy through company. Company is self insured. When he got cancer, they canceled his term life policy as well as short term disability.
Read the fine print on the term life through your employer. You may be better getting policies outside your employer.
Wow that's totally mumped. I hope he burns their building down.
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I had a friend who had a company car. He always carried a stamped envelope with some sales materials in it and one of his customer's name and address on it. He told his wife, "if I ever die in a car accident, tell them I was on the way to the post office to mail that letter."
Traveling for work and dying in a company car kicked in an additional $500,000.
He has not yet been killed in an auto accident, so I don't know if this would work or not.
Gonna win 'em all! (using Tapatalk)
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Talked to a friend last night about this. He has life policy through company. Company is self insured. When he got cancer, they canceled his term life policy as well as short term disability.
Read the fine print on the term life through your employer. You may be better getting policies outside your employer.
Wow that's totally mumped. I hope he burns their building down.
yes. Very effed up
Gonna win 'em all! (using Tapatalk)
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One of my goals on my week off next week is to get every financial thing ironed out. I have no children and my parents are dead. No one depends on me for anything. I will leave my small financial legacy to nieces and nephews, friends, and charity.
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This thread made me realize I am overpaying for life insurance just to have really fancy offices where they sell it.
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I have a small policy through work but I have a bigger one I stuff cash with. Think it's 5X my salary so Mrs TBT will be set for life. My mom does health/life insurance so I have like a billion policies I don't really need
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This is all very helpful advice, T-Y, everyone.
Going to get a term policy, and look into a trust given that I'm part of the landed gentry. Sad that Spracne is already in the pocket of BIG LAW.
4. What the eff's your problem?
No offense intended. Just don't want the Li'l 'Meals growing up in your house after reading your posts in The Pit. I'm sure you'd feel similarly about Li'l K-S-U-Ws living with me if I posted there.
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4. What the eff's your problem?
No offense intended. Just don't want the Li'l 'Meals growing up in your house after reading your posts in The Pit. I'm sure you'd feel similarly about Li'l K-S-U-Ws living with me if I posted there.
you stated that far nicer than you should have.
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I have 5x my salary through my employer. Would allow my wife to pay off the mortgage and have enough left to put a couple kids through school. Seems like enough.
Yes, You never want to create a motive to knock you off.
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My lawyer basically told me this week there is no reason to have a trust unless you have a very large eatate or don't trust your heirs to handle finances.
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My lawyer basically told me this week there is no reason to have a trust unless you have a very large eatate or don't trust your heirs to handle finances.
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Agree, but would add that a trust can make it easier on your heirs if they were struggling with dealing with your death.
Gonna win 'em all! (using Tapatalk)
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Huge ranch farm type land owners = eff you Obama, my family can handle this (from my experience this is what happens)
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This morning I realized that my life insurance premium was due 6 days ago. (It is the only bill in the world that can't be paid online.) Luckily I was still able to pay over the phone this morning.
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What is the point of childless people having life insurance?
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I think burial costs maybe
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my parents had/have a trust. i think it is to avoid probate or something. like not really about taxes, just makes things easier. but, i don't really know.
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What is the point of childless people having life insurance?
I have at least 4 policies on me that I know of and I'm not married and have no kids, wtf right?
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someone's planning on killing you, liblib. :frown:
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I just came to that conclusion as well, I had never really thought about it
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Who is the beneficiary?
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Mostly my mom :Wha:
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gah
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:surprised: better watch your back lib