Life Insurance

#1 questions987

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Posted 01 October 2008 - 07:55 AM

So, I just bought life insurance. If I die, my mother and my father are my beneficiary and if something happens to them my third sister is my contingent beneficiary. I've purchased enough to cover the full value of my house.

That.was.scary.

Do you have life insurance? is it worth it?

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#2 gisbiz

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Posted 01 October 2008 - 08:00 AM

umm, i'm pretty positive my parents bought a whole lot on me.

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#3 Prot

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Posted 01 October 2008 - 08:02 AM

I have life insurance from MetLife only because when I immigrated my parents thought it was a fund for college tuition. Turns out it wasn't but luckily MetLife skyrocketed in stocks which we also had a part of so that went well. Anyway, for the cost of life insurance I would say its worth it especially if you have children and in the event something does happen because you really do not know.

#4 tlydia

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Posted 01 October 2008 - 08:46 AM

I have life insurance. I bought it when I first turned 18 from State Farm. My beneficiary is my sister. Now that I am expecting, I think I have to change the policy.

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#5 Meenuh

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Posted 01 October 2008 - 09:32 AM

QUOTE (tlydia @ Oct 1 2008, 09:46 AM) <{POST_SNAPBACK}>

I have life insurance. I bought it when I first turned 18 from State Farm. My beneficiary is my sister. Now that I am expecting, I think I have to change the policy.

oooooooooooooooo expecting?!

haha i saw the thread title and i thought "how depressing". i don't have life insurance. in fact, i don't think i know exactly what it does.

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#6 watcher

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Posted 01 October 2008 - 09:44 AM

QUOTE (Meenuh @ Oct 1 2008, 10:32 AM) <{POST_SNAPBACK}>

oooooooooooooooo expecting?!

haha i saw the thread title and i thought "how depressing". i don't have life insurance. in fact, i don't think i know exactly what it does.

basically, you pay a company X amount of money in intervals, and in return, the company agrees to give a certain sum of money your beneficiaries [which you choose] in case you pass away. that's the gist of it anyways...

i cover about 250K to my beneficiaries. the thought in itself is a bit morbid tho...

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#7 Meenuh

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Posted 01 October 2008 - 09:50 AM

QUOTE (watcher @ Oct 1 2008, 10:44 AM) <{POST_SNAPBACK}>

so it's kinda like telling someone how much they're worth. lol.

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#8 watcher

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Posted 01 October 2008 - 09:58 AM

QUOTE (Meenuh @ Oct 1 2008, 10:50 AM) <{POST_SNAPBACK}>

so it's kinda like telling someone how much they're worth. lol.

not at all... you determine how much you wanna cover.

QUOTE (questions987 @ Oct 1 2008, 08:55 AM) <{POST_SNAPBACK}>

to add to my previous post... i think it's worth it. my parents dont have a retirement fund. if im not alive and kicking and able to take care of em just in case they cannot figure out a quick retirement plan [which somewhat includes social security], then i wanna leave em with something. though obviously, i'd much prefer to live

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#9 jshat4

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Posted 01 October 2008 - 01:28 PM

I get free life insurance! And it takes care of all my debt, i.e. eliminates them if I die. That's a relief I suppose.

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#10 tlydia

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Posted 01 October 2008 - 02:23 PM

QUOTE (jshat4 @ Oct 1 2008, 04:28 PM) <{POST_SNAPBACK}>

I get free life insurance! And it takes care of all my debt, i.e. eliminates them if I die. That's a relief I suppose.

By chance, how did you get free life insurance? Currently my life insurance covers I think 150K for my beneficiary.

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#11 jshat4

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Posted 01 October 2008 - 04:37 PM

Through a professional student affiliation.

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#12 questions987

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Posted 01 October 2008 - 05:06 PM

My company covers 6K for all part time/full time employees for free. If you purchase a better insurance it's not much. To cover the full cost of my house it's only 4 dollars a month for me and I have MetLife.