I had life insurance with Met Life for 30 years. Then I had an issue with something small, like a bank change. I couldn’t get ahold of my agent or any agent. Was told there are no more local agents. Talked to customer service and they were in China and couldn’t speak a (good) word of English. My policy was canceled and I was attempting to reinstate it. They were the epitome of customer no service. I finally thought, if I pass there’s no way that they are paying out to my kids. I finally gave up trying to give them money. Awful company.
I had life insurance when working but now that I’m retired and over 70 years old and kids grown up, should I still have insurance with limited income? Would love some advice, thanks!
Like you when working with a family I had Term Life insurance. My agent kept trying to get me to convert to whole life saying it was an investment. Even then I knew that was BS. I am in your situation age and no kids. Life insurance is pointless at my point in life. Most of the life insurance marketing is about covering "final expenses". For me I have opted for cremation and money for a big party. I have lived a good life and longer than I expected, nothing for anyone to sad about.
@@gbinman Some people donate their bodies to the local Universities. I only keep $5000 in life insurance .$18 a month until I turn 74 when the rates go up to $125 a month. I am now saving cash to "self fund" $5,000. I have a lot of zero % credit card debt.
Term life insurance is designed to replace your income, if you have anyone counting on you to provide for them (i.e. spouse, kids, etc...). In your case being retired with grown kids, you don't need it. 💚
Term life insurance only. Go with a low cost mutal fund and over time you will do well. S. Orman speak ofter about this topic. It should only be used bu young families.
I am a 76 year old man divorced over 30 years ago. I have no dependence, my two sons are in their 40s. I owe no one any money well maybe $1,000 credit card. I am very serious about ownership and paying my bills. Do I need any life insurance?
Term life insurance is designed to replace your income, if you have anyone counting on you to provide for them (i.e. spouse, kids, etc...). In your case it doesn't look like you need it. 💚
Government loves us older persons without children especially if no beneficiaries. I tried to find how many hundred of millions or billions a year but not found .
Either Fidelity, Vanguard, or Schwab - depending on what you have going on. Here is our comparison of all three so you can determine which one is best for your needs: clark.com/personal-finance-credit/investing-retirement/fidelity-vs-vanguard-vs-schwab/ 💚
My groceries are up 25% this month and I use the weekly ads to save money. Where can I find 4%l ong term cds? The banks and credit unions so far are 1.5 to 3 percent after 24 months.
@@Clark Long term care ins. or long term care savings is a must . For me scared of if I need and don’t have either . Single and brother or sister would be able to financially help .
If the insurance industry is in a crisis, shouldn't they adapt their practices to suit the customer? I get the overall point but it sounds like this is an example of an industry that needs to adapt more to the times.
To add to reasons to buy life insurance. When I was 24 I helped out a friend starting out in the insurance business by buying a relatively small whole life insurance policy. $50k for $50 a month. It's 26 years later, I've never missed the $50 the death benefit is now close to $65,000 and the cash surrender value is nearly $19,000. It's my emergency backup savings to my savings. Do it early set and forget.
Dan Paul. You have paid in $15,600. so far. 😮 You would have done much better in a low cost mutual fund. The insurance company did well investing your premiums. 💸💸🤔
@T Ryan with all due respect. If the money had been easily accessible in a mutual fund it would have been spent years ago. The point is its still there, all of it and then some. Lol! If Ifs and buts were candies and nuts everyday would be Christmas.
I can't life insurance on my adult children because I only have 2 children. And there's real way to appropriately split the properties without having to sell them at a time when they would not be a good choice so I add to the picture by adding l8fe insurance to my. portfolio
Sorry I couldn't gag through this BS. I just put $20k into 4 wk T-bills at 5.96%, I have ladders in 17 wk and 8 week treasuries. Yes I bought I-bonds last year but with a weak cap of $10k, I won't be doing that again. The bank interest you describe is for people with their eyes closed. I keep cash in Marcus @ 4.15% and Capital One @ 3.75% for quick access. Life insurance.... lol, I couldn't make it to hear your case for that.
Yes, after a certain point when you no longer have people relying on you financially, you don't need it anymore. Cancel your policy when you have reached that point. 💚
Keep in mind that you will still be quite young when your 20 year term insurance is up. My 20 year term went from $300 a year to several thousand at the end of the term. Start planning now for when the 20 year term is up because, believe me, time passes faster than you think!
@@kpithie3706 My wife is 5 years older, so she would be 58 when the policy ends. No kids. My home will be paid off by the time im 45 at the latest. When the policy ends at 53, I should have a networth of well over a million and that is being very conservative. It is at 500,000 now. I see no reason why I need insurance after this policy ends.
For terms longer than 2 years consider looking into multi-year guaranteed annuities (MYGA's) offered by many insurance companies. There are 3 year and longer contracts currently yielding in excess of 5% APR.
I had life insurance with Met Life for 30 years. Then I had an issue with something small, like a bank change. I couldn’t get ahold of my agent or any agent. Was told there are no more local agents. Talked to customer service and they were in China and couldn’t speak a (good) word of English. My policy was canceled and I was attempting to reinstate it. They were the epitome of customer no service. I finally thought, if I pass there’s no way that they are paying out to my kids. I finally gave up trying to give them money. Awful company.
I had life insurance when working but now that I’m retired and over 70 years old and kids grown up, should I still have insurance with limited income? Would love some advice, thanks!
Like you when working with a family I had Term Life insurance. My agent kept trying to get me to convert to whole life saying it was an investment. Even then I knew that was BS. I am in your situation age and no kids. Life insurance is pointless at my point in life. Most of the life insurance marketing is about covering "final expenses". For me I have opted for cremation and money for a big party. I have lived a good life and longer than I expected, nothing for anyone to sad about.
@@gbinman Some people donate their bodies to the local Universities. I only keep $5000 in life insurance .$18 a month until I turn 74 when the rates go up to $125 a month. I am now saving cash to "self fund" $5,000. I have a lot of zero % credit card debt.
Term life insurance is designed to replace your income, if you have anyone counting on you to provide for them (i.e. spouse, kids, etc...). In your case being retired with grown kids, you don't need it. 💚
No
I’m a conservative. I would like to hear your opinion on AMAC. I’ll be 65 in a few days.
Term life insurance only. Go with a low cost mutal fund and over time you will do well. S. Orman speak ofter about this topic. It should only be used bu young families.
On point w Wyze recommendation. Wyze has the funniest newsletters as a bonus.
I am a 76 year old man divorced over 30 years ago. I have no dependence, my two sons are in their 40s. I owe no one any money well maybe $1,000 credit card. I am very serious about ownership and paying my bills. Do I need any life insurance?
Enough life insurance to cover the costs of an executor of your estate unless you have that cash set aside in a readily accessible place.
Term life insurance is designed to replace your income, if you have anyone counting on you to provide for them (i.e. spouse, kids, etc...). In your case it doesn't look like you need it. 💚
No
You only need life insurance if someone is dependent on your income and you pass away.
Clark my son has several
Series EE starting in 1992 savings bonds - he has USAA and 36 yr with a home.. what should he invest in?
If you're a single person with no kids, life insurance is a waste of money.
Government loves us older persons without children especially if no beneficiaries. I tried to find how many hundred of millions or billions a year but not found .
Thank you Team Clark.
Clark what is your top recommendation for all my brokerage needs
Either Fidelity, Vanguard, or Schwab - depending on what you have going on. Here is our comparison of all three so you can determine which one is best for your needs: clark.com/personal-finance-credit/investing-retirement/fidelity-vs-vanguard-vs-schwab/
💚
Is life insurance important for adults who are single, no children?
My groceries are up 25% this month and I use the weekly ads to save money. Where can I find 4%l ong term cds? The banks and credit unions so far are 1.5 to 3 percent after 24 months.
Bankrate is a good website for that.
My problem is I'm a senior in my 70s never had insurance cuz I didn't trust it. LTI is that going to do a senior any good what's your suggestion?
By LTI, do you mean Long Term Care Insurance?
@@Clark I may have the letters wrong it was letters you mentioned in the video for the right type of insurance.
@@Clark Long term care ins. or long term care savings is a must . For me scared of if I need and don’t have either . Single and brother or sister would be able to financially help .
If the insurance industry is in a crisis, shouldn't they adapt their practices to suit the customer? I get the overall point but it sounds like this is an example of an industry that needs to adapt more to the times.
Thanks so much for your info 🙏💜
To add to reasons to buy life insurance. When I was 24 I helped out a friend starting out in the insurance business by buying a relatively small whole life insurance policy. $50k for $50 a month. It's 26 years later, I've never missed the $50 the death benefit is now close to $65,000 and the cash surrender value is nearly $19,000. It's my emergency backup savings to my savings. Do it early set and forget.
Dan Paul. You have paid in $15,600. so far. 😮 You would have done much better in a low cost mutual fund. The insurance company did well investing your premiums. 💸💸🤔
@T Ryan with all due respect. If the money had been easily accessible in a mutual fund it would have been spent years ago. The point is its still there, all of it and then some. Lol! If Ifs and buts were candies and nuts everyday would be Christmas.
@@dpporlando ok.
I have a 20 year term $500,000 policy. Cost $29 a month at age 33.
Horrible result
I can't life insurance on my adult children because I only have 2 children. And there's real way to appropriately split the properties without having to sell them at a time when they would not be a good choice so I add to the picture by adding l8fe insurance to my.
portfolio
Edit..I have life insurance....not sure how the word "cant" got in there
The life insurance story 😢
Sorry I couldn't gag through this BS. I just put $20k into 4 wk T-bills at 5.96%, I have ladders in 17 wk and 8 week treasuries. Yes I bought I-bonds last year but with a weak cap of $10k, I won't be doing that again. The bank interest you describe is for people with their eyes closed. I keep cash in Marcus @ 4.15% and Capital One @ 3.75% for quick access. Life insurance.... lol, I couldn't make it to hear your case for that.
You have some issues. Clark is great.
@@autohelix go with his advice and be content. I will look elsewhere.
Gary, you sound like an extremely sophisticated investor. I'm sure that you have plenty of money already, so there's nothing for you to worry about.
@@kaohsiung99 good point. Clark Howard and team cater to many different income/education levels
We like T-bills and have also mentioned them as an option to get a yield on your cash. 💚
Life insurance is a rip-off after a certain point.
Yes, after a certain point when you no longer have people relying on you financially, you don't need it anymore. Cancel your policy when you have reached that point. 💚
My $500,000 20 year term policy at age 33, cost me $29 a month. Get life insurance.
Keep in mind that you will still be quite young when your 20 year term insurance is up. My 20 year term went from $300 a year to several thousand at the end of the term. Start planning now for when the 20 year term is up because, believe me, time passes faster than you think!
@@kpithie3706 My wife is 5 years older, so she would be 58 when the policy ends. No kids. My home will be paid off by the time im 45 at the latest. When the policy ends at 53, I should have a networth of well over a million and that is being very conservative. It is at 500,000 now. I see no reason why I need insurance after this policy ends.
The million dollar question, should I move my Ira investments to a safe, safe, place
They want to go to the go fund me now. SMH
For terms longer than 2 years consider looking into multi-year guaranteed annuities (MYGA's) offered by many insurance companies. There are 3 year and longer contracts currently yielding in excess of 5% APR.
Here's why Clark thinks annuities stink: clark.com/personal-finance-credit/investing-retirement/what-is-an-annuity/