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Old 05-21-2010   #11
The Russian
kazak4x4's Avatar
SLC, Utah
Paddling Since: 2005
Join Date: May 2009
Posts: 1,380
With Whole Life you can withdraw the money after a short period of time if you need to. I thought that was a better choice so your payment doesn't go to waste, unless the dollar value drops. Whole life is a lot more cost up front, but you don't lose it at the end. It's like buying a house versus renting one. With Term policy you lose any payments you make, you don't get anything back unless you kick the bucket before your term is up.

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Old 05-21-2010   #12
Longmont, Colorado
Join Date: Oct 2003
Posts: 173
Thanks for the discussion guys! I needed the reminder. Be safe.

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Old 05-21-2010   #13
Grand Junction, Colorado
Paddling Since: 2005
Join Date: Oct 2006
Posts: 52
These are all great point on the different products that are offered.

Another to consider is an accident policy simlar to AFLAC but, it will cover up to $15,000.00 and has a $100 deductible with less cost in premium. If someone has a Major Medical health plan it will pay all out of pocket expenses and when the Major Medical pays 100% it will pay you the remaining $15,000.00 in cash.

Here is an example $5,000.00 deductible with $3,000.00 co-insurance total out of pocket is $8,000.00. If a person had $15,000.00 in bills it would pay the out of pocket of $8,000.00 and pay a person $7,000.00. This should help the injured person not get back to work to soon and cause another injury. If a person does not have a major medical it will bills up to $15,000.00. I personally have one of these policies.

This will cover all white water sports and others as long as you are not in pro event for profit. This plan will cost the average person for $25-40 a month and it can be effective with in 72 hours. Yes, I am agent and a Kayaker if I can help answer questions on any of the above topics give me a call or if you want to go boating.

Have a great time on the water and alway prepare for what you can't see.

Bill Ballou 970-216-3635
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Old 05-21-2010   #14
Mike Harvey's Avatar
Salida, Colorado
Paddling Since: 1993
Join Date: Oct 2003
Posts: 805
thanks for the reminder. I have one, term policy I bought when my second child was born, but I have been meaning to buy a second policy. I needed a kick in the ass and this was the reminder. I just called my agent and got it set up.
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Old 05-21-2010   #15
mr. compassionate's Avatar
conifer, Colorado
Join Date: Jan 2006
Posts: 937
Originally Posted by CWorthy View Post
There are a couple of points I'd like to make with respect to the above insurance coverage comments.

First, Long Term Disability coverage does not protect you from an injury immediately, it usually won't pay anything (typically 60% of your monthly pre-disability earnings) until 26 weeks after you have sustained an eligible disability. To bridge that gap, a Short-term Disability policy will pay you a weekly benefit (typically 60% of your weekly pre-disability earnings) after the waiting period has been met (usually on the 8th day after an injury/accident). So, if your employer offers it, TAKE IT! It's usually not too expensive and you'll be glad you did in the event of catastrophe.

As far as life insurance is concerned, term life doesn't build any cash value, so if you are able, buy universal or whole life insurance which does. If you end up with Term Life, that's not bad either and most policies also come with Accidental Death and Dismemberment (AD&D) which doubles the face value of the policy in the event of death by accident (perish the thought). If you purchase supplemental life through your employer (not the basic which the employer pays for), in the event of termination, you will have an option to convert the policy to an individual one which is usually less costly than getting one on your own.

Great points, folks - we start each season filled with dreams and hopes of action-packed adventures, but there are definitely consequences out there to remember as well.

Be safe out there
I highly disagree with term vs. whole/universal. NEVER mix investment and insurance it's a raw deal. Buy term and invest the difference in the market. If your insurance guy is telling you the opposite get rid of him like a hooker with the Clap. He's only trying to make more money.
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. Winston Churchhill
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Old 05-21-2010   #16
no tengo
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Baytopia, Colorado
Paddling Since: 1876
Join Date: Oct 2003
Posts: 1,768
you mean my vote for obama didn't pay off? suck.

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