Comments on: Reader Mail: Do I Need This Insurance Policy? http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/ Everything About Money You Were Too Polite To Ask Fri, 24 May 2013 12:28:09 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: smack http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10230 smack Wed, 18 Jul 2012 13:28:44 +0000 http://thebillfold.com/?p=8522#comment-10230 It's much cheaper the younger you are - my husband and I have an agreement to buy it on our 40th birthdays, respectively. We're not having kids, so it's I think especially important for us (not that you want to rely on your kids to take care of you anyway). It’s much cheaper the younger you are – my husband and I have an agreement to buy it on our 40th birthdays, respectively. We’re not having kids, so it’s I think especially important for us (not that you want to rely on your kids to take care of you anyway).

]]> By: Mike Dang http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10204 Mike Dang Tue, 17 Jul 2012 22:15:30 +0000 http://thebillfold.com/?p=8522#comment-10204 @jfruh I keep mine because if I were to die today, my parents, who are my beneficiaries, would get more than $1 million. I'm not sure what your policy is worth, but it might be worth it to you to keep it if your monthly premium isn't very much. But get rid of it if you think it doesn't make sense for your circumstances. @jfruh I keep mine because if I were to die today, my parents, who are my beneficiaries, would get more than $1 million. I’m not sure what your policy is worth, but it might be worth it to you to keep it if your monthly premium isn’t very much. But get rid of it if you think it doesn’t make sense for your circumstances.

]]> By: Jake Reinhardt http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10201 Jake Reinhardt Tue, 17 Jul 2012 21:24:04 +0000 http://thebillfold.com/?p=8522#comment-10201 30 here, and I have long term care because my job pays for it. I also have life because it's only $1.16/month! 30 here, and I have long term care because my job pays for it. I also have life because it’s only $1.16/month!

]]> By: mishaps http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10199 mishaps Tue, 17 Jul 2012 21:22:29 +0000 http://thebillfold.com/?p=8522#comment-10199 I am not sure if there is a difference between long-term care insurance, and long-term disability insurance, although I was pretty sure there was before I started thinking about it. Anyhow! Long-term disability insurance is, I think, totally worth it, because God forbid you get hit by a truck tomorrow, you know? Insurance meant to cover your nursing home stay in your 80s, you don't need, but if you can find an affordable disability insurance policy, take it. I believed this even before I met a former financial planner who said that it had been her number-one tip to her clients. So my advice is, talk to the people who provide your house and car insurance and see if there is some sort of bundle they can offer you, and find out what it would cover. It is less important than paying down your credit card debt, yes, but it's worth thinking about what would happen if you couldn't work, and what you can do to protect yourself against that. I am not sure if there is a difference between long-term care insurance, and long-term disability insurance, although I was pretty sure there was before I started thinking about it. Anyhow!

Long-term disability insurance is, I think, totally worth it, because God forbid you get hit by a truck tomorrow, you know? Insurance meant to cover your nursing home stay in your 80s, you don’t need, but if you can find an affordable disability insurance policy, take it. I believed this even before I met a former financial planner who said that it had been her number-one tip to her clients.

So my advice is, talk to the people who provide your house and car insurance and see if there is some sort of bundle they can offer you, and find out what it would cover. It is less important than paying down your credit card debt, yes, but it’s worth thinking about what would happen if you couldn’t work, and what you can do to protect yourself against that.

]]> By: jfruh http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10198 jfruh Tue, 17 Jul 2012 21:18:16 +0000 http://thebillfold.com/?p=8522#comment-10198 Speaking of which, I have a life insurance policy that I bought from my step-uncle when I was like 21, because he convinced my mom I should have it? It's like, easier/cheaper to get it early or something? Anyway, I have no kids nor plans to have kids, and my wife has a job (not that a chunk of cash wouldn't console her if I died) so I sort of resent paying for it every year. On the other hand, presumably my step-uncle would notice if I stop paying it, since despite his semi-retirement his name is still on the bill as my agent. What should I do? Speaking of which, I have a life insurance policy that I bought from my step-uncle when I was like 21, because he convinced my mom I should have it? It’s like, easier/cheaper to get it early or something? Anyway, I have no kids nor plans to have kids, and my wife has a job (not that a chunk of cash wouldn’t console her if I died) so I sort of resent paying for it every year. On the other hand, presumably my step-uncle would notice if I stop paying it, since despite his semi-retirement his name is still on the bill as my agent. What should I do?

]]> By: quadrilaterals http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10188 quadrilaterals Tue, 17 Jul 2012 20:31:42 +0000 http://thebillfold.com/?p=8522#comment-10188 Oh, Mike Dang. I am 24 and have had a long-term care insurance policy since 22, after watching my father be forced to retire at 45 and die slowly from a long-term illness not covered by BlueCross (fuck you, fuck you, fuck you BlueCross) or, later, Medicare. It only takes that and you will sign up for ALL THE INSURANCE YOU CAN GET. Oh, Mike Dang. I am 24 and have had a long-term care insurance policy since 22, after watching my father be forced to retire at 45 and die slowly from a long-term illness not covered by BlueCross (fuck you, fuck you, fuck you BlueCross) or, later, Medicare. It only takes that and you will sign up for ALL THE INSURANCE YOU CAN GET.

]]> By: NB http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10186 NB Tue, 17 Jul 2012 20:27:49 +0000 http://thebillfold.com/?p=8522#comment-10186 Oooh! Topical! One article I read recently that gave me pause regarding long term care insurance was this one: http://www.getrichslowly.org/blog/2012/07/02/is-long-term-care-insurance-worth-it/ In a nutshell: Author weighs costs and benefits of LTCI, observes that costs may change substantially as you age/actually start using long term care, even if you are an existing customer. That's not to say that LTCI is bunk, but a warning: if you do think your personal situation calls for long term care insurance, please, please, please read before you sign, and make sure that you know what you're getting into (Ha! For insuring the coverage of your insurance! The irony!) so you don't run into a nasty surprise at a time when you can't afford it. Oooh! Topical!

One article I read recently that gave me pause regarding long term care insurance was this one: http://www.getrichslowly.org/blog/2012/07/02/is-long-term-care-insurance-worth-it/

In a nutshell: Author weighs costs and benefits of LTCI, observes that costs may change substantially as you age/actually start using long term care, even if you are an existing customer. That’s not to say that LTCI is bunk, but a warning: if you do think your personal situation calls for long term care insurance, please, please, please read before you sign, and make sure that you know what you’re getting into (Ha! For insuring the coverage of your insurance! The irony!) so you don’t run into a nasty surprise at a time when you can’t afford it.

]]> By: Megano! http://thebillfold.com/2012/07/reader-mail-do-i-need-this-insurance-policy/#comment-10181 Megano! Tue, 17 Jul 2012 20:07:36 +0000 http://thebillfold.com/?p=8522#comment-10181 Oooh yeah that reminds me I inherited some kind of life insurance policy that my Dad had paid for, and then when he died, it was still partially paid for, but I think all that money is gone now and they want me to pay like $1500 a year or something for it? It's definitely more than I can pay since I haven't had a steady income like, ever. Oooh yeah that reminds me I inherited some kind of life insurance policy that my Dad had paid for, and then when he died, it was still partially paid for, but I think all that money is gone now and they want me to pay like $1500 a year or something for it? It’s definitely more than I can pay since I haven’t had a steady income like, ever.

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