Life insurance after retirement

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PostPosted: Tue Mar 16, 2010 9:52 am   Post subject: Life insurance after retirement  

I'm retired and don't need life insurance any more. My wife is insisting that I keep on paying for it. What do I do now?


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PlatoonII
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PostPosted: Tue Mar 16, 2010 3:23 pm   Post subject:   

Do you prefer sleeping in your bed or on the couch? Why don't you think you need it anymore?



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PostPosted: Tue Mar 16, 2010 8:08 pm   Post subject:   

Maybe you can talk to an insurance advisor to help you make an informed decision.



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PostPosted: Tue Mar 16, 2010 9:45 pm   Post subject:   

You don't need it. You'll be dead. Your wife wants you to have it. She'll be alive.



If you love your wife and want her to maintain her standard of living if you die, try taking a look at this from a selfish perspective.



Ex. You have $500,000. You want to leave your wife $250,000. You can only spend $250,000 while you are alive. If you have a $250,000 life insurance policy, you can spend $500,000!

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PostPosted: Wed Mar 17, 2010 2:24 am   Post subject:   

Me thinks this is a leading question. Who realistically comes to this sort of forum to as this sort of question?

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PostPosted: Wed Mar 17, 2010 5:50 am   Post subject:   

Life insurance is not worth the value of your life. It's simply an income replacement for your wife.

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PostPosted: Wed Mar 17, 2010 5:59 am   Post subject:   

What?



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PostPosted: Thu Mar 18, 2010 9:25 am   Post subject:   

If you're a retired couple and have some form of retirement income (which will continue) through your investments, then you need not apply for life insurance. You'll keep on earning even when your spouse passes away.

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PostPosted: Thu Mar 18, 2010 2:21 pm   Post subject:   

Quote:
If you're a retired couple and have some form of retirement income (which will continue) through your investments, then you need not apply for life insurance. You'll keep on earning even when your spouse passes away.




Oh is that so? Just some sort of investment income? What if my investment income changes, or is only part of the overall puzzle. Not to throw stones, but that was a really bad piece of advice to give someone.



One should NEVER treat this question like he/she could follow some simple rule of thumb in determining whether or not life insurance is necessary after retirement. Life insurance can be an amazing addition to your retirement plan. Problem is, so few people actuall understand how most life insurance policies work, and as such there's buckets of really bad information floating around about it. [/b]
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PostPosted: Thu Mar 18, 2010 8:15 pm   Post subject:   

The amount of bad information that is posted here sometimes is amazing. Agreed 100% with BNTRS



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PostPosted: Fri Mar 19, 2010 5:17 am   Post subject:   

Quote:
The amount of bad information that is posted here sometimes is amazing.


Agreed 100% with YOU! Perhaps you should read the OP's intention once more..

Quote:
What if my investment income changes, or is only part of the overall puzzle.


It's funny whenever I'd come across someone who chooses to imagine scenarios than facing the reality today. Smile



@ OP

Quote:
Life insurance can be an amazing addition to your retirement plan.


I've never argued with the fact that LI could mean a lot more benefits above your retirement plan. I was simply stating a way out with what you're probably intending to do. Believe it or not, there are a lot many of us around who just can't make it anymore under the global downturn. Thanks.
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PostPosted: Sun Mar 21, 2010 2:33 am   Post subject:   

Quote:
It's funny whenever I'd come across someone who chooses to imagine scenarios than facing the reality today.




It's all about the "what ifs", if we didn't think to ask about possible scenarios we run the risk of ruining someone's life with bad advice an inproper planning and risk major liability.



I read the original post again and don't see anything in there that would lead me to believe there is a fact pattern that suggests telling them if they have investment income they need not apply. I'd be happy to hear what you saw that made you think that recommendations was appropriate.



Quote:
I've never argued with the fact that LI could mean a lot more benefits above your retirement plan. I was simply stating a way out with what you're probably intending to do. Believe it or not, there are a lot many of us around who just can't make it anymore under the global downturn. Thanks.




I have no idea what this means with respect to the topic at hand. Again, glad to carry this conversation out with more explanation.
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