Do you budget with your sig other ?

[D Griff]

Bringing this back as it's semi related.... What are y'all doing for life insurance? I'm thinking now that a CF is on the way, I should get something more than the $150K or whatever my job provides, would be FUBAR without some dough if I die.

It looks like it's about 3X the cost to get a 30 year policy versus 10 year. Is this worth it? If I go to acquire a new policy at 45 will it be that much more expensive? Meet in the middle at 20 year? I guess my hope is it won't really be needed by like late 50s when the CF is theoretically off the payroll.

Covered through Kat's work + Aflac baby! $22/month for a 20 year $500k whole life policy (started at 31). Probably a little higher now since we're older. You can also draw out on it up to 90% of the cash value if you need a loan etc. Kats grandparents did this to pay for her and her brothers college. Kind of genius. You can't borrow day one, usually you'll have to be paid in for min 3 years before you could draw against it. Cheap interest rates, no credit check either. I plan to liquidate mine and take the payout later in life to help get through the elder years (probs will die around 60 knowing me). But if I make it past that, you can take the payout at a reduced death benefit.

Interesting, I'll look into this. It would be nice if there was some value in it, like if I get a regular 30 year policy it'll cost me about $24K over the time, and at the end you most likely get nada. Obviously, insurance isn't for the average/expected outcome, but still. I don't really see that $500K would cut it though, if I'm trying to give her and the kid a decent life for ~18 years with just her income. Def need like a mill+.

[J-Ho-Fo-Show69]

Covered through Kat's work + Aflac baby! $22/month for a 20 year $500k whole life policy (started at 31). Probably a little higher now since we're older. You can also draw out on it up to 90% of the cash value if you need a loan etc. Kats grandparents did this to pay for her and her brothers college. Kind of genius. You can't borrow day one, usually you'll have to be paid in for min 3 years before you could draw against it. Cheap interest rates, no credit check either. I plan to liquidate mine and take the payout later in life to help get through the elder years (probs will die around 60 knowing me). But if I make it past that, you can take the payout at a reduced death benefit.

Interesting, I'll look into this. It would be nice if there was some value in it, like if I get a regular 30 year policy it'll cost me about $24K over the time, and at the end you most likely get nada. Obviously, insurance isn't for the average/expected outcome, but still. I don't really see that $500K would cut it though, if I'm trying to give her and the kid a decent life for ~18 years with just her income. Def need like a mill+.

That's gonna cost you my friend!!

[max225]

The older I get the less I believe in any sort of insurance. I wish I didn’t have to carry car insurance.

[ChrisoftheNorth]

The older I get the less I believe in any sort of insurance. I wish I didn’t have to carry car insurance.

What about liability?

[D Griff]

The older I get the less I believe in any sort of insurance. I wish I didn’t have to carry car insurance.

I am somewhat in this camp as well, although I've felt that way since being young. Basically saving/self insuring is the way when possible and optional insurance should've be used. But when it comes to catastrophic things, it seems necessary unless very, very rich.

[max225]

The older I get the less I believe in any sort of insurance. I wish I didn’t have to carry car insurance.

What about liability?

I can cover off on anyone’s 100k prop damage which is almost the upper tier limit in any insurance. 300k bodily injury is a bit more of a stretch, but I don’t see how I’m going to be reckless enough to cause such an “accident”. I don’t see myself at at fault accidents period. Too defensive of a driver for that.

I’m paying 3k a year for insurance for nothing

[ChrisoftheNorth]

What about liability?

I can cover off on anyone’s 100k prop damage which is almost the upper tier limit in any insurance. 300k bodily injury is a bit more of a stretch, but I don’t see how I’m going to be reckless enough to cause such an “accident”. I don’t see myself at at fault accidents period. Too defensive of a driver for that.

I’m paying 3k a year for insurance for nothing

I agree with you on all counts. I hate to think about how much money I've spent on insurance over the years and gotten absolutely $0 benefit from. The one thing I use to trick myself into feeling better is liability because I don't want some ambulance chaser finding some strange ass way to ruin my life (person decides to run in front of my fancy car to get hit and it's my fault type shit)...BUT insurance only protects you so far as you mentioned, and getting screwed is still a real possibility. Truly a scam.

[ChrisoftheNorth]

However in Michigan, we have UNLIMITED health coverage from getting in a car accident as part of our auto insurance. Only state in the union to do it. Since it's a no-fault state, any injuries sustained from a car accident are 100% covered as part of your auto coverage. It's pretty wild, but nice knowing that you won't be ruined both physically and financially if you're injured in a car accident.

[Desertbreh]

Bringing this back as it's semi related.... What are y'all doing for life insurance? I'm thinking now that a CF is on the way, I should get something more than the $150K or whatever my job provides, would be FUBAR without some dough if I die.

It looks like it's about 3X the cost to get a 30 year policy versus 10 year. Is this worth it? If I go to acquire a new policy at 45 will it be that much more expensive? Meet in the middle at 20 year? I guess my hope is it won't really be needed by like late 50s when the CF is theoretically off the payroll.

As probably the ONLY guy on here to have purchased two term policies I have a little input.

1. $500K isn't jack shit in today's world, 1 milskie minimum........this should STILL be super cheap because of your health, unless you've got some diagnosed sleep apnea or something you haven't shared. Your wife should buy a similar policy.......she makes does she not? You should also see if you can later convert to a whole life policy. Easy way to bank coin AND have protection in case of being very very dead.

2. The first policy was for 20 years after the birth of the child with wife 1. The second policy was for wife #2 because she made me the beni on her whole life policy and it seemed none too equitable to have the good times roll if she gets killed but she gets nada if I do? So I have one mil until age 65. That costs $230/month. It is one of my favorite payments because if it resembles the rest of my financial timing/accuity, it practically GUARANTEES ME that I will live for the next 10 years. You don't want to be a savvy life insurance purchaser bro.

[Tar]

Bringing this back as it's semi related.... What are y'all doing for life insurance? I'm thinking now that a CF is on the way, I should get something more than the $150K or whatever my job provides, would be FUBAR without some dough if I die.

It looks like it's about 3X the cost to get a 30 year policy versus 10 year. Is this worth it? If I go to acquire a new policy at 45 will it be that much more expensive? Meet in the middle at 20 year? I guess my hope is it won't really be needed by like late 50s when the CF is theoretically off the payroll.

As probably the ONLY guy on here to have purchased two term policies I have a little input.

1. $500K isn't jack shit in today's world, 1 milskie minimum........this should STILL be super cheap because of your health, unless you've got some diagnosed sleep apnea or something you haven't shared. Your wife should buy a similar policy.......she makes does she not? You should also see if you can later convert to a whole life policy. Easy way to bank coin AND have protection in case of being very very dead.

2. The first policy was for 20 years after the birth of the child with wife 1. The second policy was for wife #2 because she made me the beni on her whole life policy and it seemed none too equitable to have the good times roll if she gets killed but she gets nada if I do? So I have one mil until age 65. That costs $230/month. It is one of my favorite payments because if it resembles the rest of my financial timing/accuity, it practically GUARANTEES ME that I will live for the next 10 years. You don't want to be a savvy life insurance purchaser bro.

I'm with you there, I pay for term life, 1 milskie, around 200ish/mth as a 45 y/o with apnea. It's a good deal, hopefully I outlive that bitch

[D Griff]

Man two hundo a month is a lot more than I was expecting but I do agree that she’d be kinda screwed sans me with the CF/kid sitch.

I’m pretty meh on spending on one for her. I make 1.5-2+X her depending on year and also am a dude AKA more frugal. I think I’m good with just my income if I’m a single man, even with the CF. Plus she has $150k through work which is at least a chunk to deal with the fallout.

Y’all are making me think maybe the longer policy is the move though, pay more now but it’ll be a lot cheaper than trying to get a new 10 year at age 55 I assume.

[CaleDeRoo]

I pay $37/mo for half a Millie through work. Hopefully it's not needed obv, but if some shit happens my brother can buy a Lambo or something

[Desertbreh]

Man two hundo a month is a lot more than I was expecting but I do agree that she’d be kinda screwed sans me with the CF/kid sitch.

I’m pretty meh on spending on one for her. I make 1.5-2+X her depending on year and also am a dude AKA more frugal. I think I’m good with just my income if I’m a single man, even with the CF. Plus she has $150k through work which is at least a chunk to deal with the fallout.

Y’all are making me think maybe the longer policy is the move though, pay more now but it’ll be a lot cheaper than trying to get a new 10 year at age 55 I assume.

It WILL BE FAR LESS FOR YOU. You eat green onions for lunch, are a bike and weigh 180 lbs. Without apnea, you will be half that.

[SAWCE]

Bringing this back as it's semi related.... What are y'all doing for life insurance? I'm thinking now that a CF is on the way, I should get something more than the $150K or whatever my job provides, would be FUBAR without some dough if I die.

It looks like it's about 3X the cost to get a 30 year policy versus 10 year. Is this worth it? If I go to acquire a new policy at 45 will it be that much more expensive? Meet in the middle at 20 year? I guess my hope is it won't really be needed by like late 50s when the CF is theoretically off the payroll.

I’ve had the same thoughts. I need to start shopping around.

[SAWCE]

Man two hundo a month is a lot more than I was expecting but I do agree that she’d be kinda screwed sans me with the CF/kid sitch.

I’m pretty meh on spending on one for her. I make 1.5-2+X her depending on year and also am a dude AKA more frugal. I think I’m good with just my income if I’m a single man, even with the CF. Plus she has $150k through work which is at least a chunk to deal with the fallout.

Y’all are making me think maybe the longer policy is the move though, pay more now but it’ll be a lot cheaper than trying to get a new 10 year at age 55 I assume.

It WILL BE FAR LESS FOR YOU. You eat green onions for lunch, are a bike and weigh 180 lbs. Without apnea, you will be half that.

Yeah I should have done this before I called to get the sleep study and the apnea diagnosis… I’ll pay significantly more than Dan, I suspect. I have, at least, done a good job of getting my blood pressure down. Been chilling at 116/75ish

[max225]

Paying to get a pay out on your own death is diabolical

[SAWCE]

Paying to get a pay out on your own death is diabolical

[D Griff]

Paying to get a pay out on your own death is diabolical

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

[max225]

Paying to get a pay out on your own death is diabolical

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

Don’t you have a 401k and savings? All that would go to her

[ChrisoftheNorth]

Paying to get a pay out on your own death is diabolical

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

I pay $10/mo to upgrade my work provided life insurance to cover the outstanding principle on the mortgage if something were to happen to me. Seems good enough.

[SAWCE]

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

I pay $10/mo to upgrade my work provided life insurance to cover the outstanding principle on the mortgage if something were to happen to me. Seems good enough.

Dang that’s great. I’d do that.

[D Griff]

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

Don’t you have a 401k and savings? All that would go to her

Yeah, like ~$70K in cash, quarter mill in 401K plus she has maybe $150-200K in 401K. What is the 401K sitch if I die, can she access prior to retirement? The good thing is we only owe like $200K on our house and it'll be paid off in 12 years due to 15 year mortgage, so all in all I feel in decent shape to be 35. Still though, she has like an upper five figure salary... not a lot of dough to support herself and a kid if the 401K stuff isn't accessible.

[D Griff]

I've had a lot of sales pitches on it before and always thought that it made no sense considering whatever free thing through work has always guaranteed enough to at least burn my body and take care of anything. Not trying to screw the wife and kid though. The mortgage alone would be like 2/3 of her take home, absolutely no way to survive, no cheaper housing options, etc.

I pay $10/mo to upgrade my work provided life insurance to cover the outstanding principle on the mortgage if something were to happen to me. Seems good enough.

I've always had this sentiment until the thing... like, take the work payout and figure it out. She has a job and would be OK on her own, hence why I've never really looked into this prior to now.

[ChrisoftheNorth]

I pay $10/mo to upgrade my work provided life insurance to cover the outstanding principle on the mortgage if something were to happen to me. Seems good enough.

I've always had this sentiment until the thing... like, take the work payout and figure it out. She has a job and would be OK on her own, hence why I've never really looked into this prior to now.

That complicates things, sure...but no amount of money is going to make a situation where you get iced any easier. Pay off all debts so the fam isn't in a hole, maybe make sure there's funds for college or school or whatever, and then it's on them to figure out the path forward. Sucks, but

[J-Ho-Fo-Show69]

I've always had this sentiment until the thing... like, take the work payout and figure it out. She has a job and would be OK on her own, hence why I've never really looked into this prior to now.

That complicates things, sure...but no amount of money is going to make a situation where you get iced any easier. Pay off all debts so the fam isn't in a hole, maybe make sure there's funds for college or school or whatever, and then it's on them to figure out the path forward. Sucks, but

I mean, a decent $500k policy covers the mortgage payoff plus college education savings for the kid. Allison should be able to live off her salary supporting a kid. Especially if there is no debt.