Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Need insight on continuing insurance in retirement
Old 05-17-2007, 11:08 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Need insight on continuing insurance in retirement

I need some input from the meembers of ththis board as I'm not well-versed in insurance.

I recently took a voluntary early retirement package from mega-corp and am now FIRE'd (yay!). I get company-paid medical coverage until age 65. (However, any increases in premiums and co-pays from January 2007 levels will be borne by me)

I just received an application from the mega-corp's insurance company stating that I could contiue in their Accident Insurance Plan as a retiree.

I would be limited to a max. coverage of $250K (while employed I was insured to $1M) for an annual premium of $2.90/10K (= $72.50/yr).

The benefits cover accidental death and dimemberment, common disaster, coma, repatriation, etc.

I'm single, in my mid-50's, no dependents.

Does it make sense for me to maintain this insurance?

My gut instinct is no, but I want to be sure I'm not overlooking something important.

omni

__________________

__________________
omni550 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!

Re: Need insight on continuing insurance in retirement
Old 05-17-2007, 11:18 AM   #2
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: Need insight on continuing insurance in retirement

I've always felt that if you think you would benefit from "accidental" death or injury insurance, you don't have enough life and health insurance.

__________________

__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-17-2007, 05:03 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
Re: Need insight on continuing insurance in retirement

Maintain it and name me as your beneficiary!!!

Realistically that $72.50 can be better spent on you since you are not responsible for any others.
__________________
crazy connie is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-17-2007, 05:38 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Re: Need insight on continuing insurance in retirement

No dependents? Whose future would you be safeguarding?
Nope, don't get it ... just make sure you maintain the health insurance.

__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-17-2007, 09:53 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Re: Need insight on continuing insurance in retirement

Thanks for the quick responses confirming my original gut instinct.

The people on this board are the best!

omni
__________________
omni550 is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-18-2007, 07:04 AM   #6
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Re: Need insight on continuing insurance in retirement

I will throw a wrench into the mix here

At 72.50 a year why not just name your favorite charity as the bene? That's a pretty cheap gift that could wind up paying off for them.

__________________
saluki9 is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-18-2007, 09:25 AM   #7
Full time employment: Posting here.
bosco's Avatar
 
Join Date: Jul 2005
Posts: 987
Re: Need insight on continuing insurance in retirement

Quote:
Originally Posted by saluki9

At 72.50 a year why not just name your favorite charity as the bene? That's a pretty cheap gift that could wind up paying off for them.

great idea!--but why gamble? After you pay your premium, lop off an arm. That way the charity wins big!

Or--just give an extra $72.50/year to said charity....
__________________
I have an inferiority complex, but it's not a very good one.
bosco is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-18-2007, 02:03 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,720
Send a message via Skype™ to kcowan
Re: Need insight on continuing insurance in retirement

Just remember that the reason it is so cheap is because the odds of you ever cashing in is slim. So it is mostly money down the drain. Have a dinner out with a nice bottle of wine with the money. It will improve your outlook and maybe your health.

If you want to be charitable, out them in your will...
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-18-2007, 04:59 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
Re: Need insight on continuing insurance in retirement

Quote:
Originally Posted by omni550
Thanks for the quick responses confirming my original gut instinct.

The people on this board are the best!

omni
Awwwwwwwwwwww shucks... Thanks for noticing!
__________________
crazy connie is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-18-2007, 06:03 PM   #10
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Need insight on continuing insurance in retirement

$72.50 ... that's a heck of a deal for 250k coverage. I paid MORE to fill my gas tank. :

Pay it and make a bother/sister/nephew/neice/me the beneficiary.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-20-2007, 12:48 PM   #11
Recycles dryer sheets
 
Join Date: May 2007
Posts: 107
Re: Need insight on continuing insurance in retirement

Forget the accident insurance. You need long term care insurance
__________________
theoldwizard is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-20-2007, 12:57 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Re: Need insight on continuing insurance in retirement

Quote:
Originally Posted by theoldwizard
Forget the accident insurance. You need long term care insurance

It depends on what else it covers aside from accidental death. Bottom line: if you do not have a dependent, who will get the money? You won't... you will be dead. Aside from that, the probability of you dying from an accident is much less than other causes of death (the reason for the low premium). Unless it somehow protect you from some loss, I would dump it.
__________________
chinaco is offline   Reply With Quote
Re: Need insight on continuing insurance in retirement
Old 05-20-2007, 01:28 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,881
Re: Need insight on continuing insurance in retirement

Quote:
could contiue in their Accident Insurance Plan as a retiree.
Save your $72 and treat yourself to a great malt Scotch whiskey. Accident insurance is one of the biggest wastes of insurance premiums besides, you have no dependents.
__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd 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
Question About Friend's Expectation For His Widow's SS Benefit haha FIRE and Money 14 12-17-2006 10:35 PM
Should a married couple have individual retirement investing plans? Anaya_1de Young Dreamers 28 12-05-2006 08:57 PM
Bad news insurance bill Martha FIRE and Money 6 05-08-2006 10:37 AM
I thought I'd post a Picture of my Wife naked..... TromboneAl Life after FIRE 13 10-19-2005 10:14 AM
Insurance as a % of Retirement Budget REWahoo FIRE and Money 14 08-04-2005 10:46 PM

 

 
All times are GMT -6. The time now is 08:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.