Always put life insurance on your loans if you have a family. There is no more horrible part of my job, than having to tell a crying widow her husband did not insure his loan, and she is going to have to figure out a way to make the payments while she waits 6 months for his life insurance policy to pay out. Worse yet, there is no personal life insurance policy, and you have just burdened your spouse from the grave.
Worst part of my job, bar none. And it usually only costs about 5 bucks a week to avoid the situation.
As tacky as it sounds, one of the best trainers in my industry used to use the terminology 'love insurance'. His rationale was "If you truly love your family, you won't burden them with debt when you are gone."
The Following User Says Thank You to pylon For This Useful Post:
Location: Close enough to make a beer run during a TV timeout
Exp:
Quote:
Originally Posted by pylon
Always put life insurance on your loans if you have a family. There is no more horrible part of my job, than having to tell a crying widow her husband did not insure his loan, and she is going to have to figure out a way to make the payments while she waits 6 months for his life insurance policy to pay out. Worse yet, there is no personal life insurance policy, and you have just burdened your spouse from the grave.
Worst part of my job, bar none. And it usually only costs about 5 bucks a week to avoid the situation.
Or look at other insurance options. We just bought a car and yes it was around $20 per month to insure the $30K loan. Or for $10 per month I was able to get $200K in life insurance from my work. Even as I get older the rates max out around $25 per month.
However I do have enough coverage to pay off the car loan and our mortgage. Only downside is the sleeping with one eye open.
The Following 2 Users Say Thank You to ken0042 For This Useful Post:
When doing a home Reno project, always, double your estimated budget, and double your estimated time, and quite possible move the unit of measure up one. Ie if you think it will take 2 days, it will actually take 4 weeks.
No kidding. I'm currently learning this first hand. It's like pricing a German car. You look at the entry level price and think it's a great deal for a BMW/Audi/MB and then you realize the thing is so stripped down you are surprised it doesn't have manual crank windows so you add options just to get the car's level of equipment equivalent to a loaded Civic (NAV, HID, rear backup camera, etc) and factor in the destination charges and other fees the car that you would like to purchase ends up being almost double the original entry level price.
His rationale was "If you truly love your family, you won't burden them with debt when you are gone."
Which is one reason why everyone should only pay cash for the things that they buy....
....unless you are single and don't have any dependents or heirs, in which case, load up on the debt and live well beyond your means because once you are dead, your creditors can get as stiffed as you.
Always put life insurance on your loans if you have a family. There is no more horrible part of my job, than having to tell a crying widow her husband did not insure his loan, and she is going to have to figure out a way to make the payments while she waits 6 months for his life insurance policy to pay out. Worse yet, there is no personal life insurance policy, and you have just burdened your spouse from the grave.
Worst part of my job, bar none. And it usually only costs about 5 bucks a week to avoid the situation.
As tacky as it sounds, one of the best trainers in my industry used to use the terminology 'love insurance'. His rationale was "If you truly love your family, you won't burden them with debt when you are gone."
Six months?
Just get general life insurance. Premiums are less than what lenders will give you for insurance.
What is the actual timeline to actually receive an insurance payout from a spouse passing away? Six months, from Pylon's example, seems way too long. You can probate an entire estate in that time.
No kidding. I'm currently learning this first hand. It's like pricing a German car. You look at the entry level price and think it's a great deal for a BMW/Audi/MB and then you realize the thing is so stripped down you are surprised it doesn't have manual crank windows so you add options just to get the car's level of equipment equivalent to a loaded Civic (NAV, HID, rear backup camera, etc) and factor in the destination charges and other fees the car that you would like to purchase ends up being almost double the original entry level price.
Ha ha, yep. This phenomenon is particularly insane with Porsche but not so bad with MB. It is egregious that a $75K car doesn't come with a backup camera unless you buy it with some package of add on's most of which should be standard equipment at that price point.
__________________
'Bieber definitely merits $1M per show' - sun
As tacky as it sounds, one of the best trainers in my industry used to use the terminology 'love insurance'. His rationale was "If you truly love your family, you won't burden them with debt when you are gone."
That people who say things like this are trying to rip you off.
What is the actual timeline to actually receive an insurance payout from a spouse passing away? Six months, from Pylon's example, seems way too long. You can probate an entire estate in that time.
Anyone have knowledge or experience on this?
It depends on the insurance coverage.
When my step dad passed away, my mom had a standard life insurance policy, as well as an accidental death policy through employer benefits.
The standard life policy was paid out very quickly (within 10 business days), once the death certificate was provided. The Accidental Death policy is not so easy though. They require coroner reports, and medical records, then take weeks to review. Majority of the time, they reject claims upfront, in hopes that the claimant won't appeal. Oh, and "unknown" as the cause of death on a coroners report, will immediately have an accidental death claim denied.
The Following 3 Users Say Thank You to wretched34 For This Useful Post:
Always put life insurance on your loans if you have a family. There is no more horrible part of my job, than having to tell a crying widow her husband did not insure his loan, and she is going to have to figure out a way to make the payments while she waits 6 months for his life insurance policy to pay out. Worse yet, there is no personal life insurance policy, and you have just burdened your spouse from the grave.
Worst part of my job, bar none. And it usually only costs about 5 bucks a week to avoid the situation.
As tacky as it sounds, one of the best trainers in my industry used to use the terminology 'love insurance'. His rationale was "If you truly love your family, you won't burden them with debt when you are gone."
Insurance is important, but you need to be careful who you buy it from.
So my lesson learned is to buy insurance from an insurance company, not a bank.
Only just learned this today, but you'd think it would be obvious-
Never wear short socks with brand new leather ankle boots. I've got bloody blisters everywhere. I'm cursing every time I need to get up out of my desk.
oh, and a life lesson for good measure- Don't PVR the porn movies they have on Movie Central at 2am thinking your wife doesn't know how to work the PVR and will never see it...
oh, and a life lesson for good measure- Don't PVR the porn movies they have on Movie Central at 2am thinking your wife doesn't know how to work the PVR and will never see it...
You could always gamble with the line "I thought we could watch it together"
What is the actual timeline to actually receive an insurance payout from a spouse passing away? Six months, from Pylon's example, seems way too long. You can probate an entire estate in that time.
Anyone have knowledge or experience on this?
As a beneficiary to my father's life insurance policy it took less than two months and that was on an old policy which required quite a bit of hoop jumping to get things sorted out (it was through his employer which had changed ownership three times since he had left and finding someone who could track down the policy was quite difficult.)
The Following User Says Thank You to calgarygeologist For This Useful Post:
Which is one reason why everyone should only pay cash for the things that they buy....
....unless you are single and don't have any dependents or heirs, in which case, load up on the debt and live well beyond your means because once you are dead, your creditors can get as stiffed as you.
Ignore people with extreme opinions either way. Everything in moderation.
Yes, too much debt is bad, but living like a hobo while you save up $30k for a car also sucks and will make you crazy. You never know when it's all going to be over, so have some damn fun once in a while.
The Following 2 Users Say Thank You to psicodude For This Useful Post:
