Part of financial well-being is also being prepared to protect you & your family should something terrible happen.  

Do you have Life Insurance, Disability Insurance, Critical Care Insurance, a Will?

If you do, how often to you make sure it still suits you & your lifestyle?  (eg will only lists 2 children & now you have 3, life insurance would pay off your mortgage but now your mortgage is paid off)

Original Post

I personally came really close to getting life insurance from the company I have car insurance with. But at the last minute they changed my insurance representative and I just never followed through with it because we had a good relationship with our previous representative and didn't know the new guy.

One of the main reasons I didn't follow through was because I felt I was getting pressured but still don't have a good understanding of what to look for when it comes to life insurance.

I still believe it is a good idea and want to get it when I am still young but not sure where to start and what to look for?

Being 63 in a couple of days and in good health, I recently passed all the requirements for a universal life policy with a long term care rider. My spouse will have the proceeds if I die before her even if I’m retired and no longer have the term life policy that my job made available. And the added benefit is that I can draw $10,000 a month after 100 days of an incapacitating illness myself. It reduces the amount payable upon my death but I don’t have to die to benefit from it myself. Win-win!

We need to update our wills. We used to get it updated every year when we were with a company that sold legal insurance as sales associates. Now we no longer are with that company, and haven't kept it updated. We are in the process of writing our new wills, and will file them and leave them in appropriate hands. We do realize that it's important to keep things like this updated, though, as well as having a living will and all the correct directives.  I don't preach on it, but my sister asked me about it the other day, and I realized it's been forever since we've updated. Excuses don't get anyone anywhere. We have friends right now who are fighting over things that were left by their parents, and there was no will. Don't want to go through that!

Gee posted:

Being 63 in a couple of days and in good health, I recently passed all the requirements for a universal life policy with a long term care rider. My spouse will have the proceeds if I die before her even if I’m retired and no longer have the term life policy that my job made available. And the added benefit is that I can draw $10,000 a month after 100 days of an incapacitating illness myself. It reduces the amount payable upon my death but I don’t have to die to benefit from it myself. Win-win!

Universal Life is a ripoff!  Buy Term and shop for long term care separately.  You'll save money.  

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