Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > General Actuarial
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions



General Actuarial Non-Specific Actuarial Topics - Before posting a thread, please browse over our other sections to see if there is a better fit, such as Careers - Employment, Actuarial Science Universities Forum or any of our other 100+ forums.

Reply
 
Thread Tools Search this Thread Display Modes
  #21  
Old 02-22-2020, 03:32 PM
The_Actuarial_Borg The_Actuarial_Borg is offline
Member
SOA
 
Join Date: Dec 2019
Posts: 1,168
Default

Quote:
Originally Posted by Arthur Itas View Post
I agree with the comments regarding trying a good broker. Loner, I donít get the ads where I live about benching your body weight but itís not a bad idea. Where I live itís something like ďcall big Lou. Heís fat and takes blood pressure medicine like you and can get you a good deal on life insurance.Ē Somewhat similar but less blunt language from Select Quote.
American adverts about life insurance are funny.
Reply With Quote
  #22  
Old 02-22-2020, 03:33 PM
The_Actuarial_Borg The_Actuarial_Borg is offline
Member
SOA
 
Join Date: Dec 2019
Posts: 1,168
Default

Quote:
Originally Posted by Dr T Non-Fan View Post
Life insurance is not based on YOU. It's based on people like you. People like you with your chronic condition die sooner than those without it, all things equal (assuming they are pricing it actuarially accurately).

Life insurers are sure that you will die. It's the WHEN that is unknown.
A life insurer cannot guarantee that you will keep on managing your chronic illness, or manage it properly. Only you can. And that is disconcerting for the insurer.
Yup. Thisx100

So many P&C folks commenting...its cute.
Reply With Quote
  #23  
Old 02-22-2020, 04:50 PM
Breadmaker's Avatar
Breadmaker Breadmaker is offline
Member
SOA
 
Join Date: May 2009
Studying for CPD - and nuttin' else!
College: Swigmore U
Favorite beer: Guinness
Posts: 6,801
Default

Quote:
Originally Posted by The_Actuarial_Borg View Post
Yup. Thisx100

So many P&C folks commenting...it's cute.
Yo, B-orgy!!! IFYerP!!! Mebbe you should invite OP out for a Happy Hour bucket of wings and a pitcher of Coors Light!!!
__________________
"I'm tryin' to think, but nuthin' happens!"
Reply With Quote
  #24  
Old 02-22-2020, 07:15 PM
The_Actuarial_Borg The_Actuarial_Borg is offline
Member
SOA
 
Join Date: Dec 2019
Posts: 1,168
Default

Quote:
Originally Posted by Breadmaker View Post
Yo, B-orgy!!! IFYerP!!! Mebbe you should invite OP out for a Happy Hour bucket of wings and a pitcher of Coors Light!!!
Who the heck drinks coors light...

Oh wait..Americans.

Self-explanatory really.
Reply With Quote
  #25  
Old 02-22-2020, 11:38 PM
kimjongfun kimjongfun is offline
Member
SOA
 
Join Date: Jan 2015
Posts: 886
Default

Quote:
Originally Posted by The_Actuarial_Borg View Post
You have life coverage via employer.

4x/salary

And Pension.
No pension, my company has a flat dollar amount of coverage they give to everyone, you can buy up if you arent in a risk class. otherwise you cant buy any more at all
Reply With Quote
  #26  
Old 02-23-2020, 12:13 AM
Lucy's Avatar
Lucy Lucy is offline
Member
CAS
 
Join Date: Sep 2001
Posts: 7,654
Default

Quote:
Originally Posted by The_Actuarial_Borg View Post
You have life coverage via employer.

4x/salary

And Pension.
I've never seen 4x salary. 1x salary is common, and is what I currently have. Many plans let you buy more. But when I had dependent children I wanted a lot more than what i could buy from my employer.

Defined contribution plans are a lot more common than pensions these days. But that's something the op should be considering as one way to put aside money for his family.
Reply With Quote
  #27  
Old 02-23-2020, 01:56 PM
Loner's Avatar
Loner Loner is offline
Member
 
Join Date: Dec 2001
Location: The Third Half
Posts: 46,607
Default

1x was automatic, 5x salary was the additional amt I was able to buy up to when I was working. My brother's employer went up to 10x.

OP, remember that if you have dependent kids your wife will collect SS for them should you pass while they are minors. So that somewhat reduces the absolute need for life insurance. Don't think you need to have enough coverage that she never needs to work a day in her life again. Also remember your expenses will be gone when you are gone. Do you really want to buy insurance for your replacement?
__________________
2012 AO Rap Battle Champion
Co-Legend of the Water Cooler(TM)
Reply With Quote
  #28  
Old 02-23-2020, 02:03 PM
The_Actuarial_Borg The_Actuarial_Borg is offline
Member
SOA
 
Join Date: Dec 2019
Posts: 1,168
Default

Quote:
Originally Posted by Lucy View Post
I've never seen 4x salary. 1x salary is common, and is what I currently have. Many plans let you buy more. But when I had dependent children I wanted a lot more than what i could buy from my employer.

Defined contribution plans are a lot more common than pensions these days. But that's something the op should be considering as one way to put aside money for his family.
I am surprised at how stingy US employers are in group life then.

4x/salary is standard here
Reply With Quote
  #29  
Old 02-23-2020, 02:13 PM
Lucy's Avatar
Lucy Lucy is offline
Member
CAS
 
Join Date: Sep 2001
Posts: 7,654
Default

Quote:
Originally Posted by Loner View Post
1x was automatic, 5x salary was the additional amt I was able to buy up to when I was working. My brother's employer went up to 10x.
Yeah, I can probably buy up to 5x. And that's not underwritten, beyond "are you healthy enough to be employed?" I was able to get a better deal in the individual market, so I never bothered. Now that my kids are grown, I've dropped everything except the mandatory 1xsalary.

Quote:
Originally Posted by Loner View Post
OP, remember that if you have dependent kids your wife will collect SS for them should you pass while they are minors. So that somewhat reduces the absolute need for life insurance. Don't think you need to have enough coverage that she never needs to work a day in her life again. Also remember your expenses will be gone when you are gone. Do you really want to buy insurance for your replacement?
If my replacement was caring for my kids, yes, I did want to buy insurance for her and Rickie. It was mostly "make sure he can pay the mortgage and put the kids through college" money. Both things that accrue directly to my kids.
Reply With Quote
  #30  
Old 02-23-2020, 02:17 PM
Lucy's Avatar
Lucy Lucy is offline
Member
CAS
 
Join Date: Sep 2001
Posts: 7,654
Default

Quote:
Originally Posted by The_Actuarial_Borg View Post
I am surprised at how stingy US employers are in group life then.

4x/salary is standard here
My mom used to be the business manager for a private school, and she said the mandatory life insurance was largely for her benefit. When an employee died, she had to contact the family to get information and do a bunch of administrative paperwork. And she felt a lot more comfortable doing that in the context of "We are going to make a payment to you" than just "Hi, grieving family, please deal with my needs right now."

1xsalary is enough to be a meaningful payment for most households, and serves that function well.

I'm surprised the OP is underwritten to buy more, though. I've never had a vast amount of employer life insurance available, but I've never had to make any health claims to sign up for it.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 12:16 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.47012 seconds with 11 queries