it's time for the uncomfortable conversation about...........

[Race Jones]

Gotta let them know that you can pull money from your whole or cash it out

i never suggest pulling money from a whole insurance policy

you can but borrowing against your policy hurts some ppl in the long run more often than not

 

[Race Jones]

Sounds good in practice..........but I just couldn't go through with it.


Felt like I'd be profiting off the death of my parents.

huh?

 

[deadeye]

Death is apart of life. You gotta have things in order for when it happens. Funerals are expensive, cost to fly family into town, room and board. All of that is covered with life insurance.

Whatever debt they have you will be responsible for. Having a life insurance policy will take care of those debts.

Death of your parents is tough but it will be harder with no life insurance or will in place

All true.


Thankfully, we didn't have any of those problems after their death.

 

[deadeye]

huh?

When my parents had cancer, a few people said I should take a policy out on them.


Logically it made sense, but it just didn't feel right.


Now, whatever policies they took out on themselves for me and my sisters was ok with me.


However, if I took out one on them...........it would seem like I'd be hoping they'd die so I could get the insurance money.


Again, it would've been a smart financial decision..........but it just wouldn't sit right with me.

 

[Phillykingransom]

My parents have been paying for my life insurance since I was born, so I'm good either way when death does come knocking at my door.

My parents have fully paid life insurance so I wouldn't have to go through the burden having to find a way to bury them with fish Fry's and go fund me.

Life insurance should be a priority in households because can't nobody predict death or when something is gonna happen suddenly.

 

[King of GA]

I think even if you don’t have kids or a s/o you can get if for your niece or nephew. Or favorite cousin.

I would also suggest putting a down payment on a coffin, and grave plot, head stone and plan out where you want to be buried, have a will, pre need trust ti mention a few things.
Puc out the picture you want to use.
Place passwords to social media in an envelope and place it in a safe or safe deposit box.

then let’s talk about how much insurance you have left over.

your spouse should have 5 yrs worth of your income.
Can it pay off the house?
Can your child choose college and pay for it.
Do you have an idea of how you want the money spent.

thank you for starting this convo @Old Man Cain
We as men need this.

That's real. Matter of fact, when I bought my daughter's plot I also bought the 3 plots right next to her. We will all be right there.

 

[DOS_patos]

Sounds good in practice..........but I just couldn't go through with it.


Felt like I'd be profiting off the death of my parents.

Can’t look at it like that.
God forbad when that time comes......you’ll be acting off emotion.

pre plan things, get them in order so you can properly mourn from the start.

because i pushed hard from my wife to get her mom situated, she appreciated my being an ass all this time.
her mom passed last Sunday and all they needed to do was bring her clothes and sign some paperwork. Everything else was on cruise control after a few calls.

see it from a different perspective OG.
You are preparing for not profiting off.

 

[DOS_patos]

My parents have been paying for my life insurance since I was born, so I'm good either way when death does come knocking at my door.

My parents have fully paid life insurance so I wouldn't have to go through the burden having to find a way to bury them with fish Fry's and go fund me.

Life insurance should be a priority in households because can't nobody predict death or when something is gonna happen suddenly.

Especially the way we as black people are hunted.

shit even them aint shit relatives......get them niggas to consent and you pay. Cuz if they pass acting an ass in the streets, that falls onto auntie with the diabeetus.

 

[wadupdoe!313]

My parentss have a life insurance policy and an estate plan.

When my grandma was hit by a car and had to spend the rest of her life in a assisted living facility it opened his eyes he needs to prepare for his untimely death.

My dad and his siblings were paying for my grandma medical bills and her stay in the assistant living facility.

He didn't wanna put me and my sisters in debt. I was surprised he didn't have a life policy. He's so analytical and plans everything.

Him and my mom have it set up that me and my sisters will get benefits when they die. We will keep the house and get other assets.

He even included my other brother who isn't his biological child

 

[DOS_patos]

That's real. Matter of fact, when I bought my daughter's plot about the 3 plots right next to her. We will all be right there.

Thousand goats for this.

i know it’s getting hard to secure plots with all the COVID deaths now.
This is why land is a valuable commodity...but that another convo.

 

[DOS_patos]

My dad parents have a life insurance policy and an estate plan.

When my grandma was hit by a car and had to spend the rest of her life in a assisted living facility it opened his eyes he needs to prepare for his untimely death.

My dad uncles and aunts were paying for my grandma medical bills and her stay in the assistant living facility.

He didn't wanna put me and my sisters in debt. I was surprised he didn't have a life policy. He's so analytical and plans everything.

Him and my mom have it set up that me and my sisters will get benefits when they die. We will keep the house and get other assets.

He even included my other brother who isn't his biological child

Shit like this is beautiful.

we should never want our kids to have it the same as us. We should want better for them.

straight left you resources to build on.

Goat shit.

 

[King of GA]

what's the difference?

also.. and excuse my ignorance yall but why have multiple?

To add to what's been stated, part of the idea behind term is that you have other investments and savings that will be built up by a certain point. Say a 25-year old buys a 30-year term policy, buys some stocks and bonds, sets up a Roth IRA, and stays putting money into a 401K. By the time that person is 55 they no longer need insurance to pay for their burial and whatnot so the insurance policy was just a stop-gap. The problem with that is if you outlive the policy, then the insurance company got very well paid and you received no benefit from it.

 

[Inori]

preciate the info yall. i'm in here takin notes

 

[DOS_patos]

To add to what's been stated, part of the idea behind term is that you have other investments and savings that will be built up by a certain point. Say a 25-year old buys a 30-year term policy, buys some stocks and bonds, sets up a Roth IRA, and stays putting money into a 401K. By the time that person is 55 they no longer need insurance to pay for their burial and whatnot so the insurance policy was just a stop-gap. The problem with that is if you outlive the policy, then the insurance company got very well paid and you received no benefit from it.

Some also move from whole to term when they get older. Cash out and take lower premiums.

but we should also talk about
universal accumulator and termROP

y’all can get 250k term for like $50/month

 

[Royal]

LIFE INSURANCE


All of you ABW/IC and whatever else forum you came from lets have a real conversation about your death or your loved ones death and how would you/they pay for it. I've seen it too many times where people in my family and myself included had to come up with ways to lay their loved ones to rest.

There is no reason that should be happening especially when there are multiple means to fix this situation.

So do any of you don't have the insurance and what is the reason why? Have you just put it off like most have?

This is so real. I went through paying out of pocket for my mom's funeral....so stressful. While I have a policy for myself and my child. But my dad (64) does not have a policy. Despite all we went through with my mom. My brother and I still haven't gotten a plan together for my dad. My plan is to just pay for the services vs getting a policy put on him. Due to his health conditions and age getting a policy is expensive and it won't kick in for 2 years.

 

[DOS_patos]

This is so real. I went through paying out of pocket for my mom's funeral....so stressful. While I have a policy for myself and my child. But my dad (64) does not have a policy. Despite all we went through with my mom. My brother and I still haven't gotten a plan together for my dad. My plan is to just pay for the services vs getting a policy put on him. Due to his health conditions and age getting a policy is expensive and it won't kick in for 2 years.

You have different option.

you two should sit him down and get the church, cemetery, pick out a coffin and put money down on that stuff and get a pre need trust that accumulates interest.

this is not based on health.
As for insurance you have to search around

 

[Royal]

Insurance is also an investment vehicle if used right. But thats another conversation and thread.
But it can also be used to create generational wealth.

Yeah I need to educate myself on that.

 

[Royal]

You have different option.

you two should sit him down and get the church, cemetery, pick out a coffin and put money down on that stuff and get a pre need trust that accumulates interest.

this is not based on health.
As for insurance you have to search around

Thank you I have not heard of a pre- needs trust. I will do my research and stop procrastinating on this.

 

[DOS_patos]

Yeah I need to educate myself on that.

We will talk about it shortly.

 

[Royal]

To all the parents on here If you don't mind sharing could you chime in on the topic please.

So speciigically for my kid.. right now I have a basic 10k term life policy through my company with Mutual of Omaha. Need to look into more coverage for him.