Does this worth it? The price quoted by MassMutual is roughly $1000 per month. Any suggestions?
6 replies (most recent on top)
I must be missing something. I carried on with CVX retirement plan life insurance at about $1000 per year for $400,000+ coverage. If I die before my wife this will supplement the survivor pension (50%). MetLife conversion rates were very high so I chose not to go that way. Things may change in the future but for now it seems like a good deal. Feedback welcome...
Life insurance is a wise thing to have when you're young and have a growing family to protect, a mortgage to pay, kids tuition to take care of. Once you get older and shed most or all that debt and responsibility, dump the life insurance like a hot potato. It's no longer needed and becomes a waste of money. Invest the money instead or save it up for a vacation or new car. There comes a time when the only "life" you're insuring is that of the insurance agent and his family. Lol.
As an employee, the group term life insurance is a good deal. But once you leave Chevron, and usually on the older side, the rates go way up and are not a deal .... mainly because you are no longer in a group rate that has a bunch of younger folks ... but now in an older, higher risk of death, individual situation. I left Chevron at 64 and stopped all life insurance.
My friend, put that $800 to $1000 premium into savings or invest it wisely. Life insurance at those premium levels would indicate to me that you are over 55 years old. Am I correct? Don't piss it away on life insurance. Save or invest that money instead. That's my advise.
Yap.... You are not as superior as you think you are .. Joker
Mass Mutual is raking in the money. She wasnt able to explain the calculation to me. The quote they gave me was about $800 a month. She also told me that the supplemental policybinhad would not be honored which I took at her word and canavelled which was a huge mistake. Hey another quote from another company