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04-30-2009, 05:29 PM
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#1 |
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Followed the crowd over.
Join Date: Nov 2008
Location: Hawaii
Moto: '07 Yahama R6
Posts: 911
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Life insurance?
I have an appt tomorrow to get info on life insurance. My co-worker feels I have no real need for it, since I am single. Any thoughts?
If I do get, what amount would I want it for? Enough to pay off my condo, other debt and funeral costs? Wasn't sure about the condo payoff being included in the amount.  If/when I pass - what happens to my debt? Does my family become responsible for it? |
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04-30-2009, 05:31 PM
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#2 |
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Trip's Assistant
 
Join Date: Feb 2008
Location: Imported from Detroit
Moto: 2009 HD Street Classic
Posts: 12,149
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I have heard a few angles.
double your mortgage 3 times your annual income |
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04-30-2009, 05:34 PM
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#3 |
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Raving Lunatic
Join Date: Nov 2008
Location: San Antonio, Texas
Moto: Concours 14 ABS, ZX6E
Posts: 902
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I am a non-attorney spokesperson, so take my advice with that in mind.
Your debt generally dies with you, but there are caveats on that. For instance, whatever is owed on your condo will still be owed or it can be forclosed on, iirc. Same goes for things like cars and motorcycles. If you leave behind a significant estate and you also have serious outstanding debts (credit cards, school loans, etc), your creditors can go after the estate to be paid off. For me, the amount of life insurance I carry is based on who I feel like I should/would like to help out after I'm gone. I'm married, so that means I want to leave things in the best condition possible for my wife. I'm active duty, and carry max SGLI, so my death is worth about a half mil to the wife if I check out. 
__________________
Slow is smooth, smooth is fast. |
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04-30-2009, 05:35 PM
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#4 |
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Designated Drinker
Join Date: Jul 2008
Location: shitville
Moto: 2009 ZX6R
Posts: 1,661
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If you have no dependents, you really don't have a need for it. Life insurance is for 3 things...
1. Pay funeral costs 2. Pay off debt 3. Replace lost income You might want some to handle your funeral arrangements. |
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04-30-2009, 05:37 PM
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#5 | |
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Followed the crowd over.
Join Date: Nov 2008
Location: Hawaii
Moto: '07 Yahama R6
Posts: 911
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Quote:
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04-30-2009, 05:43 PM
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#6 | |
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Custom User Title
 
Join Date: Nov 2008
Location: Central NY
Moto: 2003 SV650S
Posts: 14,959
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Quote:
__________________
I'm not "fat." I'm "Enlarged to show texture." Handle every stressful situation like a DOG: If you can't eat it or hump it, pi$$ on it & walk away. |
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04-30-2009, 05:44 PM
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#7 |
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Trip's Assistant
Join Date: Feb 2008
Location: Imported from Detroit
Moto: 2009 HD Street Classic
Posts: 12,149
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Don't worry about the house if you aren't trying to leave it to someone. Just let the bank foreclose on it and have it.
I should have stated that... my setup or idea is more for married couples or peeps with kids. |
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04-30-2009, 05:54 PM
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#8 | |
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Follower
Join Date: Nov 2008
Posts: 5,549
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Quote:
The debt will be owed by your estate but will not pass to your next of kin. |
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04-30-2009, 05:58 PM
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#9 |
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WERA Yellow Plate
Join Date: Nov 2008
Posts: 648
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I carry enough to pay for my house about 4 times and leave some extra just in case.
__________________
Loz is a BIG FAT F*CK |
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04-30-2009, 06:08 PM
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#10 |
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AMA Supersport
Join Date: Nov 2008
Location: Richmond, Tx
Moto: '10 Tuono Factory
Posts: 4,569
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i'm worth more dead then alive
__________________
ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD. |
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