I love credit cards so much! v2.0 (see first page for add'l details)

[wed100105]

Age of Accounts.

18 years, 9 months - oldest account
2 months - newest account
7 years - average age

 

[amalone1013]

We reduced the amount of insurance on her each of our past 2 re-assessments

Maybe this is a dumb question, but does this work like you are redoing the amount the policy covers, and then it resets the 20 yr clock on the policy? Just trying to understand how it works

 

[wed100105]

Thansk @Lain for tagging me - I'd like to share some specific thoughts for this user but also some general comments that I think could benefit all of our friends here...

First off @wed100105 I am confused - did you get the CIP in 03/19 or 02/19? Your comment just before this said March but this says February? (This has nothing to do with my comment to follow, just make sure you are being SUPER accurate with these dates as people giving you advice will assume you are listing them correctly).

At any rate, earlier this week you seemed set on the fact that you would not get a lot of use out of the SW CP in 2020 and you had decided to not do it this year.

You are falling into a trap that ALL of us fall into from time to time (ugh...that Citi Hilton card I got back in May of 2015.....) and that is Churning FOMO! These new shiny "best ever" offers come out and you just have to have it! (I am not saying this in a demeaning way, it literally happens to all of us). Here's what you need to remind yourself:

• The Companion Pass has a limited shelf life...you get it for the rest of this year and all of next year. The earlier in the year you earn it, the better!
• The Companion Pass value is both unlimited and also worth nothing! (Huh???!!?) What I mean is...
  • You could earn your your CP on Jan 1st and use it everyday on a $500 flight for the next 2 years and it would be worth $365,000! (although you'd have to also buy $365k in flights to make that work...but you get what I'm saying, lol!)
  • OR you could earn your CP in July and use it on 3 round trip flights (say $400) over the next 18 months and get $1,200 in value out of it.
  • OR you could earn a CP and never use it, and it was worth $0 to you
• 60,000 Points on SW personal cards are exciting - yes, absolutely! BUT there is a 50k offer available through in-flight links all year round. And the 60k biz offer is their standard offer now. So while FOMO says "Oh no, I'm missing out on 120k SW points and a CP"...you're potentially only "missing out" on 10k SW points. Wouldn't it be better to earn that CP in early 2020 and have it for 22+ months and then make full use of it in 2020 and 2021? 10k SW points are only worth ~$150 which the longer duration (and better planning) for a CP could blow that away!

@SouthFayetteFan's Summary Comment on the Updated 60,000 Point Southwest Offers (this is for anybody considering this): Don't get caught up in FOMO here. If you were planning to earn CP in early 2020 then stay the course. Don't let 10,000 SW points change your strategy! By the same token, if SW cards weren't on your radar at all OR if you don't go for Biz cards, perhaps these offers are worth considering. In general, I'd consult with the thread here on your situation and we'll be happy to help.

@wed100105 - It's hard for me to state with certainty what you should do here...BUT IMHO, I don't think 10k SW points should change your approach that you decided on earlier this week, I'd pass at this time... (Or if it's the right move, I'd go for it, LOL - just not solely because this offer popped up)...

I needed this. Thank you so much for taking the time to think about it and spell it out for me. I stepped away from the computer for a few moments to step back and breathe. I was getting totally caught up in the savings and bonuses, trying to maximize and capitalize and prioritize....(LOL)....

I thought I applied for the CIP (mine) in February of this year, but the posting date of the annual fee on my statement (new account) was March 1. I looked for emails to see if I had a specific date, but I didn't. Is there another way to find the exact date?

DH would really rather fly out of the aiport 10 minutes from our house for our Christmas break travel. I could cash in my Chase reward points for cash and use that toward our flights or just save the URs for future travel. I could use my Amex HHonors flight credit to buy a Southwest gift card and be that much father ahead for 2020 or 2021. I'm out of cards for bonuses so 3x on the CIP looks to be my best bet.

I also need to remind myself that for us our credit score and credit health really do matter.

To everyone who posted replies and everyone who didn't chastise me for being annoying, thank you! <3

 

[Albort]

18 years, 9 months - oldest account
2 months - newest account
7 years - average age

your status look fine to me for the double dip. Id probably split them just to be safe though but if you have a trip in the works, then yeah, it makes sense to hit both. Biz card first.
+Whatever @SouthFayetteFan said in his post.

 

[afan]

That would be the best part for me! Of course I sit outside by my pool and watch the Blue Angels practice and am fond of Navy jet noise

Jealous. That is so cool!

 

[Alexle2007]

If nothing disastrous happens, yes. If something happens, there is a higher benefit.

I actually agree with you. So long as my standard of living is steady and my death or loved one's death will not negatively impact the current standard of living, having extra insurance just in case is sort of like buying a lottery ticket.

I'd prefer to keep the funds in my day to day budget and not worry about increasing my standard of living - or in other words I'm happy with what I have now.

I guess we look at differently with DS being an only child. If something happens to DH and me, he doesn’t have anyone else to assist him. And since we can easily afford the extra coverage, we prefer that he is well provided for. Along with I have watched my mom struggle when my dad passed away unexpectedly and so DH and I are making sure that either of us or DS are put in that position.

 

[Alexle2007]

That would be the best part for me! Of course I sit outside by my pool and watch the Blue Angels practice and am fond of Navy jet noise

I was nice for maybe an hour but when it went on for hours and hours every day we were there, it became a bit much. I just wanted to relax in the sun and enjoy my book and adult coverage.

 

[WVMomof3]

Where were all you people 2 years ago when I started this thread (https://www.disboards.com/threads/life-insurance.3632161/)about Life Insurance??

I am still unsure what I need. We did have the $1M policy, but I am thinking I could do a $500k policy now. Though $1M is less than 10x salary now, but thinking I would spend a lot less without DH. It is hard to say, and I do hope I never have to use it. I think I only need something to get me through 10 years if something happened today. I believe, and the other feds can correct me if I am wrong, that at 57 I will get my portion of DH's pension and at 59.5 can withdraw from TSP. I have read his Personal Benefit statement and it is worded confusing to me so unsure about that. And I am currently not working, but I could go out and get one of those JOB things and make my own money, though it will not be same salary as DH obviously. In the fall I will have senior in college, sophomore in college and senior in high school, so 6 more years of tuition that we are trying to pay as we go. Don't judge too harshly, but we had very tiny 529 plans for girls that are gone, and not one for DS. We currently owe less than $40k on house. I think after 10 years maybe I would keep a tiny policy on him or none at all. @SouthFayetteFan must value his wife more than DH me, lol. I only have $250k on me and I think I have a year left on that and DH says that since kids are grown and I am not working, he doesn't really need anything on me anymore. So not sure what is worse, having too much on yourself and watching your back or knowing that you are worth zero money at all. Made me sad, lol.

 

[Judique]

I guess we look at differently with DS being an only child. If something happens to DH and me, he doesn’t have anyone else to assist him. And since we can easily afford the extra coverage, we prefer that he is well provided for. Along with I have watched my mom struggle when my dad passed away unexpectedly and so DH and I are making sure that either of us or DS are put in that position.

The reasons I initially purchased insurance are identical to how you feel.

But 40 years has passed in the case of my oldest, 35 for my son and 26 for my youngest.

As life progresses, needs change.

Your needs are very valid at this point in time for your child's welfare.

He will grow to be self sufficient. And then you may be looking at what you need from where I stand now.

@SouthFayetteFan outlined his decreasing need. And how he reevaluates.

I think insurance carriers probably get loads of customers who set the clock and forget it.

You and your husband are two successful federal workers, and I'm sure you will continue to monitor your needs each year as you and your child get older. Your child is so lucky to have parents like you.

 

[Haley R]

That would be the best part for me! Of course I sit outside by my pool and watch the Blue Angels practice and am fond of Navy jet noise

I would love hearing jet noise. My brother and his family obviously hear it all the time with them living on base. We heard it on the beach in Florida and I loved it.

 

[Judique]

Where were all you people 2 years ago when I started this thread (https://www.disboards.com/threads/life-insurance.3632161/)about Life Insurance??

I am still unsure what I need. We did have the $1M policy, but I am thinking I could do a $500k policy now. Though $1M is less than 10x salary now, but thinking I would spend a lot less without DH. It is hard to say, and I do hope I never have to use it. I think I only need something to get me through 10 years if something happened today. I believe, and the other feds can correct me if I am wrong, that at 57 I will get my portion of DH's pension and at 59.5 can withdraw from TSP. I have read his Personal Benefit statement and it is worded confusing to me so unsure about that. And I am currently not working, but I could go out and get one of those JOB things and make my own money, though it will not be same salary as DH obviously. In the fall I will have senior in college, sophomore in college and senior in high school, so 6 more years of tuition that we are trying to pay as we go. Don't judge too harshly, but we had very tiny 529 plans for girls that are gone, and not one for DS. We currently owe less than $40k on house. I think after 10 years maybe I would keep a tiny policy on him or none at all. @SouthFayetteFan must value his wife more than DH me, lol. I only have $250k on me and I think I have a year left on that and DH says that since kids are grown and I am not working, he doesn't really need anything on me anymore. So not sure what is worse, having too much on yourself and watching your back or knowing that you are worth zero money at all. Made me sad, lol.

And yours is a different situation entirely. In your case or if I was in your shoes, the policy I would want on my husband would be the policy that represented his contributions to my welfare for the rest of my estimated life.

I wouldn't take any chances on planning for a future job - not saying I wouldn't be getting a job - I would want my security guaranteed. Getting a job is one thing - building up the benefits and security is another thing.

And, I wouldn't worry about not having insurance on you if he is the one who is sole provider right now, unless you want a policy for one of your children to inherit for some reason.

 

[SouthFayetteFan]

I needed this. Thank you so much for taking the time to think about it and spell it out for me. I stepped away from the computer for a few moments to step back and breathe. I was getting totally caught up in the savings and bonuses, trying to maximize and capitalize and prioritize....(LOL)....

I thought I applied for the CIP (mine) in February of this year, but the posting date of the annual fee on my statement (new account) was March 1. I looked for emails to see if I had a specific date, but I didn't. Is there another way to find the exact date?

DH would really rather fly out of the aiport 10 minutes from our house for our Christmas break travel. I could cash in my Chase reward points for cash and use that toward our flights or just save the URs for future travel. I could use my Amex HHonors flight credit to buy a Southwest gift card and be that much father ahead for 2020 or 2021. I'm out of cards for bonuses so 3x on the CIP looks to be my best bet.

I also need to remind myself that for us our credit score and credit health really do matter.

To everyone who posted replies and everyone who didn't chastise me for being annoying, thank you! <3

You're welcome! And definitely I'll reiterate that you aren't alone in getting caught up in churning FOMO. I speak of that Citi Hilton card I got back in May of 2015, what I didn't say was that I had no real use for the Hilton points at the time, but it was an all-time high offer and I was caught up in excitement. Then just a month or 2 later, 5/24 was in force on Chase's branded cards and I was locked out of Chase for 6 months suddenly. Since then, I've always been super careful with my personal card apps.

Regarding your CIP - it probably was in February. The AF posts on the 1st day of the month following your anniversary so I'm sure you got approved in Feb

If I were you, I'd look to some more biz cards, Do you have any interest in the AA miles we're all chasing right now? That would keep you off of Chase's radar and give you some MSR to work on

 

[Judique]

I would love hearing jet noise. My brother and his family obviously hear it all the time with them living on base. We heard it on the beach in Florida and I loved it.

Having lived under a flight line in several duty stations both on and off base, I can take it but I prefer to leave it and enjoy it at an airshow or a visit to an airport. I lived on Bolling AFB for awhile and the flights to Reagan flew right over us so low you could see the people in the windows, and watch your dishes rattling while your tv or conversation was drowned out.

 

[SouthFayetteFan]

I know we're totally off topic with all of this Life Insurance stuff but it's neat conversation.

(To bring it slightly back on topic, I plan to pay some of my premiums later this year with Plastiq so that's good!)

Maybe this is a dumb question, but does this work like you are redoing the amount the policy covers, and then it resets the 20 yr clock on the policy? Just trying to understand how it works

It's basically a whole re-write. I get a new medical exam and quotes from new companies. And then you let the old policy lapse (or cancel and get a refund check) and you begin paying for the new policy. You can also adjust the amount on the old policy and put in a new one (i.e. if you had $1MM expiring in 17 years, I could cut it do $500k and then put a new $500k for 20 years). You really have a ton of options. You also could do nothing if you don't like the new rate and just keep paying on the old policy.

Every 3 years I talk to my guy and we discuss a number of things:

• How has my financial situation changed since our last assessment?
• Do I make more money now?
• Has our net worth improved?
• What do our debt obligations look like?
• What are our children's ages and what does 20 years from now look like?

In one particular year, I decreased my term amount from $2MM to $1.6MM and went back out 20 years. My premium decreased slightly (a combination of increasing due to my age and pushing the policy back out 20 years and decreasing because I cut the policy amount by $400k).

@SouthFayetteFan must value his wife more than DH me, lol. I only have $250k on me and I think I have a year left on that and DH says that since kids are grown and I am not working, he doesn't really need anything on me anymore. So not sure what is worse, having too much on yourself and watching your back or knowing that you are worth zero money at all. Made me sad, lol.

Haha! I will say that we may not touch my wife's policy again. Just pay the premium each year for the next 20 years and then be done with it. Once the kids are out of the house and college is over I don't see term life being much of a need for us (as somebody said earlier, if there's no use for the money it's sort of like playing a strange lottery)...

And yours is a different situation entirely. In your case or if I was in your shoes, the policy I would want on my husband would be the policy that represented his contributions to my welfare for the rest of my estimated life.

I wouldn't take any chances on planning for a future job - not saying I wouldn't be getting a job - I would want my security guaranteed. Getting a job is one thing - building up the benefits and security is another thing.

And, I wouldn't worry about not having insurance on you if he is the one who is sole provider right now, unless you want a policy for one of your children to inherit for some reason.

All great points! The reason to have a policy on a non-working spouse IMO is two-fold: 1) To provide childcare, meal prep, house cleaning, whatever that spouse handles and 2) potential emotional distress (i.e. what if I am distraught over the loss and cannot get back to work or function like I used to).

You could really come up with a lot of reasons for having insurance. I guess it's not for me to question people's reasons, but I will say having insurance without a reason is probably not a good idea, lol!

 

[wed100105]

You're welcome! And definitely I'll reiterate that you aren't alone in getting caught up in churning FOMO. I speak of that Citi Hilton card I got back in May of 2015, what I didn't say was that I had no real use for the Hilton points at the time, but it was an all-time high offer and I was caught up in excitement. Then just a month or 2 later, 5/24 was in force on Chase's branded cards and I was locked out of Chase for 6 months suddenly. Since then, I've always been super careful with my personal card apps.

Regarding your CIP - it probably was in February. The AF posts on the 1st day of the month following your anniversary so I'm sure you got approved in Feb

If I were you, I'd look to some more biz cards, Do you have any interest in the AA miles we're all chasing right now? That would keep you off of Chase's radar and give you some MSR to work on

I don’t have any real need for AA miles, but I’m sure I could spend them if I had them! AA flies out of our local podunk airport so they would be a nice long term strategy for me for award flights.

I collect Hilton points. If getting an Amex Hilton biz card wouldn’t bother Chase, I’d like to go that route first.

 

[platamama]

re: Serve, I think yesterday was just a glitch. I was able to load my Serve with a real live debit card today. I might try a vgc later today.

 

[DisneyMandC]

For those who love jet noise, I would recommend this bumper sticker. It's very popular in VA Beach.

 

[SouthFayetteFan]

I don’t have any real need for AA miles, but I’m sure I could spend them if I had them! AA flies out of our local podunk airport so they would be a nice long term strategy for me for award flights.

I collect Hilton points. If getting an Amex Hilton biz card wouldn’t bother Chase, I’d like to go that route first.

An AMEX Hilton biz would be totally off Chase’s radar.

 

[afan]

I want to make a payment on my room at Pop but I can't figure out where to go. I googled and all I can find say to go to my reservations but MDE has changed since then and now it's my plans and I can't find a place to do it. I've always used a TA before or the group before this so I never made a payment on MDE that wasn't a one time thing. Where do I go?

 

[platamama]

Just to join the life insurance conversation, we've kept it pretty simple. 20 yr term on DH 1M (plus he gets work coverage), and 20yr term on me 500K. Total annual premium for both is $2112. Both are set to expire when DD is over 18. It's cheapest to get while you're young and haven't been diagnosed with any health issues. Our agent at the time said that for sure we'd want it before I got pregnant (pregnancy can come with lots of health problems as I found out).