Do you have life insurance?

[Pokerface]

For years I had life insurance. Being single I realized it was not so important as if I had a family. I took a look how much I had paid over the years and decided to sell the policy and stop spending on something I did not need since I had no dependents. When I contacted my insurance provider to sell I was shocked how much I would get, not much at all!

Of course we never know what is around the corner however think carefully before committing to life insurance. If you have a family that needs to be cared for if you are no longer around then it is something to be considered although smart investing would be better. If you are single you may be better off taking the money you would have used in premiums and investing properly.

If I had taken all the premiums I have paid because I was told life insurance was smart and invested I would have been much further ahead.

[ocreditor]

With 2 kids lifetime insurance is very important, but I get less than I should

[DanHorvat]

I don't have life insurance. It's an industry that takes people's money and gives them a false sense of security / life achievement / life value. Plus I don't trust these shady people to pay out - they wouldn't be in business very long if they paid every time. They have skycrapers in Manhattan. They obviously pay less than they take. Not more, as they say they will.

Life insurance plus mutual funds equals a typical middle class investor. And when I say middle class, in this case I do mean it as a derogatory term.

For a while now I'm thinking it would be a good idea to detail all aspects of my business, along with the passwords, everything that's needed for someone to pick up where I left off without losing the income stream - and storing it with my lawyer. Otherwise it will all go to waste.

[FictionNet]

For a while now I'm thinking it would be a good idea to detail all aspects of my business, along with the passwords, everything that's needed for someone to pick up where I left off without losing the income stream - and storing it with my lawyer. Otherwise it will all go to waste.

I had this problem for years, knowing my work/revenue stream would go to waste if I snuffed it. I had no plans for it happening. When I met my current partner (now wife), I started to train her about this business (lucky her!) but in the early years of our relationship while she was still learning the ropes I had an arrangement with a trusted industry colleague to handle the sale of all our sites and pass the proceeds to wifey, in exchange for him taking a fee which I'm pretty sure he wouldn't have accepted in the event of it happening.

[QuinneyJ]

Yes I do have a life insurance. In fact it's getting to a stage where I should soon be done paying the premium for it in the next couple of years or so. What I worry more about is falling short of having enough in case of a health insurance.

[Gerrypolt]

Yea, I sorted myself with decent life insurance. Just don't tell my other half.

[Football-Writer]

I had no choice but to take out life insurance, as it was a condition of taking out my mortgage.

[Sherlock]

You had a choice not to take the mortgage.

[Football-Writer]

You had a choice not to take the mortgage.

Unfortunately, at the time we didn't, as it was the best deal on offer. As somebody with a young family I suppose its not the worse thing in the world.

Sent from my SM-J320FN using Tapatalk

[Sherlock]

It is. Having a family without -> forcing you to take the "best deal" -> forcing you to pay insurance and for many other things like that that drain your money drop by drop.

Just for imagination: 10K EUR/USD put aside and invested to just 10% p.a. makes 14M in 50 years. And tbh there are much better opportunities in this world than 10%.

Future value of even very small money when someone is young is extremely high.

I made my first million in a rotten garage with heating in ceiling. Sleeping on floor. Once I came home and a prostitute hired by my next-door Ecuadorian neighbor was so drunk that she accidentally came to me and fainted at my place. Sadly she peed on everything.

Success comes with self-restriction. Advertisements and whole society has many road maps, how someone needs mortgage and insurance and this and that. But the fact is that one only needs to restrict himself for real success. What is being advertised, what the bank advisors advise and what is being taught by society is a way to be enslaved. It forces people to throw away the little money and energy they have, but for that it gives them just a fake assurance that they did everything right. It is the same principle as we promote the casinos. We also know it is net negative for our sheeps, but we advertise it as an advantage.

[GermanWriter]

Life insurance is overrated.

[Maria Florides]

I was feeling extremely stressed and worried about what would happen to my love ones if anything where to happen to me. I feel so much better now that my funeral expenses will be covered and some money will be left for my son and husband.

I would like to be cremated and became a diamond, that is not cheap! Now I don't have to worry about my wishes being granted

Regards,
Maria Florides

[PROFRBcom]

I have a funny story. I always argue about insurance with typical middle class members, like my mother-in-law.

Once I was sitting at her home, eating food she prepared and there was some letter from her insurance company: reminder to pay the insurance for the windshield, which is of course by orders of magnitude bigger nonsense than life insurance (small risk, high premium). She asked me (knowing the reply, so just teasing me) whether I have this windshield insurance. I made her quite a long speech how useless this **** is, how it is playing on people's insecurities,how even signing the papers and paying it cost me more in terms of value of my time than the new windshield and so on.

To make the story short, I broke the windshield very soon after. And from that time I keep breaking it about twice a year. It is not just stones. I was hit by falling branch from tree. My trunk opened while driving. One windshield cracked because of temperature. It started to happen with both my cars and even with other cars I am driving.

I am a good target for laughter from that time, because I am busy, so it is usually the father-in-law who goes with the cars to repair shop.

I'll bet that breaking a handful of windshields didn't in any way, shape, or form ruin you financially. And in my mind, that is what "insurance" is for. To make sure nothing enormous comes out of no where and wipes out decades of hard work.

I think you're correct. Reading and signing the paperwork for "windshield insurance" is a complete waste of time for someone with even a moderate degree of financial success. In fact, I can't think of a single person that I would recommend windshield insurance too... that just seems like a rip off. It's what, 1,000 to replace? Oh no!! If an adult can't come up with $1,000 in a pinch, they are playing the game incorrectly IMO.

If you are single you may be better off taking the money you would have used in premiums and investing properly.

If I had taken all the premiums I have paid because I was told life insurance was smart and invested I would have been much further ahead.

Absolutely, this is the basic idea with being a debtor versus a creditor IMO. If you have debt, your money works against you. If you have a positive balance, your money should work for you (given that you invest it somehow and don't let the Central Banking evil of inflation eat up your hard work). When a person spends money on insurance, they are reducing their capital and not investing it, costing most of them MILLIONS OF DOLLARS over the course of their lifetimes.

Worried about funeral expenses? See what insurance would cost and instead of paying them $5, $10, $100 a month, pay it to yourself. Put it in an account earmarked for funeral expenses. Invest that money in something "safe" and semi-liquid and earn a little interest on it. In short order your funeral expenses will be taken care of and you will no longer have a drain on your finances!

For a while now I'm thinking it would be a good idea to detail all aspects of my business, along with the passwords, everything that's needed for someone to pick up where I left off without losing the income stream - and storing it with my lawyer. Otherwise it will all go to waste.

This is very smart indeed. I've told myself that I should do this in the past and did not. Instead I decided to take someone on and teach them all about the business and how it runs. It's a slow process, but it will preserve my wealth so that another party can pick up where I left off.

I think the idea of creating a notebook or binder of some kind with detailed step by step instructions on how to run one's business is hugely +EV however. Imagine if you had such an operations manual and for whatever reason wanted to sell your business? It would provide much added value.

[ApostaGanha]

yes, and not only for life

[Doolally]

I don't go with the middle-class, insecurities theory. I have 6 kids and other dependents. I don't have shed-loads of cash lying about.

So, it's about making sure your kids can go through college/university and get the appropriate level of money to carry on without you should the worst happen.

[casinodonkies.com]

Usually I don't take big risks but no, I don't have.

[Galaness]

I have life insurance, just in case

[PROFRBcom]

I sense post count spam....

With that said, I think the best life insurance is to make a ton of money, eschew debt, and not need life insurance to insure that one's family survives if one dies unexpectedly.

Life insurance is -EV if one plays the financial game of life properly.

[Pokerface]

With no family/children and financially secure life insurance is not required. Better off investing your money wisely.

[best5-casinos.com]

I totally agree with Pokerface. I'd rather invest my money than make a life insurance.