Fucking Life Insurance Companies

greg1147

greg1147

Sergeant of the Hide
Full Member
Minuteman
    • Sep 12, 2017
    494
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    Virginia
    #1
    Metlife just doubled my premium on a $100K policy. These blood suckers know how to fuck over the average middle class retirees
    Fixed income, raise the premium, policy lapses, Metlife doesn't pay. Fuck these asshole I'll go back to work before I let that happen.
    I'll never see the $$ but just knowing they will pay the benefit.
    Found out it costs more to get older
     
    Last edited:
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    #3
    Normally most term life policies have fixed rates for the term.
    Normally rate increases only happen at the end of the term.

    How long have you had your policy? Were you at the end of the policy period?
    Also what age are you at? You mentioned you were in the retiree class.

    $100k isn't a very big policy, you might consider based on your age and what the policy costs, and your financial situation if you actually need the policy or just prefer to stick the premium costs into savings.
     
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    #5
    The idea is that at retirement you should have saving and investments such that you no longer require life insurance.

    You buy term insurance when young with family obligations and few resources. Term is cheaper because the rate is for the young and healthy. It allows you to save and invest more of your income. If you plan to need life insurance in retirement then you should look at whole life.

    Regardless I agree. I've never paid a dime for life insurance and done well investing that money.
     
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    #6
    greg1147 said:
    About 40 years I'm 76 and not planning on dying anytime soon.
    Click to expand...

    So more than likely you are at the end of the actual guaranteed premium period of the term life insurance and either you are now on the huge scale up side or they are offering you another policy.

    At 76, I'm going to say the premiums are probably not worth it.

    Term life insurance is for younger folks with families to support and such.
    It's basically insurance that if you die unexpectedly and way before normally would be expected, your wife / kids are not left without support.

    As you start getting into your 70s your chances of dying go way up and so the premiums essentially become way higher.
    Most folks don't find it worth while to carry term life insurance once their kids are grown and all the main debts are paid off.
    It's often better at that point to just start saving money aside for final expenses etc.

    In my case I'll probably have term life insurance till I'm 60 or 70 at the oldest and then call it good.
     
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    #7
    I looked into it quite a while back. All I saw it boil down to was that if you gave "them" 200K, either at once or payments over time "they" would give you 200K in life insurance. Because of this and finding out that life insurance is a leading cause of death, according to the daytime cop shows my wife watches, I put the money in the bank.

    Thank you,
    MrSmith
     
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    #9
    Mike Casselton said:
    Companies.

    Just sayin'.

    Oh and for others, it's not company's either.
    Just sayin', sayin'.


    I lost my spelling and grammar Nazi memes.
    Can somewun hep a brutha out?
    Click to expand...
    IMG_6116.jpeg
     
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    #16
    greg1147 said:
    About 40 years I'm 76 and not planning on dying anytime soon.
    Click to expand...
    No offense but you are 76 and already past the life expectancy of a Male in the US. You don't get to decide when you die.

    If you need insurance at this point in your life, something is seriously wrong.

    If you don't understand why the premiums for a 76 year old male would be astronomical, then no one can really help you.

    You are mad at the wrong person. Its not the insurance companies fault.
     
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    #17
    DeathBeforeDismount said:
    No offense but you are 76 and already past the life expectancy of a Male in the US. You don't get to decide when you die.

    If you need insurance at this point in your life, something is seriously wrong.

    If you don't understand why the premiums for a 76 year old male would be astronomical, then no one can really help you.

    You are mad at the wrong person. Its not the insurance companies fault.
    Click to expand...
    Jeebuz, why are you always a buzzkill.
     
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    #18
    I did big payoff amount 20 year term insurance when I started my career and was making enough to afford it. Enough to pay all debts and support my wife and kids if I disappeared. I have no inurance now. Life insurance in my planning was nothing but a safety net that I focused my goals on not needing later.

    And yeah F life insurance companies
     
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    #19
    Not sure why people are mad at the insurance companies. They provide a product no one forced you to use. It's there incase the worst happens so your family is not in financial ruins. It can also be used by the wealthy as a way to avoid taxes but I doubt anyone here is talking about that.

    If they pay out more than they take in, they go bankrupt. It's a business that exists to make money and unlike car or house insurance, you aren't forced to buy it.

    Not understanding why a 76 year old man is a bad bet is why people are in bad financial positions in the first place.
     
    #20
    roostercogburn98 said:
    Jeebuz, why are you always a buzzkill.
    Click to expand...
    To be fair- he does raise at least a valid point (albeit not eloquently delivered). Life insurance, well really all insurance for that matter is based almost exclusively on their company's proprietary actuarial tables which really is just a fancy way of saying statistics based off of how they calculate risk 'aka, their likelihood of paying out the policy' based of whatever number of variables and weight they assign said variables per their models.

    It 'sounds', and I say that because we don't know, but it sounds like the OP is trying to renew a term life insurance policy as opposed to a whole life policy. So while I sympathize with the OP, and agree that it sucks and some other posters that insurance companies in general also suck- it does stand to reason that opening a new term life insurance policy for someone that is 76 will cost signifacantly more than say someone who is even 56. Of course the OP could be physically healthier than many 36 year olds that are morbidly obese with diabetes but again, the companies (sounds like we're talking MetLife specifically here) all weigh things based off of their 'in-house/secret sauce' formulas of how they weigh risk.

    Trying to be somewhat helpful to the OP- there are independent brokers for life insurance online and since each company goes off their own actuarial tables and risk weighting, it may be worth your while to at least look into getting a quote from them for similar coverage. Not plugging for any particular company but using an independent broker should get quotes from at least a dozen different companies and in theory get you the best premiums for your situation and budget.

    Best of luck to you sir.

    -LD

    ​

     
    #22
    I was taught that as one accumulates wealth, the need for life insurance decreases proportionally. I only have a burial plan at this point (if things go the way I wish, I won't even need that) Everything I own is paid for, and my son is raised, making more money than I did.
     
    #23
    BAMAboy18 said:
    I was taught that as one accumulates wealth, the need for life insurance decreases proportionally. I only have a burial plan at this point (if things go the way I wish, I won't even need that) Everything I own is paid for, and my son is raised, making more money than I did.
    Click to expand...
    The need decreases but the benefit increases. You can use insurance to insulate wealth and avoid paying taxes, as well as borrowing against it interest free. Its a tool the wealthy use.
     
    #24
    DeathBeforeDismount said:
    The need decreases but the benefit increases. You can use insurance to insulate wealth and avoid paying taxes, as well as borrowing against it interest free. Its a tool the wealthy use.
    Click to expand...
    You're talking about whole life, not the best vessel for investing! I was a licensed insurance salesman, for a very short time, we tried to steer everyone to term life and make other investments.
     
    #25
    Yea I hear that. I was a financial advisor for a short time for high net worth individuals and trusts, and it can be part of a diversification strategy. There are also products that retail investors and non -qualified people (IE not HNW) don't have access to.
     
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