Update Season X - "It's beginning to look a lot like Christmas Vol. I."

[I spent the winter writing songs about getting better]

I don't know what that means. It's actually though an additional $10k on top of the $10k all employees eligible for benefits get.

A term life insurance policy lasts for a term of years (15, 30, 50, etc.) and expires at the end of the term (although it can be renewed, but not necessarily for the same premium).  This is basically the opposite of whole life insurance or universal life insurance policies, which remain in effect for the entirety of the insured's life.

Your insurance, if it is through your employer, is probably some form of group life insurance and if it is, would only last as long as you are with the company.

Well yeah, there'd be no reason for me to take out a term policy being single with no kids. It's an employer policy that would no longer be valid if I left my employer.

[King]

Bushie, who is the beneficiary of your policy?  It better be your father.

[Queen Mum Inks.LWC]

Why would someone who is single with no children need life insurance?

Well if the term is long enough and he does one day plan on getting married and/or having kids, getting life insurance at a younger age isn't necessarily a bad idea.  But a $51/month premium probably wasn't financially smart.  I'll be able to show that once he tells us how long the term is for.

[Small Business Owner of Any Repute]

Wow, Bushie has a $200,000 life insurance policy?? Suddenly all his parents' actions make so much more sense. The poor bastard.

This simply means that not only is Bushie a terrible seller of insurance policies, but he's a terrible buyer of them as well.

Yeah, >$600/year for a $200,000 policy is not that great.  Jeff, what's the term on this policy?

More importantly, there is literally no reason for an unmarried, unemployed 30-something to have a $200,000 policy in the first place. An insurance policy is meant to help provide for dependents left behind, not be a "death jackpot." Bushie is not a provider — he's a dependent himself. He needs a $20K policy to cover funeral expenses, max.

[Queen Mum Inks.LWC]

Wow, Bushie has a $200,000 life insurance policy?? Suddenly all his parents' actions make so much more sense. The poor bastard.

This simply means that not only is Bushie a terrible seller of insurance policies, but he's a terrible buyer of them as well.

Yeah, >$600/year for a $200,000 policy is not that great.  Jeff, what's the term on this policy?

More importantly, there is literally no reason for an unmarried, unemployed 30-something to have a $200,000 policy in the first place. An insurance policy is meant to help provide for dependents left behind, not be a "death jackpot." Bushie is not a provider — he's a dependent himself. He needs a $20K policy to cover funeral expenses, max.

See, right now you're being this guy:



You're ruining the fun of getting to that point through math and logic.

[Fmr President & Senator Polnut]

I have about $400k in life insurance... costs me $336 per year - about $14 per pay fortnight.

[Small Business Owner of Any Repute]

You're ruining the fun of getting to that point through math and logic.

Logic has no place in the Update thread.

[Joe Biden 2020]

I'm curious... take a guess... is it like 15 years?  30 years?  More or less?

I'm wanting to say 30 years, but that's just a guess.

[Starbucks Union Thug HokeyPuck]

The thought of Bushie selling life insurance gives me the chills.  In my experience, even pretty good agents really don't know the technical aspects (if it is whole life insurance, or single premium annuity insurance, as opposed to term insurance), and most fold under my withering array of questions. I wonder why he abandoned hawking policies however. Probably because he was unable to sell much. Which is probably a good thing. And then he talks about energy companies. What does that have to do with CAD?

He only sold policies to his parents and granny.......then mayyyyyyyyyybe a church friend or two.  Those are the ones who are his first sales for Ameriscam and all of his other MLM adventures.

Which is the entire business model of an MLM. 

[Queen Mum Inks.LWC]

I'm curious... take a guess... is it like 15 years?  30 years?  More or less?

I'm wanting to say 30 years, but that's just a guess.

Great, and percentagewise, what would you estimate the likelihood of you dying by the age of 53 is?

[Starbucks Union Thug HokeyPuck]

I'm curious... take a guess... is it like 15 years?  30 years?  More or less?

I'm wanting to say 30 years, but that's just a guess.

Great, and percentagewise, what would you estimate the likelihood of you dying by the age of 53 is?

Oh let's not go there.  I can just see how mean this thread is going to get. 

[Queen Mum Inks.LWC]

I'm curious... take a guess... is it like 15 years?  30 years?  More or less?

I'm wanting to say 30 years, but that's just a guess.

Great, and percentagewise, what would you estimate the likelihood of you dying by the age of 53 is?

Oh let's not go there.  I can just see how mean this thread is going to get. 

No, I'm not concerned with how accurate his estimation is.  I just want to see if he was rational.

[Joe Biden 2020]

The likelihood of me clocking out by age 53 is a little better than most healthy people, I will probably have to get a new policy as I get into my early 50's.  again, I'll have to take a look at my policy to make sure.  I got it now because you just never know when your clock runs out.

[Queen Mum Inks.LWC]

The likelihood of me clocking out by age 53 is a little better than most healthy people, I will probably have to get a new policy as I get into my early 50's.  again, I'll have to take a look at my policy to make sure.  I got it now because you just never know when your clock runs out.

But give me a number... estimate what the chance is that you'll die by the age of 53.

[Grumpier Than Uncle Joe]

The likelihood of me clocking out by age 53 is a little better than most healthy people, I will probably have to get a new policy as I get into my early 50's.  again, I'll have to take a look at my policy to make sure.  I got it now because you just never know when your clock runs out.

But give me a number... estimate what the chance is that you'll die by the age of 53.

99% unless something truly changes, sadly.

[Joe Biden 2020]

The likelihood of me clocking out by age 53 is a little better than most healthy people, I will probably have to get a new policy as I get into my early 50's.  again, I'll have to take a look at my policy to make sure.  I got it now because you just never know when your clock runs out.

But give me a number... estimate what the chance is that you'll die by the age of 53.

Maybe 35%?  That's a wild guess, though.

[Queen Mum Inks.LWC]

The likelihood of me clocking out by age 53 is a little better than most healthy people, I will probably have to get a new policy as I get into my early 50's.  again, I'll have to take a look at my policy to make sure.  I got it now because you just never know when your clock runs out.

But give me a number... estimate what the chance is that you'll die by the age of 53.

Maybe 35%?  That's a wild guess, though.

Well, at least you were rational in purchasing your insurance, but by your own estimation, you're more than 4 times likely to die than the average 53 year old.

EDIT: Actually, that's closer to 5 times more likely.

[Filuwaúrdjan]

I know that he's basically volunteered to be a forum piñata for whatever reason (and frankly deserves a degree of abuse if even a third of what he posts is true), but this is getting actively cruel. Desist.

[Eraserhead]

At least he doesn't smoke.

[Queen Mum Inks.LWC]

I know that he's basically volunteered to be a forum piñata for whatever reason (and frankly deserves a degree of abuse if even a third of what he posts is true), but this is getting actively cruel. Desist.

Lol.  A little bit of empathy for one of you own?  That's not like you.

[WalterMitty]

1.  why does your mom continue to pay the life insurance payments.

2. how come your african children arent the beneficiaries?

[Fmr. Pres. Duke]

The kids are an interest arc to this story. Let's revisit them, shall we?

Bushie hasn't been talking about them nearly as much as he once did, which leads me to believe something has happened with them. Remember his nonchalant reaction when the malaria outbreak hit the orphanage?

My guess is either they have been adopted by someone else, he found out they have more than 1 sponsor family and they're double dipping, or he has accepted he will never live in Kenya or be able to adopt them.

[Torie]

Trying to analyze things quantitatively, where the decision should be a quantitative one, is a useful exercise I think, rather than cruel. Sure it won't help Bushie, because he doesn't care about things like that (rather he cares about his feelings or something), but it might help others. And it may well be in Bushies' best financial interest (well in his parents' interest, since Bushie has no money), to cancel his policy now, so this exercise is not just about whipping him over spilt milk, but also about the spilling of more.

This is such a f'ing useless thread, that anytime something useful appears, that might assist some of the participants in this masturbatory exercise, it should be commended, rather than put in the cease and desist category in my view. Bushie I think actually enjoys the whippings anyway. His ability to rile folks up, and just blow them off at will, with them coming back for more blow offs,  gives him a sense of empowerment in his otherwise powerless world.

[opebo]

I used to have some kind of life insurance, a type you supposedly can't get anymore, which had a large cash value, something like $23,000.  What is the name for this kind of insurance which accrues a redeemable cash value?

[Torie]

I used to have some kind of life insurance, a type you supposedly can't get anymore, which had a large cash value, something like $23,000.  What is the name for this kind of insurance which accrues a redeemable cash value?

A whole life insurance policy. They make no financial sense, except as a tax dodge for those in high income tax brackets, or subject to estate tax. It is interesting how each industry seems to have their own little tax dodge, that their lobbyists keep in place. The tax dodge here is that the interest earned on the cash surrender value is not subject to tax (well interest earned on a number high than the CSV, because the CSV is kept artificially low, so that you have a financial incentive not to cancel), and the proceeds of the policy can be excluded from the estate, if the premiums are paid technically by the beneficiaries through tax exempt gifts.

When it comes to financial products, their design, and how they are sold to those who don't have a prayer of understanding them, but who are subject to taking imprudent risks out of greed and the need to believe, that particular place is the real bad place, not St. Louis. It's a cesspool. In my world, we call it financial pornography.