Source
r/MGTOW2•
CuriousIncel2

Life insurance vs MGTOW

Agent: Would you be interested in a life insurance policy wherein for the modest amount of <premium> per month, you'll be insured for <sum assured>

Me: No, thank you.

Agent: A life insurance policy would ensure that your children remain unaffected in terms of financial stability for college etc in the unfortunate event of your untimely demise.

Me: Don't have kids.

Agent: A life insurance policy would ensure that your partner can sustain their lifestyle in the unfortunate event of your untimely demise.

Me: Haven't married, don't have a girlfriend.

Agent: Would you be interested in this "wealth creation policy" wherein for the modest amount of <pretty high amount actually> per month, you'll not only be insured but also receive the sum assured at the end of the term.

Me: That's investment. Before offering investment advice I'd like to know if you have a fiduciary duty towards me.

Agent: ... (click)

To be fair, I have twisted the conversation into absurdity. I was just pointing out the irrelevance of life insurance for someone like me, in reply to a friend's suggestion. And chuckling at how certain industries must be scampering trying to find ways to adapt in a society of plummeting marriage and birth rates.

However, it did make me consider whether I should get, maybe disability insurance for if I'm ever rendered unable to work, or long term care insurance, although that might be cheaper spending out of pocket.

Posted Jun 3, 2020, 1:13 PM UTC

11735
Ar-Q-bid•

Definitely get disability insurance. Try to make sure that your policy accounts for gradually rising cost of living.

Also I purchased a whole life insurance policy. It essentially functions as a retirement account. If I don’t die prematurely, I can start withdrawing at retirement age.

It never hurts to have some kind of backup to your job, side hustle, and bank account.

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[deleted]•

[deleted]

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heal_thyself•

Asking for input: I have a short term policy (term life?) 10 years I think, 150k for $20/month. Basically it's a "cover the funeral costs and help the family" expense to me, but should I keep it going or see about just dumping it?

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Ar-Q-bid•

Damn, I didn’t not know that. Although part of my incentive for having life insurance is that I have dependents. I do also have a mutual fund.

But I’d been told that whole life can act as a tax-free retirement account And that once I hit retirement age, I’d be able to withdraw as much as I wanted whenever I wanted. Is this incorrect as well?

1
csehszlovakze•

I was once called up by my mobile provider so they could convince me to upgrade from prepaid to monthly plus internet... it lasted until I told the agent that I bought prepaid+dumbphone for a good reason.

29
DblDtchRddr•

One small thing worth thinking about though, funerals aren’t cheap, and even MGTOW has family members. It’s worth carrying a small life insurance policy, just enough to cover funeral expenses, so someone else isn’t saddled with your funeral costs.

20
TalosSquancher•

Real men dig their own graves and die in them

/j

31
AllInWithAces•

Throw my body in the trash when I go. I am no longer in there.

11
the-lone-squid•

That's what my insurance agent suggested.

But without having kids one saved up more then enough to be buried.

If not, who cares

3
zizwe01•

Do be frank I have told anyone important to me that I refuse to have a funeral. Personally and this is just my personal view I think funerals are quite pointless. I have been to a couple now and all of which have been people I happened to know and was never close with.

I am happy with just cremation

1
DblDtchRddr•

I get that, and I’m the same way (although I’m going to donation to medical science), but death isn’t free, regardless of what you want done with your body.

2
zizwe01•

True. And it's very noble to donate. Think I Will also list myself as an organ donor since I would be dead so I wouldn't care what anyone does to my body.

However I fail to see why people make funerals so ridiculously expensive. It becomes just like a wedding. All about showing off and steals away anything about the person. Seriously there's no way having 100s of people you hardly knew very well honors you. If people could not respect me enough to see me while I was alive then I certainly don't need them to pay me respect in death (I find that to be hypocrisy).

The fact that the funeral industry is a multi-billion dollar industry is actually disgusting in my opinion. I feel like these traditions have lost their historical value and have become heavily influenced by commercial propaganda. Just my view.

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Kronosfkg•

Buy stocks

10
ReadingWritingReddit•

Isn't the stock market way overvalued?

It only hit 20,000 three years ago, and then it was almost up to 30,000 before corona.

Now it's back around 25,000, and that still just seems like it went too high too fast.

I'm not sure what the best investments are.

I'm expecting a medium-level housing and stock market crash in the next 6-12 months, but I've been wrong before.

Not sure where the smart money is going.

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the-lone-squid•

It's a hedge against inflation

4
ReadingWritingReddit•

I don't think inflation was 50% in two years (when the Dow went from 20,000 to 30,000). Over that time, anyone who was in the market did very well.

In the next three years, however, it the market comes back down to 15,000 or 20,000, that'll be a big loss and will certainly not be a hedge against inflation.

For hedges against inflation (but probably not making huge wins or loses) gold and silver do the job nicely.

1
the-lone-squid•

i don't think inflation was 50% in 2 years

It hits the financial market first, then trickles down. Look at the cost of housing and cars. What's a truck run now? 50 grand?

It just takes a few years to catch up from Q.E policies

1
Kronosfkg•

I don't know much to be fair, but i'm not taking about short term gambling, but rather buying stocks and keeping them for 30 years or more. Short corrections of the market are rather not a problem at all in this optic.

1
dreadnaut91•

I managed to get on disability from the canadian military. 45k a year for the rest of my life or until I get fixed which is not going to happen with the mental health care up here right now. I felt like another waste of life until I realized I dont actually care about contributing to society as it is now. Now I just grow weed and shrooms and do whatever the hell I want. Unfortunately I made some bad financial moves in the past like an idiot but I get enough so I'll recover soon.

10
NeverNeverLandIsNow•

so are shrooms something you could grow in a apartment? I have been thinking of trying to grow shrooms, can you tell me any good resources to look at for getting started?

1
dreadnaut91•

Yes. In canada you can buy kits with everything you need. They dont need special lights or anything. You kind of just let them sit there and give them water once in a while. I use a site called magicmushroomkit .ca.

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NeverNeverLandIsNow•

Thanks looks cool, I am in US though. So many Idiot laws here

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dreadnaut91•

Check out mushbox.co. they should be able to get you a kit.

2
-United-States-•

Its illegal in the U.S. to have shrooms shipped to you in the mail. However it is NOT illegal to have spores delivered to you via mail.

Just order the spores + kit, and grow them yourself friend! Good luck with it.

1
Tyler-Durden825•

Get disability insurance! It’s cheap and you need it!

9
Aladdin70•

funny thing is most insurances would do anything in their power to give you as little as possible. it's generally a scam.

7
fmanly•

Would you be interested in this "wealth creation policy" wherein for the modest amount of <pretty high amount actually> per month, you'll not only be insured but also receive the sum assured at the end of the term.

I don't have a big problem with annuities. In theory an SPIC is maybe ideal for MGTOW - IN THEORY. My problem with them is that they tend to be pretty expensive compared to just doing a bond tent and a 90/10 portfolio.

The main advantage of an annuity is that you're transferring all the risk, EXCEPT ONE. The one risk you're keeping is the risk that the insurance company fails.

I was looking at SPIC quotes the other day and while they're relatively reasonable they still seem pretty expensive compared to the 4% rule. That gets you a 95% chance of success already, for something like 50 years, and I was doing quotes with a 30 year life expectancy. Now, 95% isn't 100%, but insurance companies can fail and I have no idea what the risk of that is.

Otherwise as a MGTOW without heirs I'd love to just hand my savings to a company in exchange for a guaranteed income for life - that's all I need it for.

Now, annuities other than SPICs are another matter entirely. A lot of those are really good for commissions, but not so good for investors. You probably already know that if you were asking about "fiduciary duty." :)

7
GlobalAsshat•

Life insurance must be a big moneymaker. Join AAA and they will peddle life insurance with some mail every couple of weeks. Some of those elderly targeted ones that run on daytime TV such as colonial penn are a real ripoff. Be careful as you get older and start to lose your mind... charities and others will try to take advantage of you for your money!

5
attongirdeaux•

I work in finance, your summary isnt too far off what people are REALLY saying in that conversation, you just took out all the sales fluff bs.

Disability Insurance is really only good for people with $150K+ income, usually with a large pile of student loans (the one debt bankruptcy wont get rid of). Honestly if you dont have student loans, a small amount of disability income replacement is fine. Make sure to max your tax deferred accounts and use ETFs in taxable accounts and you should be fine. Also dont neglect tax free munis once rates go back to not being total dog shit.

5
[deleted]•

However, it did make me consider whether I should get, maybe disability insurance for if I'm ever rendered unable to work, or long term care insurance, although that might be cheaper spending out of pocket.

If you're self-employed or own your own business (same thing) look into "business disruption insurance", look for carriers that specialize in your industry, and you'll need to shop around, but IMO it's worth it, since it covers business disruption for any most cases. Make sure you read the fine prints of instances when you don't have coverage.

3
AbstruseMurmurings•

I’m sorry, how did you twist the conversation into absurdity? That seemed rational and relevant to me.

2
PatnarDannesman•

Life insurance also covers you if you become disabled or unable to work due to disease, for example.

It's something everyone should have to cover themselves.

1
heal_thyself•

Depends on the specifics of the policy. Mine has it as an extra or a separate thing all together, I forget. I need to go back to the agent and get a few things changed too.

1
PatnarDannesman•

You should get cover if you're in an accident an unable to work either temporarily or permanently.

1
kakramer1211•

Do you have living heirs? Would you want your parents or siblings to have to borrow money perhaps to hols your funeral? I know funerals are for the living but how could you sleep the sleep of a just man knowing that you left that to your loved ones to shoulder and at the worst ppssible moment? A term life policy and a good health and disability plan don't cost much and they are just a necessity of life in my opinion. MGTOW shouldn't mean schirking your legitimat responsibilities. MGTOW doesn't mean celebacy necessarily and that means there is the possibility of needing and wanting to leave someone a legacy should you die. This is just one man's opinion.

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[deleted]•

[removed]

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