Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-20-2016, 01:39 PM   #41
Recycles dryer sheets
 
Join Date: May 2011
Location: Maple Valley
Posts: 469
Quote:
Originally Posted by RockyMtn View Post
Dropped the term but upped the umbrella coverage.
+ 1. Upped umbrella from 1 million to 2 million.
__________________

__________________
kimcdougc is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-11-2016, 06:43 PM   #42
Recycles dryer sheets
cbo111's Avatar
 
Join Date: May 2014
Posts: 170
We both keep $250K term policies until age 65 as an alternative to long term care insurance. Of course this strategy assumes the long term care event results in death. I think this is a reasonable assumption and I don 't have to worry about insurance premium hikes or carrier defaults.


Sent from my iPad using Early Retirement Forum
__________________

__________________
cbo111 is online now   Reply With Quote
Old 03-11-2016, 07:06 PM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,617
Quote:
Originally Posted by cbo111 View Post
We both keep $250K term policies until age 65 as an alternative to long term care insurance. Of course this strategy assumes the long term care event results in death. I think this is a reasonable assumption and I don 't have to worry about insurance premium hikes or carrier defaults.
Would you self-fund for LTC after age 65? 63% of those in LTC are over age 65 (and you'd have to die before age 65, not just be in need of LTC, for the life insurance idea to work). Of the total population over age 65, 68% will be eventually become cognitively impaired or be unable to perform at least 2 ADLs (source), so the life insurance wouldn't help there, either.

I do like the stability of the life insurance product (compared to LTCi), but for us it wouldn't fill the need. Now, if I thought we could self-fund LTC after age 65, it would be an idea worth considering for us.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 03-11-2016, 10:05 PM   #44
Full time employment: Posting here.
Al in Ohio's Avatar
 
Join Date: Jun 2013
Location: Columbus OH
Posts: 688
Quote:
Originally Posted by Downtown View Post
Just got annual bill for term life insurance policy (if I die, DW is beneficiary). DW and I are nearing FIRE...hopefully in the next 2-4 yrs. My question is when, or if, to drop term life insurance since we already enough $ for DW to live a very comfortable lifestyle without me around. I think there's about 10 years left on the policy. House will be paid off in 2016, and college funds are already set aside. What did you do? Did you use the annual premium funds for other purposes, or keep the policy funded...just in case? Thanks for your wisdom in advance!

Downtown


Sent from my iPad using Early Retirement Forum

I had a ten year term policy with five years remaining. My company has a one year salary life insurance benefit. So with one year left to work I canceled the term life I had and started investing the extra $100 per month I was saving. It's a no brainer. The one year salary worth of life insurance benefit would cover the last year of lost wages should I die before I earn my last years wages. Once your done working there is no wages lost left to replace. Continuing to carry any life insurance after retirement is simply a gamble at that point with the odds not in your favor. And it's not to replace for your heirs, but enhance things for them at your expense. That's a fools bet.


Sent from my iPad using Early Retirement Forum
__________________

__________________
Ohio INTJ ENG ER Hopeful
Al in Ohio is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Time to Drop Term Life Insurance? Z3Dreamer FIRE and Money 17 09-27-2014 03:20 PM
Anyone nearing FIRE and obsessed? Retire44 FIRE and Money 55 10-01-2013 06:17 PM
Nearing FIRE *and* leaving Ameriprise Ubuntu FIRE and Money 1 09-02-2013 05:40 PM
Please convince me to drop Term Life Ins. and Prof. Org. Dues Telly FIRE and Money 25 08-10-2010 01:34 PM
Nearing the FIRE... ajs56 Hi, I am... 9 08-10-2007 08:23 PM

 

 
All times are GMT -6. The time now is 01:03 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.