We don't live forever!!

[Stid2677]

Seems like every season a hunter is killed chasing the life we all hold dear. Always tragic to have a loved one die young and healthy,, but even more so when they die and leave their family with no financial support.

I'm a believe in life insurance, and have a policy that will provide for my wife and kids if I were to be killed. The last thing I want for them if I were hurt or killed is to have to ask for help.....

 

[AK Troutbum]

I couldn't agree more Steve. I have two life insurance policies through my employer.

 

[dotman]

Yeah people keep telling me I'm crazy to be worth more dead then alive . I completely agree.

 

[Stid2677]

To see a family not have enough funds to bury a loved one, let alone face daily living expenses and be forced to sell their home during the grieving process is heart breaking. Fund raisers don't stay active very long, and the family is left trying to struggle along alone...

 

[Longstride12]

This happened to a co-workers brothers family earlier this year. No life insurance and the driver that killed him didn't have enough insurance to cover crap. It is heart breaking and like you said fund raisers only go so far. I'm a firm believer in taking care of my family and their needs first. Be safe out there and take care of your loved ones.

 

[Russp17]

Seems like every season a hunter is killed chasing the life we all hold dear. Always tragic to have a loved one die young and healthy,, but even more so when they die and leave their family with no financial support.

I'm a believe in life insurance, and have a policy that will provide for my wife and kids if I were to be killed. The last thing I want for them if I were hurt or killed is to have to ask for help.....

Steve you are exactly right. I'm only 31 but just went thru a cancer scare (lump removed non cancerous turns out). My entire worry that my being lazy and thinking I'm young screwed my family by not getting a life insurance policy. I'm currently getting quotes and will be getting a policy immediately.

 

[bourbon]

I couldn't agree more Steve. I have two life insurance policies through my employer.

While this is fine for NOW I'd suggest against it for a long term strategy. THe problem with using an employer based policy is the fact that you might not work there forever, and say you get layed off when you are 55 it will be very hard and very costly to find a policy that will fit your need at that age.

Contact whomever your agent is with who you are using for your home, auto, umbrella, etc and talk to them about it. They likely will not offer a life insurance program but can recommend one. Stay away from WHOLE life and just get a TERM life insurance policy. You will have to submit to a blood test so if you smoke, i doubt anyone here does, but even if it is just the occasional cigar then stop for at least 30 days prior. You want a policy you can have for the long term not one that can be gone in the blink of a eye (job).

 

[Stid2677]

The other important thing is a WILL, who will care for your children if both parents are lost?? Property? insurance? If you don't have both a WILL and some coverage, I would look into it.

Dealing with the death of a family member recently and if he had not had a WILL, his wife may have lost her home. They had been married for 25 years, but he never removed his deceased spouse from the deed, so when he died his 3 kids legally owned their mothers half. So also make sure your paperwork and beneficiary info is current.... Don't want the EX to get it all, not that she left much behind.

Accidental death insurance is fairly cheap for young healthy folks,, make sure to buy before you hit the BIG 40.

 

[boom]

a living trust.

i need to get this done.

 

[Clarktar]

This thread has served it's purpose to me! Will be getting into these responsible items very soon. Thanks for the advice.

 

[dotman]

While this is fine for NOW I'd suggest against it for a long term strategy. THe problem with using an employer based policy is the fact that you might not work there forever, and say you get layed off when you are 55 it will be very hard and very costly to find a policy that will fit your need at that age.

Contact whomever your agent is with who you are using for your home, auto, umbrella, etc and talk to them about it. They likely will not offer a life insurance program but can recommend one. Stay away from WHOLE life and just get a TERM life insurance policy. You will have to submit to a blood test so if you smoke, i doubt anyone here does, but even if it is just the occasional cigar then stop for at least 30 days prior. You want a policy you can have for the long term not one that can be gone in the blink of a eye (job).

I figured most insurance plans thru an employer can be kept if you leave, I know mine allows this. I do have a few separate policies but also carry the most I can thru work. I also suggest catastrophic medical that pays out if you get a terminal type condition so you don't have to foot any deductibles etc and still have cash leftover. I also have plans for my kids and wife thru work as well.

 

[AK Troutbum]

I figured most insurance plans thru an employer can be kept if you leave, I know mine allows this. I do have a few separate policies but also carry the most I can thru work. I also suggest catastrophic medical that pays out if you get a terminal type condition so you don't have to foot any deductibles etc and still have cash leftover. I also have plans for my kids and wife thru work as well.

Mine does as well, if I continue to pay the premium.

 

[SDHNTR]

Financial planning is my business and it always amazes me how little thought people put into succession plans for their family. Even educated, wealthy people. Term life and a will is a necessity, at a minimum, and likely a living trust if you own any significant assets. Your family deserves the best. Spend a little time and a few bucks caring for them now.

No disrespect meant to the Roth family. My heart goes out to them and they are in my prayers.

 

[Stid2677]

Certainly no disrespect intended, just hope to get folks to have a conversation.

 

[Jon Boy]

I guess I didnt see where roy didn't have any life insurance or plans in case of his death. I just saw some go fund me accounts started to comfort his family in a time of grief, did I miss something? I would think an outfitter in AK would know better.

 

[Stid2677]

I guess I didnt see where roy didn't have any life insurance or plans in case of his death. I just saw some go fund me accounts started to comfort his family in a time of grief, did I miss something? I would think an outfitter in AK would know better.

I in no way meant for this thread to be about any person.

Just hoping to get folks to think about things if the worst were to happen.

 

[Jon Boy]

Copy that stid. Seemed like some people were taking it that way and didn't want a rumor like that flying around about a guy like roy.
Back to the original topic. I completely agree and it crosses my mind often when hunting deep by myself.

 

[SDHNTR]

It's a very worthwhile conversation. It can be a tough thing for families to talk about, but so important. It's something for those of us still with living parents to discuss too. I highly doubt any of us want to mop up our parents affairs. Like anything else, a putting a plan in place will make for a much easier experience when the time actually comes.

 

[Roy68]

I completely echo Stid and Bourbon. For 6 years I watched a rare auto-immune disease ruin my dads quality of life to the point of almost being an invalid. 3 years prior and 2 years before retirement he could no longer work. His life insurance policy was no longer valid at that point. His employer provided short term disability ran out and my mom took on a second job. Obviously he could not obtain a life policy of any kind going forward. Dad passed this past April. The 2 pluses for my mother are that all 4 of us kids were well down the road of supporting ourselves and my brother and I helped mom make some hard decisions that helped right the ship. That is a very shortenend summary of the suck egg deal I have first hand knowledge with.

Do not put stock in your employer offered benifits unless you know the fine print.
Have a will
Have a secondary policy outside of work, and get it early in life
Make sure your policy covers all your debts if possible and still puts an acceptable amount in the bank for your situation
Stay away from whole life. I made that mistake for a short time
Make sure your spouse has a policy. Even if she's a home maker she contributes
Enroll in short term and long term disability if your employer offers it

When I'm away from home I still have responsibilities as a husband, father, and a provider. I have a responsibility even if I'm gone from this earth tomorrow , because I have the option today to think and plan ahead.

 

[COlineman78]

If done correctly a life insurance policy can actually be a very good option for tax free retirement savings. You get good instant value and coverage but it can be borrowed against once it builds enough value and will actually exceed the value of the life insurance. This type is called over funded and is essentially overpaying for whole life which is invested. These types can be risky if you aren't careful about which company you go with. Term life is cheap, but a poor investment; while life is significantly more expensive but can be borrowed against and is actually worth something while you are still alive. Talk to a financial professional, especially if you're young enough to get it cheap. I bought mine purely as a retirement investment but the added bonus of protection.