Life Insurance

Zowert

Well-Known 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.
 

Jackburton

Gone Fish'n
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.
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.
 

Zowert

Well-Known Member
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.

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?
 

oldupsman

Well-Known Member
I believe it's 2080 X your hourly rate if you are full time and half of that if you are part time.

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.
 
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.
I'm not sure anoab the accidental. Accidental insurance is very cheap, I usually get an offer through some company affiliated with the Teamsters.
 

Jackburton

Gone Fish'n
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?
Well in reality once I am worth more than the policie’s face value is, excluding the house, I’ll cancel it.
 

gorilla75jdw

Well-Known Member
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.
Who is your provider if this benefit ? Aflac, Liberty Mutual , etc etc ???
 

Wally

BrownCafe Innovator & King of Puns
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.
city-of-houston-ems-ambulance.jpg
 

DriverNerd

Well-Known Member
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.

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...
 

Jackburton

Gone Fish'n
Who is your provider if this benefit ? Aflac, Liberty Mutual , etc etc ???
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.
 
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clean hairy

Well-Known Member
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.
Or a dumpster, as one person did with his cat.
Maybe his kids will toss him in a dumpster?
 

Zowert

Well-Known 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...

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