Why not get 3 separate policies for $1MM each?

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Feb 17, 2019
9:55:52am

Superman21 All-American

Why not get 3 separate policies for $1MM each?

Mine was only $300/yr for $1MM but it was also for only 20 years.

My wife’s is $500k for about $17/mo.

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Superman21

Bio page: Superman21
Joined: Jun 16, 2014
Last login: May 6, 2024
Total posts: 5,403 (124 FO)

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Messages

Author

Time

POLL: Life insurance

Tuskaloosa Cougar

2/17/19 9:35am

Multiple

garyfan

2/17/19 9:38am

30 year term purchased when I was 30

Mr. Belding

2/17/19 9:39am

What is the premium and coverage?

2/17/19 9:41am

$200/month. $3 mill

Mr. Belding

2/17/19 9:43am

That is nice to have 30 years, but they sure charge high for it, don’t they?

2/17/19 9:46am

That's reasonable

GA_Coug

2/17/19 9:51am

Why not get 3 separate policies for $1MM each?

Superman21

2/17/19 9:55am

How old when you got that?

2/17/19 10:01am

I was 30 and my wife was 29.

Superman21

2/17/19 12:22pm

The last 10 years in a 30 are much more expensive

Baron

2/17/19 10:46am

I didnt do the 30 year. I looked at the prices and figured i could a policy late

Superman21

2/17/19 12:25pm

Just a word of caution - waiting until later in life to get a policy can be very

kos

2/17/19 3:12pm

Overlapping multiple policies providing the most coverage during the years...

CougaReb

2/17/19 9:46am

^I do this also. 50% of my coverage is on a 30-year term, 25% is on a 20-year

kos

2/17/19 3:13pm

Pay attention to cougareb this.^^^^^^

Acorn

2/17/19 9:49am

I checked your original post.

Tuskaloosa Cougar

2/17/19 10:39am

It's is hard to guess what you may need and how long

Acorn

2/17/19 1:48pm

^true about long term disability insurance. You’re much more likely to

kos

2/17/19 3:15pm

Much like Super Bowl squares, life insurance is a form of gambling so I stay away from it.

foofcoug

2/17/19 10:07am

My wife is pretty enough some guy will come along and take care of her

RC Vikings

2/17/19 10:26am

I am 3 years into a $1 million dollar 10 year policy.

2/17/19 10:33am

"free money"

Baron

2/17/19 10:44am

Right, but it almost is compared to the little cost.

2/17/19 10:59am

What does SGLI count as?

demon_llama

2/17/19 10:30am

I'm probably underinsured but I have a small term policy, I'm paying the

Born2Fish

2/17/19 12:34pm

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