Life Insurance

   / Life Insurance #71  
NO, NO NO NO!

WHEN YOU DIE, YOU GET THE FACE VALUE OF THE INSURANCE!
NOTHING MORE!
THE CASH VALUE IS NOT YOURS WHEN YOU DIE!
THE INSURANCE COMPANY PAYS ONLY THE FACE VALUE!

TAKE YOUR 60K OUT NOW AND CANCEL THE POLICY!
YES I AM SCREAMING!
So when I die my wife (or estate) gets $100,000 (40K + 60K) and if I'm killed by someone who thinks I post too much here on TBN she gets $120,000 (40K + 20K + 60K). Doesn't sound like a bad investment to have coverage and load privilege all these years. Probably could have beat it by investing that $21.40 each month in stocks and reinvesting dividends though. But then I wouldn't have had the coverage.
 
   / Life Insurance #72  
This is how they whole life insurance companies scam you! Only buy term, Straight term and nothing else.

Cash value is just a percentage of your invested money, and will disappear into the insurance company's pocket when you die. The face value is what they pay at death. So in npalen case, his face value is 40k, that is all his wife gets if he dies. Not 100k.
 
   / Life Insurance #73  
You,re right! I probably need to look at trading some cash value for increased death benefit.
All this talk of morbidity reminds me of a local citizen who requested that he be buried with a fifth of whiskey within arm's reach.
And then there's the one about the guy requesting that he be buried with all of his money. The wife kindly placed a check for the full amount in his coffin.
 
   / Life Insurance #74  
And then there's the one about the guy requesting that he be buried with all of his money. The wife kindly placed a check for the full amount in his coffin.

With apologies in advance to the lawyers among us, this reminded me of one of my favorite jokes.:)

As Mr. Smith was on his death bed, he attempted to formulate a plan that would allow him to take at least some of his considerable wealth with him. He called for the three men he trusted most his lawyer, his doctor, and his clergyman. He told them, "I'm going to give you each $30,000 in cash before I die. At my funeral, I want you to place the money in my coffin so that I can try to take it with me." All three agreed to do this and were given the money.

At the funeral, each approached the coffin in turn and placed an envelope inside. While riding in the limousine to the cemetery, the clergyman said "I have to confess something to you fellows. Brother Smith was a good churchman all his life, and I know he would have wanted me to do this. The church needed a new baptistery very badly, and I took $10,000 of the money he gave me and bought one. I only put $20,000 in the coffin." The physician then said, "Well, since we're confiding in one another, I might as well tell you that I didn't put the full $30,000 in the coffin either. Smith had a disease that could have been diagnosed sooner if I had this very new machine, but the machine cost $20,000 and I couldn't afford it then. I used $20,000 of the money to buy the machine so that I might be able to save another patient. I know that Smith would have wanted me to do that." The lawyer then said, "I'm ashamed of both of you. When I put my envelope into that coffin, it held my personal check for the full $30,000."

Steve
 
   / Life Insurance #75  
Was flipping through the channels last night and PBS had one of their fundraisers going. Suze Orman was on. Again, one more financial adviser advising AGAINST WHOLE LIFE, don't ever, never buy it. Period. is pretty much what she and every other says. Term life only.
 
 
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