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| Mind and Body Ask for advice or offer some. Keep it work safe clean. |
| View Poll Results: Cash it in and get rid of the debt? | |||
| Save for the Future man... the FUTURRRRRRRE! |
   
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6 | 46.15% |
| Debt sucks... get rid of it all. |
  
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5 | 38.46% |
| Screw the Future and debt... it's all about Coke and Hookers! |
  
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2 | 15.38% |
| Voters: 13. You may not vote on this poll | |||
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Apr 28, 04
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Life Insurance... hmm...
I was talking to my Dad the other day and he put forward a suggestion. Apparently they have Life Insurance for me... I'm in debt to Visa and him. He said I have a choice. I can cash in my Life Insurance and pay off all my debt... or I can keep it and therefore keep the premiums low for the day I eventually have a family... (lol if I can find a woman that could stand being married to me) So I've been thinking about it. Tough descision. I could do that and be debt free and still have enough Cash to get a couple Ratings on my Pilots License and maybe some extra Training. Or I can have a secure amount of cash for a future? lol Just wondering what you folks think.
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Apr 28, 04
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How much are you in debt?
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Apr 28, 04
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hmm... that really is hard :/ ...
i don't even know what to suggest lol
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Apr 28, 04
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And why do you need life insurance?
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Apr 28, 04
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About $2500 worth... Life Insurance is for say... A plane crashes into my Fuel Truck at work and I and about $1,000,000 of stuff explodes in a giant ball of fire. Well... my Parents would get however much my policy is worth as reconciliation of losing such a wonderful person that I am. Or if I die and leave behind a Wife and Kid, they get the money to pay off the Mortgage etc and they don't live in Poverty for the rest of their lives.
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Apr 28, 04
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WHy not just have a will, and wouldnt you widowed wife get help from the government
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Apr 28, 04
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It's good to have both... if you don't have a will you'll get screwed. Trust me... one of my Mom's relatives didn't leave one. What a clusterfuck that ended up being.
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Apr 28, 04
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^^^ thats what i was thinking ehehe
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Apr 28, 04
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pay down your debt
i got life insurance after buying my sportbike, it's the right thing to do if u can afford it..and it's cheap as hell when you're young. i think helpin my family out if i choked would hopefully aid in the healing, let them take time off work and stuff.
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Apr 28, 04
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So how many dependents do you actually have, btw?
If you do decide to get some (I don't think you should) make sure you get term. Don't touch that Dollar-Cost shite. It's basically like an RRSP you can't take money out of. The term stuff is more designed like a real insurance policy.
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Apr 28, 04
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If you had like 20K debt I'd say cash it - but for 2500$, it's not worth it -- Life insurance purchased at our young age will keep premiums low for life- And if flying is where your heart is then have some sort of financial protection like insurance makes sense.
Seriously, $2500 is nothing in the longer haul - pay it down with your tax return, birthday money and so on
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Apr 28, 04
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you can get life insurance latter on, but debt will only pile up, think of all the money you pay just servicing the interest on your debt? Last edited by SEAN!; Apr 28, 04 at 11:26 PM.
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Apr 28, 04
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if he suffers a plain crashes chances are he'll be dead and all that money he paid to the insurence company isnt gonna help him for shit, the reason premiums are so low for young people is because they dont die, insurence companies dont base their premiums on abilty to pay they base it on risk. p.s even if it was an rsp or one of those term thingies(forgot the name) its better to cash it in take the penalty and pay of your debt because the interest you are paying servincg your debt will be higher then any returns you get on your investment...which is almost guarenteed unless your borrowing a shit load of money at a very low interest rate and then using it to finance an investment/endevour that are guarnetteed to have fairly modest returns. Last edited by SEAN!; Apr 29, 04 at 07:08 AM.
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Apr 29, 04
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if you do not have a wife and kids to support why the fuck are you even paying into life insurance?
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Apr 29, 04
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Why have Life Insurance though? What's the point?
It's not like an RRSP at all, Maryah, because an RRSP actually makes sense to start contributing towards early on. But Life Insurance? All it seems to serve is to get more money into your parents' pockets. How much money is a young adult with no dependents worth these days? Saying "It's life insurance dude, life... as in the whole of your life" is silly.... Yeah, it's your life. But it's not like it's life assurance.... All it means is that people who aren't you get money that isn't theirs really. I really fail to see the point of life insurance right here. My dad gave me one piece of advice when I went off to college: they will try to sell me credit cards and life insurance, and I need neither. Life Insurance is so that the people entrusted to your assets and liabilities don't need to suffer fiscally when you die. If you have $2500 in debt, I think it's handleable.
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Apr 29, 04
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maple.. life insurance is just a stable fee you pay for yourself so when you're dead, there's something there to pay for your grave or whatever fees so your children won't have to do that shit.
the problem with life insurance is it's guranteed, so, like sean! said, the annual growth is next to nothing (like the bank) and you get taxed on it... if you have a policy (life insurance) with a investing factor into it, you get a better rate BUT the rate of return's gurantee is not guranteed. it's just another way of saving money besides the bank and a chance to increase your savings. but at the rate of inflation and all other prices rising, it's really useless the "huge" numbers they show you 65 years after you purchased the policy.
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Apr 29, 04
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Wow... lots of valuable input. All quite appreciated. :D
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Apr 29, 04
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This is a dilema.
Pay off your debt now, and you also save yourself interest... so you are actually paying off alot more than $2500. Taking Money and getting pilots license points, etc. will end up costing you big itme in life insurance. Pilots pay extra. So your premiums rise, negating all that interest you just saved yourself from paying. You end up with no life insurance, a little cash, and a huge financial burden when you later attempt to get more. Therfore, you must decide... screwed now and be in good shape later, or be good now and be really screwed later.
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May 01, 04
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Jingles: What are you saying? your saying that without you that your wife wouldn't be able to get a good job? your such a fucking sexist pig... you think because you're a man... that only you can have a job in the family?! why dont you babysit every once in a while and let your wife work!!!
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May 05, 04
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May 05, 04
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dont worry man he's just picking fights
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