The Year End Tradition Begins

Around here, the end of the year has it’s traditions. No, I am not talking about Christmas or New Years, although those are a couple of fun holidays that I can thank for being so close together since I get the whole week from Christmas through New Years off from work. WooHoo!

The traditions I am talking about are much less inviting. This week I started getting all of our tax receipts in order. I pulled out the statements so I can review my 401k, as piddly as it is, and I examined the insurance policies I get as a benefit through work.

The insurance I have through work is a No Medical Exam Life Insurance policy, which was nice, and although it’s not a lot of money, if anything happened to me, Gidget would be able to pay the bills for a couple months… sigh…

While I was reviewing my current policy, making sure that I don’t want to make any changes this year, I read a section about Second to Die Life Insurance. What the heck is that you ask? Well, it’s a whole life policy where two people, usually a married couple, are covered on the policy and it does not pay out until both people on the policy have died. That’s, umm, nice I suppose, but what happens to the spouse to didn’t die yet? They get stuck with all the expenses of your funeral and schtuff? Ouch. I guess you have to be a bit well off for that one.

I was also reading about Life Settlements, where they will take your existing policy and pay you a lump sum payment based on the value of that policy. I guess I am ignorant when it comes to insurance, because I really do not see the point of that one, although there are probably people out there that can really use the money, and that’s probably why they have it in the first place.

Anyway, now I have to get back to looking at my 401k. I always cry when I see how long I have to keep working.