Life Insurance?

Discussion in 'UPS Discussions' started by Payjojo, Oct 2, 2010.

  1. Payjojo

    Payjojo New Member

    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?
  2. over9five

    over9five Moderator Staff Member

    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.
  3. UPSGUY72

    UPSGUY72 Well-Known Member

    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.
  4. soberups

    soberups Pees in the brown Koolaid

    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.
  5. abc123

    abc123 New Member

    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.
  6. stoni24

    stoni24 New Member

    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.
  7. Payjojo

    Payjojo New Member

    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.
  8. JonFrum

    JonFrum Member

    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.
  9. rod

    rod retired and happy

    Why would anyone want to make their wifes next husband a rich man?
  10. over9five

    over9five Moderator Staff Member

    Because we feel sorry for him???