Life Insurance?

[Payjojo]

I am taking a look at my life insurance situation to see if I have enough to take care of my family if something were to happen to me. I thought we have life insurance through UPS or teamsters for one years salary but cannot find anything online to verify this, does anybody know?

 

[over9five]

I looked into this several years ago. HERE, TeamsterCare gives us Life Ins for $50,000. (Someone correct me if this is old info).

I get a family plan thru Teamster FCU. You can get varying amounts, I got $500,000 for me, $250K for wifey, and my kids had some but they've aged out.

$50K is nothing, you'll need more if you have a family.

 

[UPSGUY72]

I have $500,000 and my wife has $300,000. Both are 30 yr term plans.

You are better of getting life Insurance when you younger becasue your premiums will be hire the longer you wait.

 

[soberups]

You need to carefully calculate how much life insurance you should have. You need a policy that is big enough to support your spouse if you die, while being small enough to make it cost-effective for her not to kill you in your sleep.

 

[abc123]

I am part-time and have worked for UPS for over a year so I have the UPS-Paid Basic Coverage which is $10,400. That's the free option. I could opt to pay for a bigger policy, but I'm 21 and have no kids or spouse. The 10 grand will probably pay for my funeral and that's about it. I'm glad I have it, it's nice to know that in a horrible time like that, my parents won't have to worry about funeral expenses. But, if I had a family of my own, I would definitely pay for more.

 

[stoni24]

Dave would say u need 10 X annual income term policy. That figure assumes family would invest the money and get a 10% annual return which would provide ur same salary after death.

 

[Payjojo]

I have one policy for 75000 and thought we had one through ups or teamsters for 50-75000 so would probably get another for 250000 or 300000 if we have one if not it will have to be bigger.

 

[JonFrum]

Any life insurance policy should be spelled out in your Health & Welfare Plan Boolklet that they sent you. The Plans vary from area to area.

 

[rod]

Why would anyone want to make their wifes next husband a rich man?

 

[over9five]

Why would anyone want to make their wifes next husband a rich man?

Because we feel sorry for him???