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[–] KobeBurger 1 point 1 point (+2|-1) ago  (edited ago)

My term 25 is $25 a month. For 25 years that is $7,500. If I die, my wife and kids get half a mil and pay off the house, debts and top up the kids education funds. If I make it beyond that time, I cancel the policy and it was a good $300 per year to give me peace of mind.

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[–] AngryInVirginia 0 points 1 point (+1|-0) ago 

It is similar to hedging an investment. In an ideal situation you are going to lose some money on it. But you are accepting that loss to cover your losses in the event that things do not go the way you had planned. I am not turning my back on something like that no matter how much of a sham people on this forum say it is.

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[–] KobeBurger 0 points 1 point (+1|-0) ago 

Exactly. They probably just came across someone who was trying hard to sell them the wrong kind of insurance because it pays a big commission.

[–] [deleted] 1 point 1 point (+2|-1) ago 

[Deleted]

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[–] KobeBurger ago 

No, mine was underwritten after I passed a full health screening. I die, it pays. The only way it wouldn't pay is if I committed suicide in the first 2 years, or don't pay the premiums. That 2 years was done over 10 years ago, and I'm not going to miss paying a $25 premium. The insurance you're talking about is either whole life or universal life, good if you have the bucks for it, for most people, they just need term insurance to cover a period of time of debt.