what do yo uguys think
 

karens dad has a life ins police worth about 175K now hes in a bit of a bind due to a second divorce thats gettin a little ugly. He asked his 4 kids if they want him to continue the policy. No wone of her brothers will be excluded from this (long story) so it will be her and her 2 other brothers in this. Now when he passes she looks to collect 58k dollars. Now heres the hitch, with the 3 of them in on this she (actualy read I ) have to fork out one thousand a year for this.

Now her dads in prety good health so I dont see him going anywhere any time soon. So now would you consider this to be worth paying 1k a year esp if he lives for say another 10 years?

I already asked if I could get an F4 senna with the money and that didnt go over too well :lol:

Tom

10k investment with a 58k payout. Whats there to think about?


I can see a bigger problen with the other siblings paying their share. Plus dont think you wont have to deal with her exiled brother when the time comes.

Right now were waiting to hear back from he rother 2 brothers, they are both city cops and both have said they wont do it if the other brother is involved because we all know he wont pay his share.

What I am not sur eof was how much of a tax hit is there on something like this if any. If theres none then its a no brainer, but if I had to shell out possibly 10k then take a tax hit on the rest I didnt know how much it would be.

Then of course there the fight karen and I will have on how to spend it LOL

Tom

unless it is put down that the dude who is not paying is not going to be a part of the payout when time comes. dont do it.

He will NOT be listed as a beneficiary so no worries there.

You heard about his wedding gift for his second wedding?

karen cosigned a car loan with him and he stiffed her about 800 bucks (guess who paid that) so his second wedding he planned on cleaning up. We got him a card and put an IOU and called it even for the car loan. He wasnt too happy about it but fuck him.

He also wopuld want to try to crash at our place/move in when his babies mammas throw him out but he is severely allergic to our cats so they earn their keep by keeping him away:doh:

Tom

No taxes on life insurance payouts as far as I know. Especially if you are contributing.

Life Insurance benefits are not taxable income. $83/month for life insurance is not horrible, but it depends on his age & the kind of policy. Usually when a person has many people in his past (multiple wives,) everyone comes out of the wood work when they hear Life Insurance is involved. I'm guessing 10 years was just an example...any idea of the kind of policy you have there?

PM me if you need a hand.

are you or karen paying the 1000$ and are both of you listed as beneficiaries?

Heres where it will backfire on me. I will be paying the 1k and shes the beneficiary. Seems like it wont work out well for me:roflmao:

Tom

All I can say is ur such a lollipop!:roflmao:

Sounds like he is getting ripped off on life insurance... I have term life insurance for $350k and my annual premium is $444. If he is looking to renew a policy, I would recommend him trying Zander Insurance to get competitive rates and a better deal.

Also, life insurance really is meant to replace an income for those who are dependent on it. If your wife and her brothers are dependent on the father's income, then paying for life insurance isn't really necessary unless the costs associated with the funeral can't be covered with savings. Just my 2 cents.

look for A NEW POLICY i have 250k on my head and my bill is 790.00 a year.. but im also young 28 i would pay for my brothers half to and get the whole settlement money like 280 a month then a 175k payout thats just a car payment just my opinion........

You should shop around too... that seems pretty expensive for $250k... I'm 28 too and got more coverage for almost half of your premium..

this is obviously a whole life policy, the premiums are much higher, dont know when he first was issued the policy, u also dont know what kind of riders he has on it. dont see how you can judge if the premium is too high or not.

but if things dont work out with u and karen, in 10 years u paid out 10,000 and ur getting a big fat cock for your motherfucking ass and thats about it

Sounds like your future father in law might want to consult an attorney and make a living will to deal with the wayward brother. This way Karen and her siblings would have some legal legs to stand on in the event of his passing.
Ken