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Military Insurance: 250,000 is not enough

Published:

Military Insurance: 250,000 is not enough....

First of all i'll like to say that: I don't want to sound like you are making money off of someone dying, but at least if you want your loved ones be taken well care off when you pass away, do it right....

 

Military Insurance: 250,000 is not enough (I am not critizing i am trying to help): I may be dislike for this decision, but i believe the military should increase the Insurance to military families if in case something happens to the military person...Right now the most insurance you can take out if in case something happens to you in the military is 250,000 but i think they should pay more than thatñ is not enough...I believe it should pay up to 750,000 dollars even if this mean taking out 60 dollars out of your paycheck...You know you have to take into consideration that when something happens to the military person, the household member with the most economically power is gone and the mother is left with 2 and 3 kids and they have to put those kids in college, raise them...Not only should the U.S do this but every military from the G7 countries should do this except China if in fact China is part of the G7 (Up to this day i don't know on whose side is China)...And i am sure that the U.S Military can come up with its own Insurance company instead of relying on a outside insurance company...And i just thought of something...It should be mandatory if you are in the military...I believe it should start from 750,000 dollars...The only problem is that the military families would not get completely those 750,000 dollars but instead they will get half of it because of taxes and i mean that they should get completely 750,000 dollars, specially if the military person is planning to retire from the military...And it should be according to how many kids a military family has, i don't know i am giving you an idea where you can elaborate...If it means paying or deducting 70 dollars from your paycheck so beat it....

And you see you can create an Insurance Company for Military personal and police officers, and swat team, national police force (which is different from a police officer, kind of like what Irak has today)...Not only from the the U.S.A but from the G7 countries's military and police officers...If they have to pay a high price so beat it...All with the same high amount of money option..

I even got a BETTER IDEA FOR THE MILITARY...Why not increase the insurance money from 750,000 dollars to 1 million dollars (1 million dollars left after taxes are taken out) (specially for G7 countries except the U.S because the U.S takes 50% in taxes) and let that 1 million dollars be put in the bank forever and the interest earned from that 1 million dollars be the money collected from the military spouse or family for the rest of her/their life and is even better...Let's assume a spouse got that 1 million dollars and it was automatically put in the bank forever at 6% earned interest...That spouses is going to collect 6% or 5.5% earned interest (which is 55,000 to 60,000 dollars a year) from that 1 million dollars for the rest of her life...When she dies she can transfer that money (those 1 million dollars placed in the bank at earned interest) to someone else in the family...And these 1 million dollars can go to raising the great grandkids of the member perished in the military...I believe this is better this way than to give 750,000 dollars to the spouse or victim of the military fatality...At 5.5% or 6% earned interest the spouse or victim will in 16 years make more than 1 million dollars...And the good thing is that at 5.5% or 6% earned interest the spouse, mother or victim will be taken care for the rest of her life and for her grandkids just if in case some unexpected event was to happened like getting laid off of work.....I first said that excluding the U.S but i'll like to include the U.S just that i think the U.S military will have to pay a lot more than 1 million dollar for the family to get 1 million dollars after taxes are taken out)....And you see letting the 1 million dollars automaticallay go to a bank and let it earn interest FOREVER at 5.5% or 6% is like giving the spouse a job that pays 26 dollars and hour, but better...Why better? because when you have an job when you retire you don't get those 55,000 up to 60,000 dollars a year or 4,000 dollars a month, you probably get 1,000 a month, or you must open a 401K to be set for retirement hoping that you get enough money to pay for medications when you are an elder and after that person dies, the money stops and everything else dies there....But WITH THIS PLAN THE MONEY CONTINUES...AND IT SHOULD BE MANDATORY IN THE MILITARY AND LAW ENFORCEMENT AND EVERYTHING RELATED...And banks will give you 5.5% up to 6% if you put the 1 millions for 20 years but if you set it forever they (the bank) probably give you something like 6.5% up to 7% which i am speculating...And that 7% is 65,000 dollars up to 70,000 dollars A YEAR...All taken care off for the rest of her life and that taken care off can be transferred...

And i know it can be so because the G7 countries MILITARY and specially the U.S MILITARY CAN MAKE IT HAPPEN...The only problem with this is that it doesn´t take into account the value of currency/money through out the years...YOu know 1 dollar now is not worth the same that it did 40 years ago or 60 years ago...Just hope that 1 dollar has the same value now and 50 years from now and 100 years from now...What i am saying is "if the U.S MILITARY can give you 40,000 dollars for college for serving 5 years, i am sure it can make the bank give you 6.5% up to 7% for the 1 million dollars..And they probably wouldn't have to make the bank give them 6.5% to 7%...The bank itself probably give you 6.5% to 7% Why? FIRST, you are placing the 1 million dollars in the bank FOREVER...I've been told certain banks will give you 6%, no more than that...And if you are placing the money FOREVER, and not for 10 years or 20 years YOU CONSEQUENTLY OUGHT TO GET A BETTER DEAL...Or how about if the military places the 1 million dollars in the bank for 50 years and THEN AUTOMATICALLY RENEWS IT...Not only that but if the military IS PLACING ENTIRE MILITARY on the INSURANCE, and make it MANDATORY FOR THE ENTIRE MILITARY and LAW ENFORCEMENT AND SIMILAR Agencies/Institutions, THEY OUGHT TO GET A BETTER DEAL more than 6% perhaps something like 6.5% or 7% BECAUSE OF QUANTITY...6.5% earned interest is 65,000 dollars and 7% is 70,000 dollars EVERY YEAR FOREVER...With that i am sure you can place 3 out of 5 kids in ELITE UNIVERSITIES/COLLEGES and the 2 other kids in regular universities/colleges (I am sure this will make the person that passed away proud)..(I'll like to stress that University is a little different than college) if you start saving from when they are young..I think they got something called a COLLEGE FUND...All i need now is for someone to spread this to the U.S military and the G7 countries military and their respective law enforcement...To tell this to them...

You will have to talk to the bank so it will give/award the family the 65,000 or 70,000 or 60,000 dollars money each week of the year or each month of the year...Because as you may know you may get 60,000 dollars from the bank on earned interest but they only give it to you each bimester or 3 times a year...

And for example if a spouse get those 65,000 or 70,000 dollars compensation, she can continue to work adding more money to the net total....For instance if the spouse gets 70,000 dollars and she works and gets 30,000 dollars, she would have 100,000 dollars net total increasing the revenue to help the kids...And if you laugh at this idea there are more crazy ideas out there that people even mention and that i hear...

I don't want to sound like you are making money off of someone dying, but at least if you want your loved ones be taken well care off when you pass away, do it right....

Another thing that will make the U.S Military Great: Again i may be critized by this, but i am going to say it because i think it will make the U.S Military great....You know how if you enlist in the Army or the Navy for 5 years they award you with 25,000 to 40,000 dollars for college...But if you plan to enlist in the Army or Navy for 20 or 30 years (basically retire from it) you only get 40,000 dollars for college ONCE and it is transferrable...I think they should set it up where if you plan to stay 20 years you can get 4 times those 40,000 dollars for college and that they should be transferrable to your kids....If you stay 25 or 30 years you should get 5 time or 6 times those 40,000 dollars for college...I don't mean 4 times the amount of 40,000 dollars...I mean 4 different 40,000 dollars each transferrable for each of your 4 different kids or however you may have depending on how long you retire...I don't know what this is not so....And if they can't afford 40,000 dollars and only 25,000 dollars so beat it...Military from the G7 countries except China should follow this example...

To be continued...

Entry #60

Comments

1.
time*treatComment by time*treat - November 7, 2007, 7:01 am
Dos cosas...
1. Life insurance benefits are not taxed (under current law).
2. The G-7 consists of the United States, Japan, Germany, France, United Kingdom, Italy, and Canada.
You should research these things... *sigh*
2.
Comment by pumpi76 - November 7, 2007, 10:02 am
Well didn't know that Life insurance are not taxed..Because i was going to say that this didn't include taxes...About the G7 countries, since the age of 14 i've known what the G7 countries were, but i wasn't sure if Canada was on it...I used to know that Canada was on it, but until recent years i heard that China maybe on it, so i thought that i got Canada wrong and was missing China...I've been also told that Canada is not an actual country (which i don't know) but a part of Great Britain..I even know in which order they go (except for Canada) from more wealthy to less wealthier...About me researching this...I consider this a blog not a term paper; i just write what pops in my head...
3.
time*treatComment by time*treat - November 7, 2007, 7:03 pm
With China, you may be thinking of the U.N. security council. They are one of five "permanent members".
Canada (for now) is its own separate nation. It's just Americans view them as so much like "us" than, say, Mexico. Until recently, you could go to Canada with just a U.S. drivers license for I.D. The same is true for Mexico, but in Canada, your car won't be stolen by the police.
4.
justxploringComment by justxploring - November 8, 2007, 1:39 am
Pumpi, your subject is completely incorrect. The total benefit is $500,000 which is paid to the surviving spouse or child. There is an initial $100,000 death benefit paid after the determining the cause of death, and $400,000 in life insurance. It would be twice that if both parents were killed, but the military specifically forbids 2 parents from being in combat at the same time. There is a pension paid, but that depends on the individual.

However, seeing our brave men and women return alive and in one piece would be the best type of insurance.


5.
justxploringComment by justxploring - November 8, 2007, 2:56 am
Time*treat, I laughed at first when I read your comment about your car being stolen in Mexico by the policia, but it's no laughing matter. I've read that kidnapping for profit is higher in Mexico than in anywhere else in the world except for Colombia, and that Americans are big targets.

6.
time*treatComment by time*treat - November 8, 2007, 5:27 am
@ Jxp,
Sometimes you want to rent a car for long trips rather than take your more sickly "home" car. Nearly any rental place will let you take one to Canada. South of our border is a *totally* different story. That type of institutionalized corruption is a dirty secret to why people don't want an N.A.U., but anytime you say the real "whys", people say it's about race. Imagine a gov't with: Canada's taxes, U.S. ineptness, and Mexico's violence & corruption ... *cringe*
7.
Comment by pumpi76 - November 8, 2007, 1:05 pm
"The total benefit is 500,000 which is paid to the surviving spouse or child"...I was in the military for 1 year and a half..I know about the life insurance because they brought it to our attention...YOu had to pay 20 dollars a month for it and and it wasn't mandatory and that was the most they had...I am talking about making it mandatory and by the way 500,000 dollars is not much money either...I am talking about taking care of the spouse for life....1 million dollar is enough and placing it in the bank is the best option plus is transferrable..I liken it to the idea that the government was offering you a job for the rest of your life but the job was your home...In 3 or 4 years those 500,000 dollars will be cleaned and the kids will not be able to go to a decent university...No offense but humans are very stupid, they take that money and waste like that...MY PLAN IS THE BEST COURSE OF ACTION...And again this is more like a theoretical plan that pop in my head...This is not A TERM PAPER (Research Paper)...And what do you know about losing a loved one in combat...
8.
Comment by pumpi76 - November 8, 2007, 1:46 pm
I don't know about losing someone in combat, but i am saying, how would you know what it feels like...When i was in the military the Maximum life insurance you could get was 250,000 dollars...They had to plans one i think it was for 150,000 dollars that will cost you 10 dollars and another one for 250,000 dollars that will cost you 20 dollars...I am willing to bet that if you did a poll or you gave people the option between those 500,000 dollars and 70,000 dollars a year for life or even 50,000 dollars a year for life and transferrable to your grand kids and great grand kids, they will choose the 70,000 or 50,000 dollars a year for life...
9.
Comment by pumpi76 - November 8, 2007, 1:53 pm
I mean you can't even start a bussiness with 500K...Well it should be like 300K after you burry your husband and you pay for the house...So with 300K you definately can't start a bussiness...And isn't it to be well taken care for life you and your kids that you start a bussiness?
10.
justxploringComment by justxploring - November 8, 2007, 4:53 pm
Pumpi, most people don't have million dollar policies. Actually, for those who do have any insurance (I'm talking about the average American) it's less than $100,000. I'm not sure when you were in the service, but it's definitely $400,000 which is automatic. Please don't get defensive when someone corrects you unless you only want to write to yourself. You can go to the army website and it gives all of the details on life insurance. Remember, that would like me commenting on the taxes in NH when I haven't lived there in 13 years.   

Regarding starting a business, the whole point of life insurance is to cover the beneficiaries so they can pay for expenses, not make them wealthy. $29 for a $400,000 death benefit is very cheap. People don't buy million dollar policies unless they are very rich and have assets to protect, because it's too expensive. A healthy, non-smoker would be paying over $200 a month for a 20 year term, which means he/she has to die within that term or pay even more for a return of premium rider. Permanent insurance is another way to buy life, but it's much more expensive. Most people buy enough life insurance to cover their mortgage and college expenses if they die or become disabled. Otherwise there are a lot better investment vehicles in which to put your money.

You can start a business with no money at all. Some people who are now millionaires started out by baking cookies or going door to door selling. A 17 year old on the internet is a multi-millionaire because she started a website for teenagers. The Gateway people started in a barn.
11.
Comment by pumpi76 - November 9, 2007, 12:58 am
"Most people dont' have a million dollar policies"....Maybe a watch too much the movie "Gladiator"...... : (   I don't know why people like the movie Gladiator for or for what they have it for...
12.
Comment by pumpi76 - November 9, 2007, 3:59 am
I am glad of what i wrote, because is taking the military to a new level..A level of empire...
13.
Comment by pumpi76 - November 9, 2007, 4:39 am
How much is the U.S Army total number? 700,000 perhaps...How about the total number of the U.S military, i say 1 Million....How about the number of military of the G7 countries total combined (I don't know i am guessing), maybe 3 Million 500,000? If you multiply 1 million dollars by the number of casualties in irak, which i am guessing is like 5,000? That number totals 5 Billion dollars...If you multiply 3 million 500K times 40 dollars a month, it will equal 140 million dollars A MONTH...That's 1 Billion 680 million...Those 140 millions will equal 5 billion in 3 years...And if you double the number of casualties (May God not so wish and may they rest in peace) to 10,000, ( which equal 10 Billion) then those 140 million will reach 10 bilion in 6 years...Plus the number of years the military stands out of war in peace? Add to that 10 to 20 years...Don't take this so seriously is only a theoretically pop in my head calculation....The only problem with this is that it doesn't take into account a war like the Vietnam War or World War 2...And ask yourself don't you want piece in the world for centuries, just like an empire...One thing i see is that great, great grandkids because they will receive the benefits of those 1 million dollars in interest, they will remember more their great greatgrandfather that pass away in combat and not forget him like they do in SOME FAMILIES...Atleast the grave of the great, great, great grandfather who died in combat will be visited by his great, great, great grandkids and not forgotten...
14.
Comment by pumpi76 - November 9, 2007, 4:46 am
Do we remember our great, great, great grandfather? Do we visit their grave? Do we have picture or portray of them? Yeah we may know that our great, great, great....grandfather serve in the civil war but do we have portray of them? And what was so great that we call the great? MY point and that will be that they serve and die in the military...
15.
Comment by pumpi76 - November 9, 2007, 4:51 am
And in the future decades and centuries from now as the value of currency goes up so can the value of the 1 million dollars (everything goes up accordingly)...Maybe this 1 million dollars in interest in generations to come will spark interest in the military...
16.
Comment by pumpi76 - November 9, 2007, 4:54 am
You know when i watch the movie Gladiator, i remember the soldiers of the Roman Empire...And i know they didn't die in vein, at least they are remembered in my mind...Specially when i listen to the soundtrack of Gladiator...

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