Why Don't You Have A Life Insurance Policy Yet?

[mechadylan]

Do you think you can't afford it?
Do you think you won't die?

Also, if you have one; who will get the money, how much, and what would you like to see them do with it?

 

[porkiewpyne]

You're not trying to sell me one......... are you?

Jokes aside, well pretty much because I can't afford one yet. Since I am not working yet. And I have other insurances to cover other needs. *touch wood*

 

[mechadylan]

Term policies are in 10 year increments: 10 year term, 20 year term and 30 year term. If the named insured outlives the "term," the policy is cancelled and issuing company retains all of the monies paid. Term policies are cheap, because they are long shots.

You're not trying to sell me one......... are you?

Jokes aside, well pretty much because I can't afford one yet. Since I am not working yet. And I have other insurances to cover other needs. *touch wood*

No. I am not here to sell any insurance products. I am only here to inform. I can offer answers and advice to anyone interested. no troll

Also, Califag. Any info from this point forward may (or may not) apply to California state practices only.

DYK, that whole life policies generate interest at about 3.1%?
DYK, that savings accounts only generate about 0.03%?

Did you know that licensed life insurance agents are strictly prohibited from describing whole life insurance policies as savings accounts? ...('cuz until you die, they are.)

 

[Kouen Hasuki]

I don't have life insurance and don't intend to get any.

As it stands I'm worthless anyways I figure I'm worth maybe $15 not to mention couldn't afford it even if I wanted it

I don't have any family at all or anything like that so yea little point even if I could afford it

 

[mechadylan]

I don't have life insurance and don't intend to get any.

As it stands I'm worthless anyways I figure I'm worth maybe $15 not to mention couldn't afford it even if I wanted it

I don't have any family at all or anything like that so yea little point even if I could afford it

Life insurance (in US, CA) is not based on what you THINK you are worth. There is an agreed upon value ($20K, 50K, etc,) that your benefactor will receive IF you die. Whatever you pay into your policy (monthly payments,) accrues interest at a significantly higher value than current savings accounts. Think outside the box, man.

 

[Shinigami357]

Uh... Well, first things first, no life insurance company will touch me. Seriously. When you're 21 and you have a serious congenital heart ailment that SHOULD have killed you around one and a half decades ago that is still untreated, one could be excused for seeing it their way.

In any case, I don't have one, probably won't have one unless something drastic happens.

 

[Kouen Hasuki]

Life insurance (in US, CA) is not based on what you THINK you are worth. There is an agreed upon value ($20K, 50K, etc,) that your benefactor will receive IF you die. Whatever you pay into your policy (monthly payments,) accrues interest at a significantly higher value than current savings accounts. Think outside the box, man.

No need to think inside or outside the box I still couldn't afford it and I'm also not in America or Canada

 

[mechadylan]

Uh... Well, first things first, no life insurance company will touch me. Seriously. When you're 21 and you have a serious congenital heart ailment that SHOULD have killed you around one and a half decades ago that is still untreated, one could be excused for seeing it their way.

In any case, I don't have one, probably won't have one unless something drastic happens.

I'm sorry to hear about your current condition. There is a small handful of products for pre-existing conditions (fatal or otherwise) that come with higher premiums that are calculated by actuaries and underwriters at justifiable rates. If you were in America, I'd love to help. Godspeed.

 

[Kouen Hasuki]

I'm sorry to hear about your current condition. There is a small handful of products for pre-existing conditions (fatal or otherwise) that come with higher premiums that are calculated by actuaries and underwriters at justifiable rates. If you were in America, I'd love to help. Godspeed.

Hehe you sound a bit like an Insurance salesman

 

[mechadylan]

Hehe you sound a bit like an Insurance salesman

If I may be completely honest; I've been an insurance customer service representative for the last 10+ years. The insurance agent that I work for is currently hospitalized and is currently recuperating from major surgery that involved amputation of some of his toes.

I'm being thrust into the insurance world and there are things that I know that I CANNOT talk about if and when I become a "licensed agent" if my toe-less buddy doesn't make it. I'm doing what he would like me to do, in the only forum that I trust.

If you guys would like to turn this into a support thread, it would be greatly appreciated as well.

 

[Sop]

WOW, a wild quad post!

And, I'm 13.

 

[Hells Malice]

This is like if Taewong was an insurance salesman.

...it's very strange.

 

[PolloDiablo]

because I'm Highlander and I don't give a fuck

 

[emigre]

Considering this is a forum mainly occupied by teenage boys and men n their early twenties, a group who have very limited assets (unless flashcarts count as assets) and no spouse and/or offspring's future to secure. I'd say you happen to selling something to the wrong demographic.

 

[Deleted member 318366]

Lol i for one am sick and tired of seeing the colonial penn life insurance commercial 24/7.

 

[AlanJohn]

Because I can't die, dumbass.

 

[Sop]

Because I can't die, dumbass.

I beg you don't cry.

 

[FAST6191]

What emigre said but beyond that for me I do not get any insurance I am not legally mandated to (basically vehicle insurance when I bother to have one) or required to for purposes of continued employment (professional indemnity which is next to nothing and if I was not the one going to customers I probably would consider premises insurance for those that might fall over and faceplant into a drill or something). Possible slim exception if I visit another country for more than a month that does not have a passable healthcare system for anybody that walks through the door.

Life insurance itself... I believe I have to get something resembling it if I got a mortgage but I could not get one of those even if I wanted one (and I really do not).

 

[mechadylan]

Considering this is a forum mainly occupied by teenage boys and men n their early twenties, a group who have very limited assets (unless flashcarts count as assets) and no spouse and/or offspring's future to secure. I'd say you happen to selling something to the wrong demographic.

If you have an insurance policy and you die, your beneficiary receives the pay off amount. It's not so much because YOU have assets, as much as it is that the people left behind to pay off your debts and funeral expenses DON'T have assets. The same product that an 18 year old can purchase for less than a US dollar/day will cost a person twice that age about 3 times as much. Also, there are whole life products that don't go up in monthly premiums. Therefore, when said 18 year old is 36, he/she is still locked in at that initial premium.

As far as "wrong demographic," ha! Sorry, dude; we're ALL gonna die. Death doesn't age discriminate...but life insurance products do.

 

[FAST6191]

I sense we read emigre's post in quite different ways. I would agree assets might have been a potentially misleading term but I would have thought the intent was fairly plain.

Less than a dollar a day (I have to assume you are doing the consummate salesman bit and would have said less than ? cents otherwise) is still potentially 300 odd dollars a year (or indeed about 30 dollars a month) and that is not an inconsiderable amount if you are doing the usual retail/office/semi skilled stuff- rent, several food bills, repair bills for cars/computers/whatever. However I will go one different- should I magic up enough money for a proper policy up and decide some form of investment is an idea worth taking forward why would I do life insurance when I could do a pension or general savings?

"[surviving types get] to pay off your debts and funeral expenses DON'T have assets"
Assuming you have nothing worth having the debts tend to die with the person that holds them (granted the idea of multigenerational mortgages does exist outside Japan now). Of course various parents are sold funeral policies, depending upon what happens the cause of death could see it covered (car insurance tends to include this around here at least and is probably the leading cause of death in such age ranges) and to say nothing of chucking someone in a cheap and cheerful crematorium is not that pricey.