Are you including Life Insurance in your preps?

Share a survival experience with us and explain what you learned from it. You might help someone.

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Kelvar
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Re: Are you including Life Insurance in your preps?

Post by Kelvar » Wed May 11, 2011 9:28 am

I would add car insurance. Only complete jackasses drive without car insurance, and there are plenty of them out there.

Another thing to consider, if you have any assets at all, say you've been dilligently saving your money like a good prepper and you've built up a decent little nest egg, you should strongly consider getting more auto coverage than just the legally required minimum. Because if you run into someone and if it is deemed your fault, if that person is, say, a Brain Surgeon with a trunk full of faberge eggs, your insurance company is likely to say, "Okay, Doc, here is our check for the policy limits," and then turn to you and say, "Good luck." That Doctor may not just walk away (or, wheel himself away in his new wheelchair), he may try to come after your personal assets. :(
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Re: Are you including Life Insurance in your preps?

Post by raptor » Wed May 11, 2011 12:01 pm

Kelvar wrote:I would add car insurance. Only complete jackasses drive without car insurance, and there are plenty of them out there.
I agree.
I did not list that simply because in most states it is legally required and not an option. The others are "optional" coverages.

I also agree with higher coverages for auto policies. An auto accident is the highest probability risk we face every day. What you should do is buy auto insurance and a liability umbrella policy to address this risk.

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Re: Are you including Life Insurance in your preps?

Post by Kelvar » Wed May 11, 2011 12:04 pm

I agree, raptor. But I list it because you would be surprised to learn just how many uninsured drivers are out there and at the many misfortunes their selfishness causes.
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Re: Are you including Life Insurance in your preps?

Post by Paladin1 » Wed May 11, 2011 1:36 pm

Since I own a business that my wife could not run, and I have 3 small children I have a very substantial policy.

To not plan for your death when you have a family is extremely selfish.
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Re: Are you including Life Insurance in your preps?

Post by raptor » Wed May 11, 2011 2:03 pm

Do not over look disability insurance if you are professionals or a business owner.

This insurance is often available at reasonable rates from professional and business groups. In the event that you are disabled and cannot work it pays you a tax exempt monthly benefit (if you pay the policy with after tax dollars) typically (but not always) for the duration of your disability or until you reach age 65.

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Re: Are you including Life Insurance in your preps?

Post by 1776 » Thu May 12, 2011 5:17 pm

I agree with Paladin,not to plan for your death when you have family is selfish. A good friend of mine sold insurance for a while. He told me of a husband and wife who came into his office to buy life insurance.The husband didn't want to,but his wife dragged him along anyways. My buddy told me that less then three weeks later,the wife was back in his office and tearfully handed him her husbands death certificate. He was a logger and had been killed at work. So you never know what will happen. Being prepared isn't all ammo and food.
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Re: Are you including Life Insurance in your preps?

Post by ninja-elbow » Thu May 12, 2011 6:54 pm

I have very few assets as of now (single, renter) but just started a life insurance policy to supplement my $20k policy I get at work. Next year I will be upgrading it as I will be married and have one step child by then.

My Mother died in 1999 and, being she was a Thai, she just did not understand the hubbub of life insurance so she did not have a policy. Since her and my Father were divorced I was her only blood relative that was an American. I was almost crushed by her creditors until I retained a lawyer ... and found out Mom's creditors could do nothing ... and Mom had nothing but that debt.

On top of life insurance I highly suggest renter's insurance for those renting. Usually available at a discount via your car insurance carrier. Mine is $12 a month for $20k/undepreciated value.
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Re: Are you including Life Insurance in your preps?

Post by ZombieGranny » Thu May 12, 2011 10:41 pm

You bring up a good point...
As the offspring YOU ARE NOT RESPONSIBLE FOR YOUR DECEASED PARENT'S DEBTS!
The money for debt payment comes out of any estate left (property, insurance, etc) and if that isn't enough - tough noogies.
Some creditors will try to make you THINK you are responsible, but nope.

Edited to specify offspring. A spouse is responsible for joint debts, there are however solo debts for which the surviving spouse is not responsible.
Check with an attorney.
Last edited by ZombieGranny on Fri May 13, 2011 8:33 am, edited 1 time in total.
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Re: Are you including Life Insurance in your preps?

Post by raptor » Thu May 12, 2011 10:53 pm

Unless the life insurance is payable to the estate, creditors cannot go after the proceeds.

Also spouses can be held liable for debts incurred by the dead spouse in most states.

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Re: Are you including Life Insurance in your preps?

Post by Folly » Thu May 12, 2011 11:09 pm

To the OP, very sorry to hear about your Dad, my Father also passed away several weeks ago. He did not have life insurance but as someone else said, I learned a lot from him (sometimes what not to do). My wife and I both have life insurance and although I did feel reluctant to get it, that was just facing the taboo of realizing you will die at some point.
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Re: Are you including Life Insurance in your preps?

Post by jakesway » Fri May 13, 2011 2:25 am

God bless man. Thanks for getting the message out there and telling the story of a good man. For those who dont have it, GET LIFE INSURANCE!

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Re: Are you including Life Insurance in your preps?

Post by ninja-elbow » Fri May 13, 2011 2:49 pm

ZombieGranny wrote:You bring up a good point...
As the offspring YOU ARE NOT RESPONSIBLE FOR YOUR DECEASED PARENT'S DEBTS!

*snip*

Check with an attorney.
I wish I still had some of those letters I got on file from my Mom's creditors. Those things were scary. I'm sure the law office I went to has them on file somewhere as the one I work at has letters from the 70s on file.

My Mom moved to Vegas after her and Dad divorced. This was 1998, boom-times in Vegas. In the year before she got terminally ill she had started up 2 businesses (and incured a huge debt from loans), bought a condo and a car. All of them came after me.
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Re: Are you including Life Insurance in your preps?

Post by Pondo_Sinatra » Fri May 13, 2011 4:37 pm

My father passed away several years ago and would never even talk about life insurance, funeral arrangements, burial plots, nothing to do with death or dying. After he passed away, we (mostly Mom) we left to make all the decisions for him. Thankfully, we all get along very well, but it's still a little painful to have to deal with the details, especially since Dad never communicated his wishes to anyone.

And funerals and burial plot are expensive.

Mom, bless her heart, saw what happened and decided shortly after Dad's passing to make all the decisions for us. Her arrangements are already pre-paid, she's got everything picked out and set on paper with her attorney and with the funeral home.

I haven't made it that far yet, but I've been thinking seriously about prepaying for a natural burial. There are two functioning nature preserve cemeteries close enough to make the arrangements relatively hassle-free.

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Re: Are you including Life Insurance in your preps?

Post by raptor » Fri May 13, 2011 4:41 pm

Everybody dies. You owe it to your loved ones to make arrangements ahead of time so that they do not have to deal with it. It is the ultimate preparation.

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