Thread regarding Chevron Corp. layoffs

We dropped it too. Premiums way too high.

If you have your pot of gold from the pension and 401K, why have life insurance? Think about if you die. Your spouse or family will inherit a few million or more. That’s the insurance. I would rather purchase long term disability insurance and an umbrella policy to protect assets instead.

I dropped my Life Insurance with Met Life; ;you can find lower premiums on your own. But make certain you understand whether you are getting Term Life Insurance or Whole Life Insurance. There is a difference and whole life insurance is much more expensive especially if you are over 60.

@2adu

I’m the OP, not the guy who commented on my post.

I dropped Metlife after employment ended. At one time, their rates for Chv employees (Home/Auto/umbrella) were outstanding, and payroll deduction was even easier. However, over the years rates came up to 'normal', and once I left, comparing with mainly All State and State Farm showed better deals. Also, years back Metlife had local agent/office for quick questions. Last several years, it's many 800 number press this or that and annoying for 'finally' get a live person. Lastly, don't know your situation, but my 401k and pension combined eliminated any need for any extra life insurance. I'd dump that.

How did you manage to go from 63 to 45?

@1uww

Who says I’m retired? I’m 45 years old and took chevron EOI to start my own business.

I still have Children at home. Life insurance is just that, to take care of those you love in the unfortunate event something happens to you.

@1mnm, You’re paying $143/month now when you are 63. Just wait until you turn 65. You won’t like the premium. And if you are willing to take that punch to the gut and can stand paying it until you turn 70, then please post your phone number here. There’s some beautiful waterfront property I have in Henderson Swamp, Louisiana that I’d let you have at a bargain price.

Hire a good financial planner. Corporate insurance is great until your in your 40s. At 42-43, you should buy a 30 year term. It will be slightly more expensive until your 45, but your locked in until around age 70 (corp insurance is age banded, so it gets more expensive every 5 years). This should be the last policy you will need to buy for income replacement. After age 65-70, your buying insurance for estate planning purposes.

Why would you need life insurance if you are retired? You no longer have a salary to replace, so what money or income do you have now that she would not be entitled to? Makes no sense.

I did shop around and found my final life policy plan a pretty good deal. It’s three times my final salary and I pay $143 a month for it. If something did happen it would help cover my wife’s expenses for years to come. Plus no Doctors questions etc. I’m 63 now and on 100% Post Chevron Medical and Dental. For myself it was a no brainer. When I hit 65 I’ll review the coverage at that time. For now it’s just extra coverage to make sure my wife is taken care of. My 2 cents.

For life insurance policies I would definitely read 100% of the legal agreement. Do not give it the typical "I agree" mouse click or I trust this salesman's nice smile. Most of the time, these policies tend to be expensive and almost worthless in the long run since premiums tend to increase over time and returns are low and there may be restrictions for cashing in on the policy. If you need a life insurance policy (given spouse/children) and you have no major health issues then set up a cash investment account with a brokerage firm and invest your money into shares of the S&P 500. You will get better returns and be impressed at the results. Some life insurance policies are total rip-offs.

I dropped my MetLife life insurance as soon as my last paycheck was paid. Premiums were too high and there’s a huge step increase every 5 years. When I was laid off from Chevron, luckily in the year I had long planned to do so, I no longer needed life insurance. Maybe I should have done that 3 years earlier after paying off my mortgage. After all, I had no debts or children at home or at college to care for. My advice is to drop MetLife ASAP.

After I left CVX as part of Project Alpha 5 years ago I looked into continuing with Met Life for life insurance. Bottom line is that there was no further discounting, as was the case when I was an employee, so the rates went up. I just decided it was not worth continuing any life coverage, but if you want some sort of life insurance then shop around

Before I worked at Chevron I shopped life insurance policy’s. I remember MetLife was one of the more expensive policies. However, that could have changed over time. (This was probably 10 years ago). Their auto policies are certainly more expensive. Their business strategy is focus is on corporate clients, and trying to attract customers who just want their premiums deducted directly from their paychecks.

That is not me. I would recommend reaching out to an insurance broker at the same time you reach out to MetLife. I suspect you’ll find their on the higher end. Also, if you now have health conditions that will affect your eligibility that you didn’t have before. MetLife could be a good choice as they won’t require a physical exam.

Good luck.