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Money, Business & Finance Ground >> Converting Term to Life Insurance


10/1/12 6:50 PM
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clean livin'
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Member Since: 11/10/07
Posts: 2490
 
This is an option to me. I have no debt anymore, I am 43 in reasonable good health, nor do I smoke or drink.

I have been paying $500 per month on this policy for the last 3 years due to my former heavy debt load and high-risk location. I am now considering coming home to find a job doing something at home, but I haven't settled on a particular option.

Does anyone have any advice?
10/5/12 8:13 PM
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clean livin'
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I really appreciate the response.

I have a daughter, 15 yrs old, and a wife of 21 years. No divorces, no bad credit at all.

My daughter is really smart, and I expect her to do well and be off to university, which I am planning to provide most if not all of the tuition. ( I am looking at re-enlisting so I can transfer my GI Bill benefits to her.)

I received a thing in the mail to transfer my term policy to whole life, which I need to do, as I don't think I can afford to continue to spend $500 per month on a million dollars of coverage. I think I can find a more affordable policy if I am no longer working in hazardous areas. (I could not get basic life insurance doing what I did.) I knew I was taking some serious risks, so I wanted to buy enough insurance to cover all the outstanding debts in the event of my demise.

Now that I have completely paid off my debts, I want to come home, but that also means I no longer make those wages. I will need to find work at home. I have no idea what that will be at the moment.

Again, thanks for your input, Wes Mantooth.

10/6/12 1:42 PM
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clean livin'
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Very well.

I currently spend a large portion of my money on insurances of all kinds (like everyone else). I think I can do better if I get smarter on the topic and plan accordingly.

Do you know of any good websites/blogs that deal with this issue?
10/7/12 2:44 AM
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germ
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Member Since: 6/19/03
Posts: 221
1M term at a standard rate(since you are no longer in a hazardous line of work)should cost you about $200/mth. and converting to whole life 5-7 times more. Since you are relatively young the conventional wisdom would be to buy the term and invest the difference. Time is on your side with 20+ yrs. until retirement, but be sure to actually invest/save the difference and not touch it. google Dave Ramsey, I'm sure he has writen an article or 2 on the subject, and there are probably 100s of books about saving.

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