Comments on: Updating My Will And Purchasing More Insurance http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: Jeff http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/comment-page-1/#comment-122827 Jeff Mon, 28 Jul 2008 16:28:07 +0000 http://www.ncnblog.com/?p=1348#comment-122827 Quote 12x salary seems low to me. Would you insure your car for only half it’s value? How about your house? Seems like you wouldn’t insure your life for less than half its value either. End Quote TJ, This is apples and oranges. Your car and house insurance are variable. They depend on assessed value at the time of pay out. (Good thing life insurance isn't that way, some of us would not get paid a dime!) Considering that life is priceless, you can't really put a value on it can you. You are insuring your present way of life for your loved ones for a number of years to assist them until alternate income can be obtained, whatever that may be. Quote
12x salary seems low to me. Would you insure your car for only half it’s value? How about your house? Seems like you wouldn’t insure your life for less than half its value either.
End Quote

TJ,

This is apples and oranges. Your car and house insurance are variable. They depend on assessed value at the time of pay out. (Good thing life insurance isn’t that way, some of us would not get paid a dime!) Considering that life is priceless, you can’t really put a value on it can you. You are insuring your present way of life for your loved ones for a number of years to assist them until alternate income can be obtained, whatever that may be.

]]> By: TJ http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/comment-page-1/#comment-122296 TJ Fri, 25 Jul 2008 19:52:02 +0000 http://www.ncnblog.com/?p=1348#comment-122296 "12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don’t think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life’s necessary evils I guess. Thanks for the good blog." Jeff, 12x salary seems low to me. Would you insure your car for only half it's value? How about your house? Seems like you wouldn't insure your life for less than half its value either. “12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don’t think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life’s necessary evils I guess. Thanks for the good blog.”

Jeff,

12x salary seems low to me. Would you insure your car for only half it’s value? How about your house? Seems like you wouldn’t insure your life for less than half its value either.

]]> By: NCN http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/comment-page-1/#comment-122291 NCN Fri, 25 Jul 2008 19:05:05 +0000 http://www.ncnblog.com/?p=1348#comment-122291 @Jeff... My hope is, at 12 times my salary, my wife could invest the insurance money, and if it grows at 6 to 10 percent a year, she can use those proceeds, and never have to 'touch' the insurance money, itself... or, she can just have one, really super awesome party... NCN @Jeff…
My hope is, at 12 times my salary, my wife could invest the insurance money, and if it grows at 6 to 10 percent a year, she can use those proceeds, and never have to ‘touch’ the insurance money, itself… or, she can just have one, really super awesome party…
NCN

]]> By: Brianne http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/comment-page-1/#comment-122289 Brianne Fri, 25 Jul 2008 17:37:05 +0000 http://www.ncnblog.com/?p=1348#comment-122289 My boyfriend and I just purchased renter's insurance and new car insurance and going with one company was a giant savings. I wonder if there's a website out there that will give me advice on whether or not I need more life insurance than my company already supplies. I'm 29 with no dependents and my only debt is my car and my student loans. I'm pretty sure the student loans are forgiven upon my death and my car is worth about what I owe on it. My company supplies $10K of life insurance, which would hopefully pay for my funeral. My boyfriend and I just purchased renter’s insurance and new car insurance and going with one company was a giant savings.

I wonder if there’s a website out there that will give me advice on whether or not I need more life insurance than my company already supplies. I’m 29 with no dependents and my only debt is my car and my student loans. I’m pretty sure the student loans are forgiven upon my death and my car is worth about what I owe on it. My company supplies $10K of life insurance, which would hopefully pay for my funeral.

]]> By: Jeff http://www.ncnblog.com/2008/07/24/updating-my-will-and-purchasing-more-insurance/comment-page-1/#comment-122285 Jeff Fri, 25 Jul 2008 16:17:56 +0000 http://www.ncnblog.com/?p=1348#comment-122285 12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don't think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life's necessary evils I guess. Thanks for the good blog 12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don’t think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life’s necessary evils I guess. Thanks for the good blog

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