What would happen to your tank if

Ashley Kekua · Feb 14, 2019

Hemmdog said:
It’s not free.. it’s just like employer sponsored healthcare.

Yes but point being people can buy life insurance on other people. Parent can buy life insurance on children. Just ask insurance person!

Hemmdog · Feb 14, 2019

I actually have a CA Life insurance license from when I was taking my Series 7. You are paying for your own life insurance, you have to sign up for it, companies can’t sign you up, companies will pay up to 100% of your life insurance fees, but they usually only cover about 80% of the fees, it usually ends up being about $20 a month out of pocket for a 1mil+ life insurance policy. If you were unemployed it would be more around $80 a month for a 1mil policy.

Ashley Kekua · Feb 14, 2019

Hemmdog said:
I actually have a CA Life insurance license from when I was taking my Series 7. You are paying for your own life insurance, you have to sign up for it, companies can’t sign you up, companies will pay up to 100% of your life insurance fees, but they usually only cover about 80% of the fees, it usually ends up being about $20 a month out of pocket for a 1mil+ life insurance policy. If you were unemployed it would be more around $80 a month for a 1mil policy.

Yes that is one method. But Companies can buy life insurance on you, meaning if you die, company gets the money. Do you know what I'm saying?

Hemmdog · Feb 14, 2019

Ashley Kekua said:
Yes that is one method. But Companies can buy life insurance on you, meaning if you die, company gets the money. Do you know what I'm saying?

The company has seperate insurance for that, it’s called COLI, it only works for key employees, such as an executive. Life insurance goes to the deceased’s spouse or next of kin.

Ashley Kekua · Feb 14, 2019

Hemmdog said:
The company has seperate insurance for that. Life insurance goes to the deceased’s spouse or next of kin.

A company can buy life insurance on employee, how you not know this???

Ashley Kekua · Feb 14, 2019

Hemmdog said:
The company has seperate insurance for that, it’s called COLI, it only works for key employees, such as an executive. Life insurance goes to the deceased’s spouse or next of kin.

No, the money goes to the company, how you not know of this if you took test?

AllSignsPointToFish · Feb 14, 2019

No one in my family understands the tank enough to competently take care of it. I suppose it would be auctioned off to local reefers and LFS owners.

Hemmdog · Feb 14, 2019

Initially yes they do, then it goes to your spouse after fees have been paid.

Ashley Kekua · Feb 14, 2019

Hemmdog said:
Initially yes they do, then it goes to your spouse after fees have been paid.

No sir. Company keeps the money. you did not study this occurrence?

Hemmdog · Feb 14, 2019

Ashley Kekua said:
No sir. Company keeps the money.

Lol, you don’t think people’s families would be upset about that? When people’s spouses die and they get millions where is that coming from?

They keep some money if it’s a COLI which is rare. It’s if some executive is theoretically so good the company will lose money without them.

Ashley Kekua · Feb 14, 2019

Hemmdog said:
Lol, you don’t think people’s families would be upset about that? When people’s spouses die and they get millions where is that coming from?

Please educate yourself. I surprised you not know of this practice?????

Hemmdog · Feb 14, 2019

Ashley Kekua said:
Please educate yourself. I surprised you not know of this practice?????

Do you have a life insurance license?

Ashley Kekua · Feb 14, 2019

Hemmdog said:
Lol, you don’t think people’s families would be upset about that? When people’s spouses die and they get millions where is that coming from?

They keep some money if it’s a COLI which is rare. It’s if some executive is theoretically so good the company will lose money without them.

I'm sorry my friend. It's not just for executive. They buy on many employees...How you not know of this?

Ashley Kekua · Feb 14, 2019

Hemmdog said:
Do you have a life insurance license?

I don't have to have a license and I know more than you it appears

Hemmdog · Feb 14, 2019

No, I’m trying to educate you so you dont embarrass yourself publicly again. I’m a nice person and your attacking me for sharing what I know. I’m not in life insurance, I just have the license. Calm the f down

jeffchapok · Feb 14, 2019

Hemmdog said:
No, I’m trying to educate you so you dont embarrass yourself publicly again. I’m a nice person and your attacking me for sharing what I know. I’m not in life insurance, I just have the license. Calm the f down

I never even heard of a COLI before, but a quick Google search appears to support Ashley's claim:

https://www.investopedia.com/terms/c/coli.asp

"- COLI

Company-owned life insurance (COLI) is a life-insurance policy that pays a benefit to the company when an insured employee dies.

Breaking Down Company-Owned Life Insurance - COLI

Company-owned life insurance (COLI), or corporate-owned life insurance, is typically taken out on a group of critical employees and pays a benefit when any one of those employees dies. Unlike typical life-insurance policies, COLI policies pay the death benefit to the same entity that pays the premiums."

Hemmdog · Feb 14, 2019

jeffchapok said:
I never even heard of a COLI before, but a quick Google search appears to support Ashley's claim:

https://www.investopedia.com/terms/c/coli.asp

"- COLI

Company-owned life insurance (COLI) is a life-insurance policy that pays a benefit to the company when an insured employee dies.

Breaking Down Company-Owned Life Insurance - COLI

Company-owned life insurance (COLI), or corporate-owned life insurance, is typically taken out on a group of critical employees and pays a benefit when any one of those employees dies. Unlike typical life-insurance policies, COLI policies pay the death benefit to the same entity that pays the premiums."

Critical employees is a key employee. I explained that is the exception to what I was saying. That even includes that it is “unlike” normal life insurance policy’s because the company receives money.

Thanks for posting that, it backs up my claim 100%

Sarah24! · Feb 14, 2019

Hello,

Lol regardless lol the topic is what would one do with their tank if they were to pass away. Having life insurance is a moot point when it comes to the care of the tank. Yes it’s an interesting topic, but doesn’t generally apply here, simply because (even with or with out life insurance no matter what type, etc etc etc lol), the companies don’t care what happens to the tank.

But it’s very nice to see that I’m not the only one where their family really could care less about one of our hobbies etc. it was amazing to see some want to keep things or shared common ground, that’s inspiring to me.

On another note within this topic, I have found that lots of clinics, counseling, medical are looking for saltwater tanks. There was a recent study found (Yes I have to find how to post it again (and find it again as well lol), that saltwater tanks have a way of calming people and helping in terms of therapy. Me personally I have found that, relaxes me, and definitely gets my brain off of work. Yes there is some added stress if things go south, but part of me wants to do the daily routine on it. It’s amazing how interesting it is to watch either day or night, it’s relaxing. Not sure on others but people who don’t visit often, and even family, can always smell the salt water. It’s the ocean smell when one goes to the beach etc. Now I can’t smell anything atm but when I can lol I normally can smell it if my nose is right by the water. (I’m not talking about the gross smell that comes out of the protein skimmer when draining lol, I really dislike that part). I have found my self staring at my tank and falling asleep, (but light sleeper) so it also wakes me up.

I was determining for example (reasoning for the above two paragraphs), if I couldn’t find a person per say, maybe a children’s clinic or counseling center etc. It was interesting that when I called a few places they would be more than happy to. (Of course for free), which is fine if everything gets to live longer etc. but was interesting that some were not even interested unless there was no cost.