Life Insurance

Discussion in 'UPS Discussions' started by Zowert, Jul 27, 2018.

  1. Zowert

    Zowert Active Member

    Does anyone know the payout to your beneficiary if you’re killed on the job? Had a close call yesterday when I was almost run over at a crosswalk by an SUV, the driver seemed to be texting and driving. Don’t even think they noticed coming within inches of hitting me. Anyway, it made me think.. If I was hit and killed right then, how much would my wife get from my insurance policy? I’m assuming it’s the same for all UPS Drivers across the US.
  2. trickpony1

    trickpony1 Well-Known Member

    Did you become so startled that, as a knee jerk reaction, you launched your diad into the side of the SUV?
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  3. silenze

    silenze Lunch is the best part of the day

    Life insurance is part of your health and welfare package. Check your Teamcare documents.
  4. rod

    rod #1 on Upstates "list"

    Are you related to Upstate?
  5. rod

    rod #1 on Upstates "list"

    I don't think it amounts to much---maybe 10 or 25 thousand. Not worth cashing in on.
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  6. I believe it's 2080 X your hourly rate if you are full time and half of that if you are part time.
    Last edited: Jul 27, 2018
  7. Maybe back in 1963 when you was a driver.
  8. Johney

    Johney Well-Known Member

    $40,000 here for you and $5,000 for your spouse $3,000 for any children.At least the last time I looked.
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  9. Jackburton

    Jackburton Gone Fish'n

    Be an adult and get real life insurance that will cover more than 6 months of your pay when you’re dead.

    You need something that can put off enough to replace your income as if you were working for the rest of your life. For example, 1mil at 8% return is 80k, that’s about average driver pay. This is also never touching the principle, which by the way, isn’t taxable. The return it puts off will be taxed at normal income tax rate however.

    I bought a 1mil 20 year term policy with the best health (non smoking, no cancer, not over weight) at 36. My annual premium is $515.

    Do yourself a favor and get something that will make sure your wife and (kids?) won’t have to worry about paying the bills while picking a grave to throw you in.
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  10. Zowert

    Zowert Active Member

    I’m afraid if I got a one million dollar life insurance policy I might end up on an episode of Forensic Files. Do you really want to be worth more dead than alive?
  11. oldupsman

    oldupsman Well-Known Member

    That was always my understanding. And that was if you died for any reason, sickness, accident, whatever.
    But I also thought that if you were killed on the job is was double.
  12. I'm not sure anoab the accidental. Accidental insurance is very cheap, I usually get an offer through some company affiliated with the Teamsters.
  13. Jackburton

    Jackburton Gone Fish'n

    Well in reality once I am worth more than the policie’s face value is, excluding the house, I’ll cancel it.
  14. gorilla75jdw

    gorilla75jdw Active Member

    Who is your provider if this benefit ? Aflac, Liberty Mutual , etc etc ???
  15. Wally

    Wally BrownCafe Innovator & King of Puns

  16. DriverNerd

    DriverNerd Active Member

    He is absolutely correct. This is adult talk you need to take seriously.

    Seriously talk to someone about Term Life. If you're worried about your family making ends meet without you, you can also get a small policy for 250k-500k if you don't want to spend too much. Just don't wonder what will happen; plan for it. If you never use it then yes, it was a waste of money. But if something does happen to you...
  17. Jackburton

    Jackburton Gone Fish'n

    Banner Life is the issuer of my policy. You can get quotes from insurance brokers where you can compare different rated companies side by side.

    The key is getting in touch with a broker, not an agent, which is “captive” (only sells one company’s insurance products). A broker can shop multiple companies and give you a wider selection of options.
    Last edited: Jul 28, 2018
  18. clean hairy

    clean hairy Well-Known Member

    Or a dumpster, as one person did with his cat.
    Maybe his kids will toss him in a dumpster?
  19. Wally

    Wally BrownCafe Innovator & King of Puns

    You wont know it, so why waste money?
  20. Zowert

    Zowert Active Member

    Well, you're both right. "Be an adult" and "adult talk" seemed slightly condescending, however its good advice nonetheless.