What is life worth?

[M.D. Holloway]

I heard on the news that the money paid out to killed solders families increased, doesn't seem like enough. I know it is not the measure of how much is a life worth. But how does one go about calculating how much to pay out?

[fintstone]

I don't really see increasing the amount of the death benefit. It was never meant for anything but temporary bills/funeral....not as a windfall for the family. Military members already have the opportunity to buy subsidized life insurance at a very good rate. IMHO, it is just playing politics. I did not agree with paying off the folks who lost loved ones in 9/11 either. They are no different than a person killed in any other accident...car, plane, thresher, etc....

[M.D. Holloway]

What about people in general? Is the amount contingant on you earning potetial? How much money you can bring to your company? How much recognized value you are responcible for? How does one justify ones exsistance?

[350HP930]

The increase in benefits has only been suggested by the bush administration but has yet to be passed by congress.

Lets not forget that it was only about a year ago that the bush administration proposed cutting the benefits to only half of what they are today.

[M.D. Holloway]

OK - seems like very thing comes down to cash. In another thread, some believe cash is thought to be able to solve our drug abuse problems, and another thread, there are those that think if enough money is thrown at Iraq and other developeming nations, the wotrld would be better.

OK, give me a number: What are you worth in hard cash? Can you justify it? If so, how?

[DonDavis]

Life insurance is a simple calculation that gets distorted through unscrupulous insurance salespeople and society’s perception. People often buy into “sophisticated” insurance plans that are simply poor investments.

Life insurance should be to replace one’s income. Not a “Hey, I deserve something just because somebody died.” About 10 times a person’s annual income is a good rule. A person making 50k and is responsible for a family or others that depend on that income, should have about 500k in term life insurance. (I'm not getting into the different types of policies, do your homework as if it were a brake upgrade for your car ) That amount invested wisely should bring about 50k annually. The military death benefits are not set up to be the sole replacement of income and should not be considered as such. Every military member that has a spouse and/or kids should have some additional insurance.

Let’s remember, we have a voluntary military. By joining it, one agrees to the environment they could be subjected to. I had a very clear understanding of that prior to signing the dotted line, IYKWIM!

BTW,
Mike I think of you and your family often these days.

[A Quiet Boom]

Originally posted by LubeMaster77


OK, give me a number: What are you worth in hard cash? Can you justify it? If so, how?

About 87 cents...


Seriously though I have a hard time with the issue of a death benefit for families of slain soldiers. On one hand I think they should get a bundle but on the other hand I wonder how many nuts might join the military just to provide money to there family. I think the best bet would be to pay the money out like alimony based on time married and income adjusted for inflation during that time. FWIW accordiing to a SS document I got a few years back my life is worth about $300 death benefit to my family, not even 10% of what I contribute to SS per year. Personally I've got a lot of life insurance, I use it as a investment as well as security for my family in the event of my untimely demise. I've purchased enough to cover my expected income until my daughter is out of college. (about 18 years) On a similar note how many here have a will and funeral arrangements? I took care of that when my wife got pregnant even though my family tends to live well into old age.

[azasadny]

When I was in the military ('82 - '91) I never expected Uncle Sam (all of you) to give my family a large sum of money if I was killed. It was my choice to join the military and I got a check (albeit small) every two weeks. I think this is all just for PR sake and nobody wants to go on record opposing anything for "our brave soldiers, sailors, marines and airmen"... politics, as usual

[pwd72s]

5 cents, a billion dollars or more, depending on who is doing the evaluation. Priceless to he or she who has it. This, my opinion of what a life is worth...for what it's worth.

[fintstone]

Originally posted by 350HP930
...

Lets not forget that it was only about a year ago that the bush administration proposed cutting the benefits to only half of what they are today.

You know that is not true. The administration never proposed cutting the death benefit.

[350HP930]

You are wrong as usual, but I wonder if you will try to attack the following source as some liberal propaganda rag.

http://www.armytimes.com/story.php?f=1-292259-1989240.php

In recent months, President Bush and the Republican-controlled Congress have missed no opportunity to heap richly deserved praise on the military. But talk is cheap — and getting cheaper by the day, judging from the nickel-and-dime treatment the troops are getting lately.

For example, the White House griped that various pay-and-benefits incentives added to the 2004 defense budget by Congress are wasteful and unnecessary — including a modest proposal to double the $6,000 gratuity paid to families of troops who die on active duty. This comes at a time when Americans continue to die in Iraq at a rate of about one a day.

Similarly, the administration announced that on Oct. 1 it wants to roll back recent modest increases in monthly imminent-danger pay (from $225 to $150) and family-separation allowance (from $250 to $100) for troops getting shot at in combat zones.

[tabs]

To the R Gruppe or the Registry folk my life isn't worth anything...they wouldn't go out of there way to help me if I were dieing....

[Moneyguy1]

An employee of a corporation has the option of quitting if his employer puts him in harm's way. Someone in the military does not have that option.

Fint..Given that the military is a volunteer organization, in part you have a point. However, the payment is not so much for the deceased, as it is for the surviving spouse in many cases with small children to be able to survive during a period of emotional transition. I would think you could wrap yourself around that concept and understand. I would suggest different levels of coverage, taking into consideration marital status, number of dependents, etc.

Just an observation but the desire to increase the coverage may be a way of soothing the consciences of those who made the decisions in the first place.

[Moneyguy1]

The current mindset of our country's leadership truly concerns me. It's like the inmates are now in charge of the asylum..On BOTH sides of the aisle.

But not to worry....God is on our side......

BTW...rethinking Social Security has a downside I have not seen discussed yet...transferring some of the costs from federal to state and to, yes, the children of those who cannot make it in the future with the reduced benefits. I assume junior will not allow Mom and Pop to eat out of garbage cans IF the "market" does not live up to expectations.....

[Superman]

"They are no different than a person killed in any other accident...car, plane, thresher, etc...."

Leave it to another neocon to minimize what happened on that horrific and tragic day. Accident my ass.

(sorry. couldn't resist)

[on-ramp]

people who died on "9/11" were valued much higher than the soldiers who died in the Iraq War.

[DaddyGlenn]

I have yet to find a civilian that can understand the mind/spirt of a military man.

With that said, let me pitch in my two cents.

During my first few days in the Air Force, the death benifit was explained to us as a quick financial boost to help those left behind to take care of thier immediate needs. Nothing more. Very low cost term life insurance is also available to those serving or who have served in the military.

A military man does not expect anything to be given to him. All we ask for is some respect and to be treated as the honorable professionals we are. an occasional "thank you" is nice too.

To raise or not raise the death benefit is a political and media issue. The true military mind is concerned with much more important issues. Please don't think we really care about such things.

[M.D. Holloway]

daddyglenn - don't know if anyone has said it lately but thanks for your service. People can whine all they want about the politic of the Iraqi thing and any other war we were/are involved in - but one thing we should all agree on is that you guys (and girls) deserve our utmost respect and admiration.

[fintstone]

Originally posted by 350HP930
You are wrong as usual, but I wonder if you will try to attack the following source as some liberal propaganda rag.

http://www.armytimes.com/story.php?f=1-292259-1989240.php

Thanks for posting an article that backs up my assertion...and proves you wrong again. Perhaps you should consider actually reading your quotes before you post them. There is nothing in the article that says the administration ever proposed cutting the death benefit. In fact, the administration, albeit grudgingly, doubled it.
Were you as concerned when the Clinton adminstration paid half as much to the families of soldiers dragged through the streets of Somalia or who died on the Cole....while giving their killers a pass?
The military provides very low cost life insurance to any soldier who does not intentionally decline in writing. The death benefit is intended to keep the family afloat temporarily until the insurance can be collected. It was never meant to be a windfall or to compensate a family for losing a soldier.

[fintstone]

Originally posted by Superman
"They are no different than a person killed in any other accident...car, plane, thresher, etc...."

Leave it to another neocon to minimize what happened on that horrific and tragic day. Accident my ass.

(sorry. couldn't resist)

Sad attempt at trying to pull words out of context. Surely you are better than that.
Noone minimized what happened on 9/11...then again, only a fools would think each family somehow deserved millions of taxpayer dollars any more than the folks who died in the Oklahoma City bombings, train wrecks, airline crashes, etc...simply because they were in the wrong place at the wrong time. Leave it to a bleeding heart liberal to turn any tragedy into an excuse for a new welfare program.