No Beneficiary... Sell Life Insurance? Trust?

[Strykervet]

So in the Army I had SGLI and when I got out, it changed to VGLI. Been keeping up the payments, it pays out $250,000, but now I have nobody I really need to or want to list as beneficiary now that I'm divorced. Right now I have my army buddy on there, he's been there for me more than anyone else over the years. But when time comes to pay the premium, I'd rather put that money elsewhere. Besides, nobody is leaving me a $250,000 or even a $1000 policy that I know of! On top of it, I also have my trust and after filling out the schedule B, it'll be everything: all NFA plus weapons, loading, ammo, all of it, and I have nobody to leave that to, except for my army buddy.

I looked, and the only insurance policies being bought are the whole life, not term life. And as for the trust, well, I guess it'd have to have a buyer and go through a lawyer and be setup to be transferred upon death to the buyer only. A notarized, non-removeable beneficiary upon death.

Anyone know anything about this? What should I do? Should I just cancel the VGLI, quit paying it? Leave the trust to the 'Hide with instructions to give some to members, raffle others off and offer others for prizes?

I wish there was a way I could get something now in return for leaving this to someone later; if there is, don't know how to go about it.

 

[Quarter Horse]

It's not a decision that needs to be made now. Your world just got turned upside down. Give it time to right itself. You have no idea what your situation will be a year from now. My bet is the world will look much better.

 

[ArmyJerry]

keep it

 

[deltawiskey]

Keep it, you have made lots of payments on it to just walk away...
If my wife is "gone" my weapons will be auctioned off and the proceeds will go to a couple of organizations/charities I have selected.
DW

 

[Dewey7271]

Keep it
Things have a way of changing.
Give it some time.

 

[Gunfighter14e2]

Keep it, you would be surprised how quickly someone can enter your life.

 

[Bradu]

Not to take away from the original post but I have thought about this as well. With no kids and not being in touch with my family, what the hell does a person do with all their shit when they die? I've discussed it a few times with people and never came to a good conclusion.

 

[Hookturnr]

I've left instructions for mine to be sold off and the proceeds are going to a few charities that I support

 

[hermosabeach]

OK-
Term Life is cheap as less than 10% of people with term die.... If you have an insurable need. term is great-
examples off the top of my hungover head-

Husband and wife buy a $1,000,000 home.... They are able to pay the mortgage with joint income. They each get term equal to their payments. Should A spouse die, then the survivor does not become homeless. They get to keep the house as term pays what the deceased spouse cannot pay.

#2
Husband works, wife is stay at home domestic diva and they have 2.5 kids.
Husband buys term so that if he dies, mortgage is paid off, wife and kids have enough to cover raising kids and maybe college.


-
While single, I purchased a DI policy. Disability is difficult to get as fraud is high.... buy as a single guy, who wants to be a burden to family or homeless as you did something stupid while riding 160 mph in a 25 mph zone in Malibu on your Gixxer... or some asshat has an ND and fires one into you at the range...

While single I only had the free life insurance that work provided.... I had no reason to buy Life Insurance. Disability Insurance I paid for out of pocket.

--
Unless you have a reason to keep the term policy such as medical issues... I would consider dropping term until you have a need.

--
Lastly do you have an honest Financial Planner/ Broker and an Honest CPA?

They are both rare and might be able to better offer you advice as they know a lot more of your details.

 

[Sean the Nailer]

Ah, the ever-conflicting conundrum of 'pay for life insurance' or 'invest in personal equity'........ but for whom?

Stryker, I understand your dilemma. Commiserate, even. It is a hell of a thinking and planning process. But as suggested by many others, don't do anything 'rash' right away. One can have an 'intermittent' plan in the meantime.... just don't carve anything in granite yet.

Just my suggestion, and worth less than a coffee-stain.

 

[mahmoud]

Don't lose that VGLI! I really regret not getting VGLI...

 

[1J04]

Yepper, definitely ride this one out for a bit. You're not pushed to make any decision on this anytime in the immediate future, so chill Brother. It's good you're obviously thinking about it as we all should, but for now you're good. Hell, one of them bare breasted barista's up there may just give ya the right wink with her pink eye, and there ya go. Problem solved.

You'll come up with a good plan that'll suite your needs in good time.

 

[bigdaddydmd]

The SGLI was great. You couldn't get near it in terms of price in the civilian side. The continuation of your VGLI is similar. Good luck ever finding those kinds of rates again in the civilian sector. I do not know if you cancel your VGLI if you can reinstate it down the road or if it is a one and done deal. That is worth checking on before you cancel your policy. It would suck to cancel it and a couple years down the road you find yourself deciding you need cheap life insurance and can't find those rates anymore. I am keeping mine going for sure as I can't get life insurance as an over 40 male for near the rates I am paying for the SGLI. My advice is keep it for now since it is not a large expenditure in the overall monthly budget and make your decision after you have some time behind you after all your challenges you've gone thru this last year.

 

[Strykervet]

Wow, thanks for all the advice! I did go through a lot and I'm still dealing with it in ways but it's hard to put in words? I try not to think about it. She got the house so all I'm really doing is saving for place in two years when I have to leave here; I'd rather buy a house and not throw money away on rent. Now she was the only person I ever considered leaving anything to and I'm sure I kept the insurance because of her --when I married her, I was still in the army and it made sense. Beyond that, it's really just my mother and my army buddy that I'm even remotely close to anymore. Army buddy is like a brother, he is family. Mother probably won't survive me.

So yeah, I think the VGLI is one and done; if you didn't change it over from SGLI, you can't get it. Rules for vets though change for each era; there are benefits I get that Vietnam vets don't (but should) and there are benefits I don't get but newer vets do. It does go up every so many years and when you get older, it will consume quite a lot. I really have nobody to leave it to yet have to pay hundreds into it each year. I think my age just reached the point where it starts to get costly. I did the math years ago but prior to studying math at university so I didn't include inflation or allow for any error, but I figured that, at least in 2001 dollars, I'd never pay as much into it as it would pay out. I guess I owe it a full analysis before just dropping it at least.

Then there's the trust. My only real concern with that is that it goes to responsible persons that want it and that it's not auctioned off. I don't even know my sister or her family and she hasn't called or written on her own in her entire life. I'd donate it to Hillary's 2020 bid first ('cause you know that bitch ain't giving up yet).

I know things may change or I may meet someone but that's also the farthest from my mind. I literally can't envision myself going through that again and I have to wonder if marriage is right for me. Maybe that'll change, but I just don't know. In the meantime, it's just been me, the dog and the cat, and my buddy comes by from time to time, and you guys.

This wasn't something I had to think about last year, last year I was actually more worried about whether I'd be leaving her well enough off. I don't dwell on it, especially now, but I do have to ask myself, "was it worth worrying about?" And I just don't have a good answer.

I'm hanging onto it for now, just trying to get some ideas though for down the road.

 

[Threadcutter308]

This wasn't something I had to think about last year, last year I was actually more worried about whether I'd be leaving her well enough off. I don't dwell on it, especially now, but I do have to ask myself, "was it worth worrying about?" And I just don't have a good answer.

I'm hanging onto it for now, just trying to get some ideas though for down the road.

Stryker, in terms of her well being. it is no longer relevant. She made that decision for you. You've had a huge weight lifted from you shoulders.

I get the impression that you aren't old enough to be really worrying who "you are going leaving everything to" just yet. But, it sounds like your Army Buddy is the obvious choice. Do it. And, look forward. I think you've got a lot to look forward to. Just think about the last 6 months and reflect on how far you've come. Usually, things improve almost exponentially. Just think of how much better things can/will get in the next 6 to 12 months. Buckle up, it's going to be a great ride.

 

[Strykervet]

Thanks man, you guys really helped me through the dark days, more than you'll ever know, and I'm just figuring out how to go forward now that everything's changed. I also value the opinions of the members on this site so I wanted to see what you guys say. And I agree, she's not my concern anymore. I don't wish her anything bad, in fact, she did a lot for me over the years and had she left and parted amicably I'd probably have left her as beneficiary of the insurance and let her pay it. But she didn't, and I'm not, so that's that.

What got me to thinking about this was actually a commercial claiming that if you have govt. insurance and/or a home loan cert., that you could use those to get loans for other things and even sell the insurance policy. I found later there's more to it, so wanted to ask around first. I won't use the home loan cert. for anything but a house but if I could sell that insurance, I'd do it. Then there was something I read about trusts but I can't recall what or where I saw it. Figured I'd ask you guys.

I don't PLAN on checking out any time soon, it's not on the calendar or anything, but literally 365days ago, last Memorial Day in fact, I almost got my own memorial when I nearly died at Seattle VA from a broken toe that went septic FAST (almost exactly how Jack Daniels died FWIW). I literally went from okay at 3pm to damn near on my deathbed before it got dark. Due to previous foot surgeries, I have zero feeling in my toes and didn't know I'd broken it. Spent 3 days on IV antibiotics in intensive care and then months recovering.

So I guess it's more of just trying to fix shit. Got $5k saved up, saving $1k per month for a down payment (which combined with bills doesn't leave me much left over, but hopefully it's just for a while). If I stay here the full two years, I'll have at least $20k saved. Got my fico score up from 520 to 714. Got my VA home loan cert. and I'm about ready to start talking to banks about it. Been out with my buddy a few times and he also has taken it upon himself to help me with things --he's true blue indeed. Went to a bbq and shot some suppressed .22's a couple weeks ago and I got out of the house. And she comes up less and less in conversations. Don't have as much to spend on shooting and stuff now, but that'll change down the road when I don't have to save everything and when I have someone to help with the bills.

 

[Sean the Nailer]

Stryker, that is a good, solid, and positive attitude and outlook towards the near-distant future. Kudo's, man. You're rebuilding "you". Awesome. Sorry for the learning experiences,,,, just look at how much smarter you are now. Use that in your favor.

 

[bogeybrown]

VGLI is a "whole life" vs "term" or "universal" policy, at least as far as I can determine. It can also be converted to a commercial policy, though you'd have to figure out if there's any benefit to you in doing so.

A beneficiary appears to be a bit more complicated for you right now, but don't let your VGLI lapse, as others have said, you're not going to replace it for the cost.

 

[Dewey7271]

Heck, you can even make dog or cat welfare your bene for now along with your buddy. Seems like they're your buddies too.

 

[Foul Mike]

Something will come up and you will know exactly what to do.
Meanwhile, just chill and cool your jets and think about things., but not too long.
Give your mind a break and a brake, Things will work out. FM

 

[timesublime]

Something will come up and you will know exactly what to do.
Meanwhile, just chill and cool your jets and think about things., but not too long.
Give your mind a break and a brake, Things will work out. FM

Well put.

 

[MK20]

Check out a discussion by a guy named Dave Ramsey. He has some really good advice on how to determine if you need life insurance and what to do if you determine that you do not need life insurance. His estate planning stuff is really spot on.

 

[MK20]

He also says not to make any big decisions that you can avoid right after a divorce. As a guy who watched my parents go through a divorce, it seems like good advice to me.

 

[Strykervet]

Big thanks everyone.

So I guess I'll just hold off for now. I don't have to do anything right away, just trying to get ideas. I'll leave it how it is for now.

 

[Maggot]

Big thanks everyone.

So I guess I'll just hold off for now. I don't have to do anything right away, just trying to get ideas. I'll leave it how it is for now.

Leave the guns to friends, donate the 250L to a reputable charity.

Or leave it all to me.

 

[Maggot]

You joined the hide to comment on a five year old post about life insurance?

Strykervet, I know you’ve been active here lately and hope you were able to get everything figured out.

That is weird, isnt it. Something's afoot.

 

[Ric O'shay]

Hey Dad!! Whats up?

 

[sirhrmechanic]

Hey there, sorry for the late reply - I just stumbled upon this thread.

And let me guess, you joined 2 minutes ago and are immediately digging up a Necrothread on insurance from four years ago...

Yup, you're going to last around here...

Sirhr

 

[Sean the Nailer]

Hey there, sorry for the late reply - I just stumbled upon this thread.

So now that you're finally here, can we talk about your vehicle's warranty?

 

[Bigfatcock]

Hey there, sorry for the late reply - I just stumbled upon this thread.

xi jinping sucks donkey cocks.

 

[Docsherm]

Is this still for sale?

 

[sirhrmechanic]

xi jinping sucks donkey cocks.

If you really want to insult the Hop Sing types… just remind them that “Taiwan is the real China. Mainland is just worthless Communists. And Mao was a Pedo.”

Sirhr

 

[MrSmith]

From what I've seen on the multitude of investigation/cop drama daytime TV shows SWMBO watches all day long having life insurance is one of the leading causes of death.

Thank you,
MrSmith

 

[Maggot]

If you really want to insult the Hop Sing types… just remind them that “Taiwan is the real China. Mainland is just worthless Communists. And Mao was a Pedo.”

Sirhr

Might as well throw in an "Mohammed takes it in the ass." just in case it's being routed through a n Islamic center.

Fuck Joe Biden

 

[sirhrmechanic]

Might as well throw in an "Mohammed takes it in the ass." just in case it's being routed through a n Islamic center.

Fuck Joe Biden

Don't forget: Buddha is a big fat fuck!

Sirhr

 

[Maggot]

Don't forget: Buddha is a big fat fuck!

Sirhr

Buddha was cool. He just sat around and looked at his navel. Moe Ham perve on the other hand.