Comments on: A New Will – A New Life Insurance Policy – A New Van – Busy Days For NCN

By: Heaven

Heaven — Tue, 30 Oct 2007 04:19:28 +0000

Its good your getting tasks done rather than let them drag. Encouraging others to get things done too!

After they done you can spend time, enjoying your van.

Heaven.

By: » Weekly Blog Roundup II: Middle Class, Investing in Yourself, and Jai Rodriguez on Consumerism Commentary: A Personal Finance Blog

Mon, 29 Oct 2007 12:39:46 +0000

[...] Busy Days for NCN. No Credit Needed outlines his new will, life insurance policy, and new van. It sounds like someone is getting something done. [...]

By: NCN

NCN — Fri, 26 Oct 2007 00:27:00 +0000

I’ll address the question about the 30 year policy in my next post… Thanks for the great feedback!
NCN

By: Chris

Chris — Thu, 25 Oct 2007 23:51:13 +0000

We decided to take a 20 year term…in fact we just got it a couple of months ago. It just serves to cover the mortgage and a few years of income. By the end of the 20 years, we hope to have enough assets that one or the other wouldn’t need insurance to avoid a financial disaster if something happened.

The whole process was pretty painless, and a nurse even came to our house at our convenience to do the minor physical (no coughing!) and blood/urine samples.

By: Sean

Sean — Thu, 25 Oct 2007 17:40:01 +0000

Sounds like you’ve been busy…

I’m a little confused on the life insurance decision though. Why the push for a 30 year term? At the pace you’re going (heck, at well less than half the pace you’re going), you should have more than enough set aside to be self-insured long before that 30 years is up. Oh, sure, the difference between a 15 year policy and a 30 year one is probably not all that much in actual dollars, but why pay something like 2.5 times more for something that’s giving you little actual benefit?

I can see, with term being so cheap, its hard not to go ‘Why not add another $500k?’ or ‘Why not add another 10 years?’. But being over insured is just wasting money that could be better used elsewhere…