Life insurance.

decky1

does anyone have life insurance now and what do you pay? we started a policy 30 years ago [which my wife pays] just found out it's now 25 a week for 100,000 death benefit, does any of my learned friends think this is too much.?

Jim Bob Scratcher

Eat up those lovely din dins, decky

Fordcspri23

Let the dildo in decky

Geuze

decky1 wrote: »

does anyone have life insurance now and what do you pay? we started a policy 30 years ago [which my wife pays] just found out it's now 25 a week for 100,000 death benefit, does any of my learned friends think this is too much.?

That is a very high premium.

Check here for a better deal:

www.labrokers.ie

After 30 years, your kids are probably grown up, so why do you need life insurance anymore?

Life Insurance is one of those things that exposes me to my own massive ignorance of economics and finance. I have always wondered about it.

I think I generally understand how Car Insurance works. We all pay into a pot - and the number of people _not_ claiming from that pot is significantly higher than those that do - and hence there is enough money in the pot to cover the pay outs and give the insurance company massive profits.

But with Life Insurance it seems to me that everyone paying into it claims out of it eventually. After all not all of us crash a car but all of us do die. And even at 25/week for 30 years (39000) the eventual payout of 100,000 is significantly more than the individual pays into it.

So exactly how does the economics of this work? How are they making a profit? Is Life Insurance an area where the Insurance company goes to greater than normal lengths to find reasons not to pay out? Or what else am I missing here?

Ficheall

Deleted User wrote: »

Life Insurance is one of those things that exposes me to my own massive ignorance of economics and finance. I have always wondered about it.

I think I generally understand how Car Insurance works. We all pay into a pot - and the number of people _not_ claiming from that pot is significantly higher than those that do - and hence there is enough money in the pot to cover the pay outs and give the insurance company massive profits.

But with Life Insurance it seems to me that everyone paying into it claims out of it eventually. After all not all of us crash a car but all of us do die. And even at 25/week for 30 years (39000) the eventual payout of 100,000 is significantly more than the individual pays into it.

So exactly how does the economics of this work? How are they making a profit? Is Life Insurance an area where the Insurance company goes to greater than normal lengths to find reasons not to pay out? Or what else am I missing here?

25e in 1988 would have been about 65e today.

Geuze

Deleted User wrote: »

Life Insurance is one of those things that exposes me to my own massive ignorance of economics and finance. I have always wondered about it.

I think I generally understand how Car Insurance works. We all pay into a pot - and the number of people _not_ claiming from that pot is significantly higher than those that do - and hence there is enough money in the pot to cover the pay outs and give the insurance company massive profits.

But with Life Insurance it seems to me that everyone paying into it claims out of it eventually. After all not all of us crash a car but all of us do die. And even at 25/week for 30 years (39000) the eventual payout of 100,000 is significantly more than the individual pays into it.

So exactly how does the economics of this work? How are they making a profit? Is Life Insurance an area where the Insurance company goes to greater than normal lengths to find reasons not to pay out? Or what else am I missing here?

Most life insurance is term life insurance.

It pays out if you die within the term.

Premium have been falling, this insurance has been getting cheaper.

Cleopatra_

I can't get life insurance. On the upside I don't have to worry about my other half bumping me off for financial reasons anyway

Laois_Man

Deleted User wrote: »

Life Insurance is one of those things that exposes me to my own massive ignorance of economics and finance. I have always wondered about it.

I think I generally understand how Car Insurance works. We all pay into a pot - and the number of people _not_ claiming from that pot is significantly higher than those that do - and hence there is enough money in the pot to cover the pay outs and give the insurance company massive profits.

But with Life Insurance it seems to me that everyone paying into it claims out of it eventually. After all not all of us crash a car but all of us do die. And even at 25/week for 30 years (39000) the eventual payout of 100,000 is significantly more than the individual pays into it.

So exactly how does the economics of this work? How are they making a profit? Is Life Insurance an area where the Insurance company goes to greater than normal lengths to find reasons not to pay out? Or what else am I missing here?

Well for starters they don't just leave your 25 Euro per week sitting in a current account such that it's still worth 139,000 after 30-years. It it working for them all the time through various investments. Secondly, no, not everyone can claim!

utyh2ikcq9z76b

Laois_Man wrote: »

Well for starters they don't just leave your 25 Euro per week sitting in a current account such that it's still worth 139,000 after 30-years. It it working for them all the time through various investments. Secondly, no, not everyone can claim!

Is it linked to their investments? I mean if a few big crashes happen are you screwed

Laois_Man

Karla Tiny Weekend wrote: »

Is it linked to their investments? I mean if a few big crashes happen are you screwed

Well a few crashes are guaranteed to happen - on average, one about every 7-8 years. But as long as you're not really unlucky at the time you're cashing in, you're grand!

mikemac2

Deleted User wrote: »

Life Insurance is one of those things that exposes me to my own massive ignorance of economics and finance. I have always wondered about it.

I think I generally understand how Car Insurance works. We all pay into a pot - and the number of people _not_ claiming from that pot is significantly higher than those that do - and hence there is enough money in the pot to cover the pay outs and give the insurance company massive profits.

But with Life Insurance it seems to me that everyone paying into it claims out of it eventually. After all not all of us crash a car but all of us do die. And even at 25/week for 30 years (39000) the eventual payout of 100,000 is significantly more than the individual pays into it.

So exactly how does the economics of this work? How are they making a profit? Is Life Insurance an area where the Insurance company goes to greater than normal lengths to find reasons not to pay out? Or what else am I missing here?

You are posting about whole of life insurance which is very expensive. Yes there is a guaranteed payout but you'll pay sky high premiums and sure if you live long enough you would have achieved the same just saving the money each month

Many/most policies have terms. If you have a 10 year or whatever policy for example after its term is up then it's over and you get nothing. The insurance company will keep all the money. The premiums are quite cheap though. However you could equally take out a policy and get knocked down a bus the next week so tis all a gamble really

Squatter

A gentle reminder to those trendy swingers who have both life insurance and a "partner" (who is not their spouse) - don't die intestate!

decky1

Jim Bob Scratcher wrote: »

Eat up those lovely din dins, decky

eat'in over here boss:eek:

decky1

Fordcspri23 wrote: »

Let the dildo in decky

it's in ,it's in she won't take it out till she get's the 100.000:D