Quote:
Originally Posted by wdfifteen
There are uses for life insurance. The partners buying my company have life insurance and I am the beneficiary. It’s in the purchase contract. If one of them croaks their remaining payments to me are covered.
I don’t have it myself, but I can self insure. This is one of the reasons life is more expensive when you’re poor. You need to spend money on insurance just to stay out of a pauper’s grave.
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Key Person Insurance is a whole different ballgame from final expense. I mean just worlds apart. I don't care about anything related to my funeral. I hope the largest line item is the bar tab at the wake. Just couldn't care less. But I don't want Mrs. Lee to have to have a yard sale of my guns and guitars to cover the mortgage if I pass young and before it's paid off. So I have something in place and, if I make it to old age, will convert it to an RPU (reduced, paid up) policy. I'm never going to try to talk someone into wanting a fancy funeral so they need insurance to pay for it. Again, by the time I get there, I'm usually fixing messes they already created. Not gonna walk away from that when I can save them money and make some for myself. I do occasionally have to walk away and tell someone to keep what they have.