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Life Insurance

Is Life Insurance Necessary?

Some think that life insurance is a waste of money, but what do you think? I personally believe that it is a good thing to have, especially if you do not have large wealth to leave for your family. In the very least the money you would have spent on a good policy might have just been spent on 'fruitless' items or entertainment if you did not have one. A policy that has other benefits such as interest gain, loan facility, and more is even better. You should sign up with an agent and compnay that are both reputable. I know of an insurance company that actually gives up to 13% interest at times for a maturing policy.

Insurance Life

Life insurance is a wonderful thing to have. What else would your family do if you happened to die suddenly?? The cost of an average funeral is something like $5,000. I also have mortgage insurance, so that if I died the house would be paid for.

It doesn't cost all that much, and it is wonderful peace of mind for you and for your family.

Roz

Life Insurance History & Civil Business Politics

I think life insurance is good to a point. First, I would not go with the whole life plans. They are way too expensive, in my opinion. If you want a loan, go to a bank. If you want an investment that also should be someplace other than life insurance. Life insurance should be to allow your family members that ability to continue to live their lives financially like they did when you were alive for a certain period of time.

For example, when my son was younger, I felt it necessary to have enough life insurance to ensure he was provided for until he finished college if he wanted to attend college, just like I would do if I were living. Now, my needs are different. I want to allow him to keep my house if he wants or sell it and use the proceeds to set himself up somewhere, but I don't need to continue to support him for years to come. However, I am not going to go broke trying to provide this for him. If I can't afford to get enough insurance to keep the house, then as long as there is enough to bury me and some left over to help him get settled. That is enough. I shouldn't be trying to give him more as a result of my death than he gets as a result of my living. Know what I mean?

I would like to get this, but I am not having any luck finding it. All I have found so far is a 20 year level term policy but it isn't really the same, as just a policy to pay off the mortgage and I would expect it costs more than simple mortgage insurance.

Edited: tenaheff on 31st Jan, 2004 - 10:58pm

Insurance Life

I did not believe in life insurance until recently. And as usual, we all learn the hard way. Suffice to say, me and my folks were in a situation which caused us great financial distress because of the lack of life insurance of the member just gone.

And then, just like that, it occured to me ..... why do I have to die for free? I make enough to be comfortable, but not wealthy to afford to leave much behind. If I had checked out of here back a couple of years then, I would have been the cause of financial distress to my family. In a sense, I would have died .... for free. Now, I have adequate (as much as I can afford, not as much as I want) life insurance to make sure I would not be a burden to my family and to make sure my wife and son carry on living their way of life. It gives me peace of mind.

I would also like to say, that I have policies for medical and critical illnesses, and to me these are much more important than anything. Without these, I could fall real ill and will be tapping away at all my savings, etc, and put my family in a dreadful situation too should they need to borrow the money for my medical treatment.

Insurance Life

I have three kids and a wife that I support, I cant imagine not having a backup plan if I should pass away. I have around a 100,000 and increase it a little every year. If you love your family, you have to consider getting life insurance to make sure they are taken care of if you die. I also have a smaller amount taken out on my wife and kids too.

Life Insurance

My wife and I have the life insurance plans that are also investment accounts which we plan on using to supplement our retirement. Yes, it is a bit more expensive than term life insurance, but once you get used to paying that much per month, it is a nice nest egg that we can rely on when the time comes for us to retire. I also have life insurance through my job which is nice as well.

Life Insurance

It is great at the beginning of the policy. Should something happen then, you will actually make out very well on the investment. However, as time goes on, if you were willing to take that money and put it in other investment opportunities, you may have actually been able to make more money by the time it is needed. Guess, that is why they call it insurance. If you buy it, you will never end up on the losing end. If you dont, it is up to you to make sure that you have enough should someone pass away. This is the hard part for everyone.

Personally, I have Life, Home and a IRA (that I put the max into each year). Whichever way you go, just make sure you do something!

My Thoughts,

Vincenzo