WolverineX Posted March 29 Share Posted March 29 On 3/29/2024 at 12:32 AM, WernerVonDoom said: 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. They wouldn't be selling it if they weren't making money... Link to comment Share on other sites More sharing options...
the blob Posted March 29 Share Posted March 29 On 3/29/2024 at 12:32 AM, WernerVonDoom said: 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. They probably assume comics are a scam. Buy a bunch of books from a show at $1-2 each that Overstreet says are "worth" $10-25 (or just have them in your possession), have a flood, try to collect Overstreet value on them. My friend used to get called in the appraise these claims for an insurance company when cards or comics were involved. Seems like slabs are one thing, those are easy to pin down and evaluate, but raws, FMV, and their condition before any event are another story. jimjum12 1 Link to comment Share on other sites More sharing options...
shadroch Posted March 29 Share Posted March 29 On 3/29/2024 at 11:27 AM, WolverineX said: They wouldn't be selling it if they weren't making money... I'll be thrilled if they make much money off me and never have to pay off a dime—especially my life insurance. Gonzimodo and jimjum12 2 Link to comment Share on other sites More sharing options...
1Cool Posted March 29 Share Posted March 29 I occasionally get family members who say I've got to get life insurance and tell me how little they pay for X amount of coverage. I tell them I don't have any and get a shocked look. My daughter is almost 21 and a year away from being out of college debt free so she doesn't need my money any longer. My wife gets all my retirement savings and extra cash so she should have no problem paying off the house with quite a bit left over and she makes good money on her own so why should she live lavishly when I'm gone. Life insurance is necessary when people depend on you but I don't see the benefit if it just makes my wife even more happy when I'm gone. shadroch, jimjum12 and ttfitz 2 1 Link to comment Share on other sites More sharing options...
shadroch Posted March 29 Share Posted March 29 On 3/29/2024 at 12:07 PM, 1Cool said: I occasionally get family members who say I've got to get life insurance and tell me how little they pay for X amount of coverage. I tell them I don't have any and get a shocked look. My daughter is almost 21 and a year away from being out of college debt free so she doesn't need my money any longer. My wife gets all my retirement savings and extra cash so she should have no problem paying off the house with quite a bit left over and she makes good money on her own so why should she live lavishly when I'm gone. Life insurance is necessary when people depend on you but I don't see the benefit if it just makes my wife even more happy when I'm gone. Your wife makes good money. I agree with you, but she can buy you insurance for your next birthday if she wants. I haven't looked at term rates in years, but they were ridiculously cheap for non-smokers last I looked. jimjum12 1 Link to comment Share on other sites More sharing options...
Popular Post comicparadox Posted March 29 Popular Post Share Posted March 29 20 yrs ago I bought $2M of 20-year-level-term insurance for about a cup of Starbucks per day. I am happy to have had the peace of mind for my family for 20 years in case I checked out, and even happier to have outlived the policy. Now that I am old and decrepit, it would cost me way to much to renew, so I recently dropped the policy. Term life insurance is a bet you WANT to lose. DR.X, ttfitz, shadroch and 3 others 5 1 Link to comment Share on other sites More sharing options...
the blob Posted March 29 Share Posted March 29 On 3/29/2024 at 3:07 PM, 1Cool said: I occasionally get family members who say I've got to get life insurance and tell me how little they pay for X amount of coverage. I tell them I don't have any and get a shocked look. My daughter is almost 21 and a year away from being out of college debt free so she doesn't need my money any longer. My wife gets all my retirement savings and extra cash so she should have no problem paying off the house with quite a bit left over and she makes good money on her own so why should she live lavishly when I'm gone. Life insurance is necessary when people depend on you but I don't see the benefit if it just makes my wife even more happy when I'm gone. The shock of losing your income while still having basically the same bills to pay might justify having something to help her transition. I am 10 years away from that boat as I have a 12 year old and two kids in or who will be in college and by then my wife will be the survivor on my pension, which I/she will be collecting. CAHokie and jimjum12 2 Link to comment Share on other sites More sharing options...
shadroch Posted March 29 Share Posted March 29 On 3/29/2024 at 2:09 PM, comicparadox said: 20 yrs ago I bought $2M of 20-year-level-term insurance for about a cup of Starbucks per day. I am happy to have had the peace of mind for my family for 20 years in case I checked out, and even happier to have outlived the policy. Now that I am old and decrepit, it would cost me way to much to renew, so I recently dropped the policy. Term life insurance is a bet you WANT to lose. Even in blackjack, insurance is a bad bet. Link to comment Share on other sites More sharing options...
jimjum12 Posted March 29 Share Posted March 29 On 3/29/2024 at 7:48 PM, shadroch said: Even in blackjack, insurance is a bad bet. Hey, I watch the I.D. Channel, as soon as you get life insurance, your old lady offs you. GOD BLESS ... -jimbo(a friend of jesus) ttfitz 1 Link to comment Share on other sites More sharing options...
ttfitz Posted March 30 Share Posted March 30 On 3/28/2024 at 7:00 PM, Mr. Zipper said: 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!” Glad I read ahead before posting, I was going to say the same. Lots of fun in those ads. ADAMANTIUM 1 Link to comment Share on other sites More sharing options...
ttfitz Posted March 30 Share Posted March 30 On 3/29/2024 at 3:07 PM, 1Cool said: I occasionally get family members who say I've got to get life insurance and tell me how little they pay for X amount of coverage. I tell them I don't have any and get a shocked look. My daughter is almost 21 and a year away from being out of college debt free so she doesn't need my money any longer. My wife gets all my retirement savings and extra cash so she should have no problem paying off the house with quite a bit left over and she makes good money on her own so why should she live lavishly when I'm gone. Life insurance is necessary when people depend on you but I don't see the benefit if it just makes my wife even more happy when I'm gone. Yep - while I agree with the general point of this thread, as way too many people don't have enough insurance, it's also possible to have too much insurance, too. When it comes to life insurance, the question is "Is there anyone who depends on my income that will need support after I'm dead, and if so, how much?" If the answer to the first part is "no" you don't need life insurance. Similarly, for many years now we've had a high deductible health insurance policy - we only need insurance for two things, to get the negotiated rate, and to cover a large bill. We can pay for the small, everyday things - often times, with the money we save by having a high deductible policy. WolverineX and jimjum12 1 1 Link to comment Share on other sites More sharing options...
ttfitz Posted March 30 Share Posted March 30 On 3/28/2024 at 7:37 PM, the blob said: 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. I'm a bit surprised by this - my wife has two pensions, and they both have provisions to pay her beneficiary (me) if she dies before she starts collecting. jimjum12 1 Link to comment Share on other sites More sharing options...
the blob Posted April 1 Share Posted April 1 (edited) On 3/30/2024 at 5:22 PM, ttfitz said: I'm a bit surprised by this - my wife has two pensions, and they both have provisions to pay her beneficiary (me) if she dies before she starts collecting. Unless I have misread it, they just pay back my contributions with 5% interest. So we've had people retire at 59 even though they were still enjoying work because they were concerned about dropping dead and their spouse not getting the pension. It is a pretty messed up system. Also, if I leave at 54.5 and then take my pension later at 55 (the earliest I can, but with a massive penalty), 59, 62, whatever), even after 30 years, I lose the retirement health benefits. I need to leave at retirement age and start collecting to be able to stay on my cheap (relatively speaking, it isn't THAT cheap, but I'm not crying about pay $650 a month for a family of 4 either, I know that is really good nowadays) health insurance. On the plus side, the spousal survivor pension is not halved if I die like some are. I opt to make her my surivivor and I don't think my payment is even reduced by 10% because we are the same age. I could even make my children the beneficiaries (or even make them beneficiaries for 25%), but my payment would be reduced a lot more due to their ages depending on how much they get. Edited April 1 by the blob Link to comment Share on other sites More sharing options...
shadroch Posted April 1 Share Posted April 1 In New York, teachers have better pension plans than attorneys. Cops and firemen work fewer years but teachers seem have better retirements. Link to comment Share on other sites More sharing options...
the blob Posted April 1 Share Posted April 1 (edited) On 4/1/2024 at 1:02 PM, shadroch said: In New York, teachers have better pension plans than attorneys. Cops and firemen work fewer years but teachers seem have better retirements. Yes, my pension is not as generous vs. my salary as uniformed folks and teachers, but i can't complain. I will not be living high on the hog despite what some would consider a pretty nice salary in the real world right now, but I am hoping what is considered the equivalent of a middle class salary in other parts of the country (and maybe well off in some other parts of the world) will be enough to live on decently until I get SS as well, in addition to my savings. Health insurance is the big scary thing. My wife has a pension, but it is garbage because she is Tier 6. I need to stay to 62 and have put in my 30 years to crack six figures (at current salary levels, I suppose we could have more runaway inflation and they address that in the salary, but I am pretty sure my COLA was 2% when we had 9% inflation in 2022) and I am pretty sure another 10 years of this job will kill me, frankly I am worried that another 5 will too, so that's not happening. Edited April 1 by the blob Link to comment Share on other sites More sharing options...
comicparadox Posted April 1 Share Posted April 1 (edited) On 3/29/2024 at 7:48 PM, shadroch said: Even in blackjack, insurance is a bad bet. A matter of perspective.Term insurance gave me peace of mind. A death payout is a very low likelihood, but it would have been a high impact event for my wife and kids. I don’t play blackjack. I recognize the insurance companies are not in that game to lose money. Edited April 1 by comicparadox Insurance companies are not in the business to lose money. That’s why there are actuarial tables. Link to comment Share on other sites More sharing options...
shadroch Posted April 1 Share Posted April 1 On 4/1/2024 at 10:19 AM, comicparadox said: A matter of perspective.Term insurance gave me peace of mind. A death payout is a very low likelihood, but it would have been a high impact event for my wife and kids. I don’t play blackjack. I recognize the insurance companies are not in that game to lose money. I pay for insurance each year, and hope I don't get a return on that investment. ttfitz 1 Link to comment Share on other sites More sharing options...
