Anyone have reasons why they did or didn’t sign up for actual life insurance policies.
I get most bitcoiners will say sats are their life insurance policy which I agree. I just need info/thoughts on it. Is it worth it? Is it a scam? Etc.
Discussion
What are you trying to insure against?
20 years ago my son was months old and we had a mortgage that required a certain income.
We didn't want to leave the other in a bind.
Whole or term insurance?
Buy term and stack the difference. Whole life is expensive and relies on perverted incentives that are meant to protect you but dont. Maybe a different thread.
20 year term with a face value to cover debt and some runway to figure shit out "should" it happen. Likely it wont.
My term policy is up. We are both alive and healthy. btc is now our future/insurance policy now (no need for premiums).
Insurance is max fiat. They dont care for you but designed products that make you think they do.
Thanks for the input. That really helps hearing your experience
I/we have a mutual life insurance policy. The reason why is that I/we have a mortgage and a business loan. Shit happens. I am just on the up side of a prostate cancer diagnoses. I will be fine and won’t need to trigger the policy but if I had to I could have left my wife debt free and in a better place to handle life without me. I/we have a plan to phase out the policy over the next few years as the financial landscape settles into something a little more directionally stable but for now I/we are navigating this transitional phase with feet in both camps.
Appreciate the insight!. My father just got put on active surveillance for lower risk prostate cancer. Hope for the best.
Ah, right, his PSA is on the rise. It used to be a death sentence but they have made great progress with treatment. Make sure you monitor your own PSA levels starting in your forties. If possible don’t wait for the system to tell you when. I had one several years ago and it was very low so no one thought anything about it. Only a few years later and it’s skyrocketing and straight to surgery and it looks like it was caught just in time. You are apparently 50% more likely to develop it if you have a parent or sibling test positive. Be proactive my friend!
Glad to hear. A friend of my dad’s also went to get tested after hearing about his and his psa was > 100! It was about a week ago so he’s probably going to need surgery asap after an mri
I'm an idiot so you need to hear my opinion. Any insurance is a scam. If the insurers make a profit, is that not proof they are ripping you off?
I’m an idiot too. That’s why I’m asking. I kind of agree. I think I now feel whole life is way more scammy than term life though
It's just a little extra runway for the wife to have time to grieve and ensure she's comfortable to managing assets without needing to touch our stack. She smart and has a rolodex of btc info and I've built a strong team (legal, cpa, etc). I am healthy so it was cheap, but also do high risk sports. My uncle owns an agency if you want help. There's a lotta scammers in life insurance.
Did you go Whole life or term?