MANNYIZDAMAN
New Member
Cash: $ 2.50
Posts: 7
Joined: 15 Aug 2006
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I purchased a $100,000 term life policy through his employer and I have been paying on my privately purchased $50,000 who life insurance policy for many years (which now has a cash value of $30,000). My wife is listed as the beneficiary on both policies. Assuming I own both policies, what advice can anyone offer regarding ownership of the two policies?
does it make sense for my wife and i to have both living wills and medical powers of attorney? why? or why not?
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Tue Aug 22, 2006 8:01 pm |
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giddyup
New Member
Cash: $ 0.80
Posts: 4
Joined: 12 Sep 2006
Location: NC
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Manny:
Why did you buy the policies? Have those reasons gone away? If so, have they been replaced by new reasons?
Whole life insurance is not a great investment.
How is your health? What is your life expectancy?
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Sat Sep 16, 2006 7:35 am |
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LottomagicZ4941
Senior Member
Cash: $ 1.66
Posts: 2633
Joined: 02 Dec 2004
Location: Earth
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It is actually best if you own your wife's insurance policy and your wife owns your's.
I'll bet this isn't the case very often. I was single when I bought my life insurance policy. Should double the coverage incase I croke in an auto accident or something. For just $4 more a month I can get an additional $50 in coverage. But every month I don't plan on croaking so I don't up it.
But if my wonderfull son Erik did lose his dad $4 a month is a small price to pay in helping him with a down payment on a home or money for college if he chooses to go to college.
I think live insurance is a wondefull thing!!!
I should up mine!!!
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Mon Nov 06, 2006 8:15 pm |
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