Just wondering what some of your thoughts are.
If you are in your 50's plus, debt free, or debt free except for the house/farm and have a good retirement account, do you think its worth the money to have 100k in insurance.
Most cremations are around $2500
My darn term insurance I have had since the army is going to be almost $500 this year. That seems like its getting pretty steep to me.

Thanks in advance for your opinions.

Got a wife and kids? It ain't just about burying you if you are no longer here to provide for them for several years beyond your death.

just me and the wife. kids are grown and doing fine. trust me - I always have and always will put the wife and kids before me.

In your 50's and it's $42 mo. That's not bad. Keep it. Is that policy just for you or does it also include your wife?
X2 Jab.

Right now, my prices would be much higher and I'm pushing 40.

If you have debt, your not "debt free" Neither will your spouse or kids at your passing...

I'd talk to your spouse about insurance, debt and standard of living after your passing. You might want to talk to the kids also depending on the situation.

I'd be shopping around though...

just me, and I imagine I will keep it. Had it for over 30 years. $500 ain't much to have peace of mind knowing the wife will be in good shape if something happens.

Guess I better trap about 1000 coons to pay for it!

They are betting that you are going to live long to make money off you-you are betting that you will die soon to win more than you will have to put in.
Dumb bet to take.

So do you have life insurance?

I would never recommend life insurance to anyone over 50 , in good health and with good health in there family tree , I had a term live policy thru my employer pay for 30 plus years , when I got retired ,I payed for 3 years and one day I get a call , they tell me that my insurance is cancel , I call agent and they say they don't no why I got cancel , 3 months later agent calls and say that there a loop hole, and they didn't know about it , you had to be working , I got the 3 years that I was retired back , but that was it !!!, if I had taken that money an put it the market I would have plenty for the wife to buried me and then some , my uncle's all had life insurance and when they got old Insurance , they raise the price so my uncle could not afford to keep paying

The amount and type may well depend upon your health, family and financial status. Life insurance does have some advantages in estate concerns. A good financial planner that knows your situation maybe a good investment for you if you don't have one currently.

Bryce

The average - death to burial - with funeral service is around $12,000 and the average cremation service is $10,000 since you brought that up.

Blessings,
Mark

They're in bidness to make money, and lots of it. Not make your family comfortable after you check out.

If its just for you, then no. Insurance is for others, not you.

Not doubting you Mark, but here in rural SW Missouri cremation isn't close to that. I work a little for a friend that digs graves and talk to the funeral directors quite a bit while we are waiting to close the graves. I guess location means a lot

Of course not,I plan to pay my own way into the afterlife.

I would not have any insurance of any kind if it was not mandatory.
I would make those payments to myself and build up my own slush fund for car wreck or home repair.

It takes willpower to do that and lots of people dont have much of that.Thats why there are insurance companys.

Lots of buisnesses(and some people) self insure.

Depends on how your wife will survive without you.

• If she can sell the farm and have enough to live on until she's 90 you don't need life insurance.
• If she has a good job with a retirement package that will support her if you're gone, you don't need insurance.
• If you have 25x her annual living expenses saved, you don't' need insurance. (That's because she can take out 4% of the balance every year without the value of the savings being used up before she dies - if it's invested making at least 8%.)

If she depends on your income or if she works with you on the farm and can't operate the farm alone for 30 more years, you need life insurance. A rough rule of thumb is that you need 7x your annual income in life insurance to make sure she's taken care of. Not sure that I agree with that number. What she needs depends on your situation: savings, debt, home ownership, home repairs needed, how long she's likely to live, her opportunities to work and support herself, when she plans to retire, what happens if her health forces her to retire, etc.
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Suppose you have two kids. One works in your business and the other has no interest in the family business. You die and they inherit the business. One wants to buy the other out. He or she must borrow half the value of the business to do so, and the additional debt could sink the business. Life insurance could have compensated one child and the other could have a debt free business.

Or suppose you and your brother own a business together and he dies. Would you want to be a partner with his wife. She now owns his half. Life insurance on each partner is the answer.

There are dozens of applications. Insurance proceeds are income tax free also.

Why don’t some of you buy stock in those life insurance companies that are getting rich. You can get as rich too.

I was a Prudential agent for sixteen years. The first group policy I sold to a business had life, health, and disability coverage. Within days of delivering the policy to the business, an young employee left home after an argument with his wife, lost control of his vehicle, hit a tree and ended up inside of a collapsed barn. He was killed. Been insured less than a week. The wife was relieved to discover her husband had some life insurance at work.