We just went through our annual insurance renewal period here at work and I, like I do every year, signed up for the maximum I was allowed to based on my salary and age. I mentioned it to a friend and she was appalled. She said I’m “courting death” by being so insured and that it was bad luck. :dubious:
So, I got to thinking, and wondered how much life insurance is “standard” among us dopers? Do you go for the maximum coverage? Bare minimum? Or would you be worthless once you have “left the building”, so to speak?
(And, if you don’t mind saying–what is your benificiary’s situation? ie–wife with no kids, handicapped spouse with seven kids still at home, etc…)
So–what would you be worth dead?
I’ll go first—
I’m covered for $170,000, with a double payout for car wrecks and a triple payout for common carrier fatality. I’m a single mom, so the money would go to my father, who would then manage it for my two sons. Enough to get them through college at least.
I actually had to look this up because I really didn’t have any idea. Hopefully nobody tries to off me since nobody knows the identity of the beneficiary.
Death from disease or illness: $375,100
Death from accident: $747,700
Death from accident at work: $815,600
Considering I’m still fairly young, hopefully I won’t die anytime soon from disease or illness. And with the mental midgets I work with, I’m probably more likely to die from an accident at work than just a regular accident.
A million or half a million. I can’t remember which we signed up for; I just remember it was a pain in the neck getting the policy written. Blood test, urine test, long questionnaire, etc.
Oh, plus another bit tacked on via my employer. Not worth mentioning given the policy we bought.
Exactly the same as I am alive, and considering I don’t have a will the probably means government debt is going to be reduced once I’ve become a three course meal for the worms.
Note to self: Must write a will.
Well, I’m actually on the low end of the responses so far then. I can’t imagine how my friend would react to your policy Cranky–although it does speak to the level of trust you have in your hubby. A cool million! Check your breaks often?
I didn’t have to take any physicals, thank heavens. Just fill out some ridiculously long forms and promise that I’m not an obese chain-smoker with a crack habit…
Plenty enough to make sure my family isn’t financially burdened in anyway, and my will says who gets how much and when. But my mother and my husband have the ultimate control.
Bad luck? In this day, providing you can afford it, or it’s offered through your employer, it’s common sense.
1.5 million natural death; 3 million accidental death. I’ve been insured for this much since I was 16, and they’re whole-life policies, so my insurance is also my financial security.
I carry no life insurance other than what the company provides for free. My kids are grown and either my wife or I would be fine financially if the other croaks. Paying into a term policy makes no sense. Once you’re older, the premiums skyrocket and you can’t afford it anyway. It’s a waste of assets.
Wife and I each carry insurance equal to NPV of our respective future expected lifetime earnings including company-paid retirement programs. They’re level-premium term policies and we adjust the coverage every couple years to allow for changing ages, income surprises and expected forward interest / inflation rates.
The idea is that loss of either spouse will have more-or-less zero net impact on our total future income. Certainly the survivor might remarry and double dip, but we’re both pretty cantankerous, so that’s not too likely.
Yes, it costs a few extra bucks compared to most folks, but we wanted the survivor to be able to carry on as if the other was still around (financially at least). This way we have no concern about leaving the other in the lurch if we die.
We’re mid-40s, no kids, 2 strong incomes. Extended family is self-sufficient.
$25k
I don’t own a house, have a spouse or dependents. I’m a grad student, so that is not provided by my employer. I’ve carried since 1998 - I got it because I had to have a little more so that the company I have renter’s insurance through would take monthly payments out. It adds very little to the overall bill, and I could probably drop it now that my auto insurance is also through that company, but I’m not worried about it.
It’s enough for my parents to handle expenses if something happened to me - funeral, that little bit of remaining credit card debt. The student loans go away if I die, so no sense in carrying enough to cover those. One student loan does need to be taken care of - it’s an external loan and my mother cosigned for it. That reminds me to add it to my list of essential items to take care of if I die.
After that, I figure they should throw a party on the one year anniversary of my death if there’s enough left over.
A financial weenie is feeling the need to check in with a couple of things.
Anyone with people who depend on you should be insured. It is cheap, and it is relatively easy to procure if you don’t smoke and don’t have serious health problems. If you don’t have children or dependents, don’t let an insurance person talk you into buying coverage you don’t need. I can’t tell me how many people I have run into with expensive and useless policies.
Don’t automatically get all of your insurance through your employer. It is one benefit that is often more expensive than if you purchased it privately. If you are healthy and don’t smoke it can cost more than twice as much to get the optional coverage through your employer. This goes double for women, who are cheaper to insure than men.
And LSLGuy you did it right. Life insurance is best calculated looking at your future earnings. Presumably one wouldn’t want your spouse or children to suffer financial deprivation. The amount of coverage you need can be calculated by taking some time to be morbid and looking at the financial value of your life.
$0 for me because we can’t afford it, and plus at my weight, despite the fact I’ve lost 60 pounds, despite the fact I don’t smoke/drink/always wear my seatbelt, despite that my cholesterol is 165 and despite that I work out 4 times a week, no insurance company will touch me till I lose another 50 or so. But I’m not bitter.
Husband because his grandmother is paying the premiums.
I’m uninsured except where covered by accident compensation, maybe.
I am still worth more dead than alive, because my heirs (no dependents, no spouse/SO) would get the balance of the value of the estate once the lawyers take their fees, and the funeral director gets his cut for the wooden box, flames, schtick. I own my own property, and I’m eccentric as hell. Something here might be valuable. It ain’t me.
Man, some of you guys are insured out the wazoo. I’m worth a cool $300,000 to Mrs. RickJay if my ass is grass before 65. But I suppose I’ll sign up for more deathcash when little RickJays make the scene.
