Please Buy Death and Disability Insurance 2 2

[Phicks]

From time to time on these boards, we have rallied to the financial help of a member who has become disabled or worse, died, leaving their family in a financial bind.   And it’s great that we do that, and no one should feel shy about asking for help when they need it!  Please continue doing so.

I’m just saying…if you can afford to buy new comics every month at your LCS, or buy old comics here, then you can spare the money to get some minimal level of death or disability insurance.   We are all getting up there in years, as shown by our grey hair, or less hair every day.  The statistics come for each and every one of us one day.  When it’s your turn, please make sure you have done what was possible to look after your family.

Now some levity to lighten the serious mood:  

 

 

 

 

[comeaux]

Completely unacceptable for a man to have a wife & young kids yet spend his money on comics or collectibles but not on insurance to protect family. 

 

Burial insurance is cheap and a million dollar accidental death policy is only $25 monthly. 

 

I’m probably over insured but with a young wife & son, I want to make sure they never need anything or god forbid, to start a “go fund me” page when I croak because I was too shortsighted, ignorant & uncaring to make proper plans to protect them.

[DougC]

In addition to insurance, start thinning your collection NOW.

Do not leave a mess for your wife and kids (or extended relatives) to be overwhelmed with in addition to your passing, it can be frightening to think about. At 45 I took a hard look at what I "collected" and why, then started to make a plan in 5 year increments to reduce everything down to a single box (of what is most valuable to me) by 65 when I get stored in the old folks home or start living on cruise ships (market depending).

[Tnexus]

On 3/24/2024 at 6:13 PM, comeaux said:

Completely unacceptable for a man to have a wife & young kids yet spend his money on comics or collectibles but not on insurance to protect family. 

 

Burial insurance is cheap and a million dollar accidental death policy is only $25 monthly. 

 

I’m probably over insured but with a young wife & son, I want to make sure they never need anything or god forbid, to start a “go fund me” page when I croak because I was too shortsighted, ignorant & uncaring to make proper plans to protect them.

Something also I wish I thought ahead about. When I got my life insurance, if I died it could have easily afforded my family buying a house. 12 years later it's about 1/3 a house.

Purchase with inflation in mind.

[jimjum12]

Excellent advice. Wish I'd taken it. In addition to inflation, also pay attention to how long any disability insurance will last. Much of it is only temporary. Always ask the tough questions. Many of the Life Insurance policies with low cost and high yield are conditional. Many are for accidental death only. Read the policy for yourself. When I had my stroke, i was in pretty good shape, despite how Lewis' Wide angle lens makes me look  I was in denial about my mortality. It came with no warning. I figured I had another 20 years before I had a problem. GOD BLESS ...

-jimbo(a friend of jesus) 

 

We had supplemental insurance offered at a job and it was pretty decent, through Aflac. ... little to no hassle and they paid. The disability was $120 a day for a few months. There were several types offered, and they weren't just a bunch of hustlers, it was for real. I was mostly paycheck to paycheck, most my life, and I just couldn't swing it after Covid. Prices for essentials got too high. 

Edited March 26 by jimjum12

[MR SigS]

On 3/24/2024 at 4:55 PM, Phicks said:

From time to time on these boards, we have rallied to the financial help of a member who has become disabled or worse, died, leaving their family in a financial bind.   And it’s great that we do that, and no one should feel shy about asking for help when they need it!  Please continue doing so.

I’m just saying…if you can afford to buy new comics every month at your LCS, or buy old comics here, then you can spare the money to get some minimal level of death or disability insurance.   We are all getting up there in years, as shown by our grey hair, or less hair every day.  The statistics come for each and every one of us one day.  When it’s your turn, please make sure you have done what was possible to look after your family.

 

We've been covered for 21 years now. It's something we never think about, which I suppose is a good thing if it means we're not worried about it, aside from the death and disability part.

 

On 3/24/2024 at 4:55 PM, Phicks said:

Now some levity to lighten the serious mood:  

 

 

 

 

 

 

I always picture the glass being bigger.

[MattTheDuck]

People will come at these questions from different perspectives, but there's no reason not to be covered.  Remember, the life or disability insurance is not for you, it's to replace the income your family will lose should something happen to you.  In this day and age, both spouses should have insurance if they both earn an income and you should be "overinsured" if you have kids who may yet need higher education. The premiums are a pittance compared to what they replace if you die.

A guy I went to college with died in a small plane crash at about 30 - he left a wife and 3 small children and had NO life insurance.  Trust me, that was a topic of conversation amongst our college crowd after the memorial service.  He was on partner track at a large law firm here, and I can tell you his family didn't end up with the life they thought they were going to have.

[William-James88]

 

On 3/24/2024 at 10:36 PM, DougC said:

In addition to insurance, start thinning your collection NOW.

Do not leave a mess for your wife and kids (or extended relatives) to be overwhelmed with in addition to your passing, it can be frightening to think about. At 45 I took a hard look at what I "collected" and why, then started to make a plan in 5 year increments to reduce everything down to a single box (of what is most valuable to me) by 65 when I get stored in the old folks home or start living on cruise ships (market depending).

 

I just wrote in my will that whatever is not wanted by my kids in my collection to be sent to Heritage Auctions.

[Mr. Zipper]

On 3/24/2024 at 10:36 PM, DougC said:

In addition to insurance, start thinning your collection NOW.

Do not leave a mess for your wife and kids (or extended relatives) to be overwhelmed with in addition to your passing, it can be frightening to think about. At 45 I took a hard look at what I "collected" and why, then started to make a plan in 5 year increments to reduce everything down to a single box (of what is most valuable to me) by 65 when I get stored in the old folks home or start living on cruise ships (market depending).

This.  I lost both my parents in 2022 and had to deal with the full contents of a large house and all of my mom's collectibles (Hummels, Crystal figurines, plates, antique cups and saucers, etc etc.) It was a tremendous amount of work and stressful. I aim not to do the same with my kids. Hopefully that is many years off, but it's not too early to start thinning the herd.

[Mr. Zipper]

On 3/26/2024 at 2:17 AM, MattTheDuck said:

A guy I went to college with died in a small plane crash at about 30 - he left a wife and 3 small children and had NO life insurance.  Trust me, that was a topic of conversation amongst our college crowd after the memorial service.  He was on partner track at a large law firm here, and I can tell you his family didn't end up with the life they thought they were going to have.

I'm always astonished when I see gofundme campaigns when an employed middle class person passes. I always ask myself... WTF... didn't they have insurance? I suspect the answer is often  "no." Through employer plans it usually costs  less than a few Starbucks a month. Crazy not to do it. 

[shadroch]

On 3/26/2024 at 9:36 AM, Mr. Zipper said:

I'm always astonished when I see gofundme campaigns when an employed middle class person passes. I always ask myself... WTF... didn't they have insurance? I suspect the answer is often  "no." Through employer plans it usually costs  less than a few Starbucks a month. Crazy not to do it. 

Having insurance is important, but remember the insurance company isn't your friend and will try not to make payouts.   If you applied for insurance and said you were a non-smoker, don't be showing up on the internet with a cigarette in your hands.

  Your insurance needs will change throughout your life, and you should make adjustments. If you are 55 and your kids are grown, you may not need as much as when they were young. Insurance is to provide for your family if you can't. Insurance is no longer necessary when your assets are enough to do that. It might be a luxury you can afford, but it isn't necessary.

On the other hand, it is possible to build wealth by buying incredible amounts of life insurance and borrowing against it. It's not something I understand, and don't endorse it, but I've seen a few people do it successfully.

[Aman619]

On 3/27/2024 at 3:40 PM, shadroch said:

Having insurance is important, but remember the insurance company isn't your friend and will try not to make payouts.   If you applied for insurance and said you were a non-smoker, don't be showing up on the internet with a cigarette in your hands.

  Your insurance needs will change throughout your life, and you should make adjustments. If you are 55 and your kids are grown, you may not need as much as when they were young. Insurance is to provide for your family if you can't. Insurance is no longer necessary when your assets are enough to do that. It might be a luxury you can afford, but it isn't necessary.

On the other hand, it is possible to build wealth by buying incredible amounts of life insurance and borrowing against it. It's not something I understand, and don't endorse it, but I've seen a few people do it successfully.

 "Insurance company is not your friend" ... Amen to that

How many here with comics insurance realize that your theft coverage is only about 20% of your policy insurance limit?  You can get (argue for) full coverage loss due to destruction, fire, flooding (depending on your location), but burglary or theft?  only a slice of what you "think" you have paid for.  Kinda implies that a sold steel safe for say 5K in a safe place under a water proof tarp is money better spent.

[jcjames]

On 3/26/2024 at 9:36 AM, Mr. Zipper said:

I'm always astonished when I see gofundme campaigns when an employed middle class person passes. I always ask myself... WTF... didn't they have insurance? I suspect the answer is often  "no." ...

Or, the adrenaline-addict who free-climbs or fly-suits himself into a red spot at the bottom of Yosemite, leaving a wife and young child behind. 

Daredevil days should end when the home pregnancy test comes back positive. 

[the blob]

I no doubt do not have enough. My "no questions asked 3X your salary" coverage through my job would pay off the mortgage and bury me with a little to spare, I need to have some more. My wife makes more than I do, so it isn't like there won't be a breadwinner left. I was hoping to apply for some when I would pass a physical weight wise, I can only imagine what the premium is on a 50 something who is 140 pounds overweight like I am right now, although I have no cancer history, no smoking, no diabetes, and don't have high blood pressure. so that would help. 

 

[shadroch]

On 3/28/2024 at 10:41 AM, the blob said:

I no doubt do not have enough. My "no questions asked 3X your salary" coverage through my job would pay off the mortgage and bury me with a little to spare, I need to have some more. My wife makes more than I do, so it isn't like there won't be a breadwinner left. I was hoping to apply for some when I would pass a physical weight wise, I can only imagine what the premium is on a 50 something who is 140 pounds overweight like I am right now, although I have no cancer history, no smoking, no diabetes, and don't have high blood pressure. so that would help. 

 

I had a hard time getting life insurance in my forties as I was very overweight, smoked, drank, with high blood pressure and had a bad family history. I heard an ad from a guy named Big Lou who claimed he could get insurance for people like us, and he did. I got a million-dollar policy and a second key-person policy for the business. 

He still advertises, but I dropped the insurance years ago. His rates were great when I used him.  If and when you pay off your mansion, 3X salary should be plenty if it is just your wife.

[Mr. Zipper]

On 3/28/2024 at 5:15 PM, shadroch said:

I had a hard time getting life insurance in my forties as I was very overweight, smoked, drank, with high blood pressure and had a bad family history. I heard an ad from a guy named Big Lou who claimed he could get insurance for people like us, and he did. I got a million-dollar policy and a second key-person policy for the business. 

He still advertises, but I dropped the insurance years ago. His rates were great when I used him.  If and when you pay off your mansion, 3X salary should be plenty if it is just your wife.

Haha. The Big Lou life insurance ads are the best!

”Smoke? Overweight? Got a touch of sugar diabetes? Call Big Lou… he’s on meds, too!”

[ADAMANTIUM]

On 3/28/2024 at 6:00 PM, Mr. Zipper said:

On 3/28/2024 at 4:15 PM, shadroch said:

I had a hard time getting life insurance in my forties as I was very overweight, smoked, drank, with high blood pressure and had a bad family history. I heard an ad from a guy named Big Lou who claimed he could get insurance for people like us, and he did. I got a million-dollar policy and a second key-person policy for the business. 

He still advertises, but I dropped the insurance years ago. His rates were great when I used him.  If and when you pay off your mansion, 3X salary should be plenty if it is just your wife.

Haha. The Big Lou life insurance ads are the best!

”Smoke? Overweight? Got a touch of sugar diabetes? Call Big Lou… he’s on meds, too

Or

"Divorce policy? Lou is on his 3rd as well!"

Something to that effect. If anything was a scam, I would have bet money that commercial was, I didn't do the math on a policy though. But it made me 🤔 think

[the blob]

On 3/28/2024 at 5:15 PM, shadroch said:

I had a hard time getting life insurance in my forties as I was very overweight, smoked, drank, with high blood pressure and had a bad family history. I heard an ad from a guy named Big Lou who claimed he could get insurance for people like us, and he did. I got a million-dollar policy and a second key-person policy for the business. 

He still advertises, but I dropped the insurance years ago. His rates were great when I used him.  If and when you pay off your mansion, 3X salary should be plenty if it is just your wife.

Well, I've lost 15 pounds in the last 2 weeks. I am doing low carb vegan. I'm actually not missing meat and the sugar cravings are gone. For now my brain chemistry seems to have gotten altered and I'm eating for fuel and not for some psychological urge. I have a long way to go as my torn achilles has not healed well so exercising outside of mild weight training is a problem. I may call Big Lou, I've heard the ads. I don't want to be worth too much to my wife though. Right now I'm worth a lot more alive as I still have a few years before I can start collecting my pension and if I die before I start collecting it is basically lost.

 

[shadroch]

As I look at it- when you have young kids, it's almost impossible to have too much insurance, but once they are grown, you can cut way back.

Shadowboxing, especially with one-pound dumbells is an incredible workout you can even do in a chair. 

I just bought a rowing machine. It arrived a few days ago, but I'm preparing for two shows this weekend, so it is still in the box.

[WernerVonDoom]

Way back when, before I bought collectibles insurance, I called my agent and asked if they could insure 80k of comics. They said no problem and the price was reasonable so I bought it. When I got the policy, the fine print said the limit for collectibles was 3k and i think it had a big deductible. I was able to get a full refund, but come on! They are not your friend.