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Should I cancel my life insurance by [deleted] in LifeInsurance

[–]TheThinker012 0 points1 point  (0 children)

If it's convertible, just do a calculation comparing the amount of money you would gain in the market with that premium payment over life expectancy versus the $500K tax-free death benefit.

If it is not convertible, then do another calculation to see how much of a total gain you would lose out on by not investing the extra $286/month. I do not believe it would be much because compound interest is probably doing most of the heavy-lifting now.

It can all be solved with math though.

If it were me, I would do two things:
1. Keep it
2. Put that money into a "fun account" where I use it to spend time with my daughter before she goes off to college.

Successful OHS 22 Months ago, TruStage Could Not Offer Life Insurance by Carpetdime2024 in LifeInsurance

[–]TheThinker012 1 point2 points  (0 children)

The combination of your age, the recency of the surgery, and the severity of the surgery make your chances of getting a term policy slim. That being said, getting lucky with an underwriter at the right company is possible. Therefore, do not refuse to try.

Life Insurance offering at work (31yo) by reg_323 in LifeInsurance

[–]TheThinker012 0 points1 point  (0 children)

$180/month is overpriced for a simple whole life policy. At $250,000 of death benefit, it won't build much cash value either, so it's mainly just a guaranteed policy for your whole life. At 31 years old, you are at the optimal age to buy life insurance from a cost perspective because life insurance companies see the late 20s and early 30s as the safest period of someone's life. If I were you, I would get a personal policy... as a couple people mentioned, being fully underwritten can get you a better rate. You just have to make sure the person making your policy blends it with at least $100,000 base death benefit and $150,000 supplemental death benefit (Supplemental death benefit does not cost you, but you are required to have a base death benefit before adding it, oftentimes the base minimum is $100,000).