Life insurance
Are you still buying life insurance? If so, what kind of policy do you have and why?
I’ve always bought term insurance, but now that our sons are grown and on their own, I’ve let the insurance run out. Instead I’m putting as much money as I can into my retirement savings.
over 2 years ago
I stopped buying life insurance a couple of years ago. I've saved enough so that if I croak now, my child will have plenty of money. Plus, my company would add to that with a life insurance benefit.
over 2 years ago
I am paying for life insurance monthly. I do not know who is insuring me as the insurnace companies have changed 3-4 times. I am lost and still paying. God knows what would hapen if I died.
Any advice
Any advice
over 2 years ago
My children have enough insurance to enjoy their lives.
over 2 years ago
Normally, most people dont need life insurance unless they have a family that will have financial needs if you die. if a person is very wealthy perhaps there may be a need for insurance as a part of a financial plan, but i dont think the average person needs insurance after their family obligations are met. when i did have insurance i owned term and invested the money i saved from not buying whole life in pension plans.
about 1 year ago
I couldn't imagine how horrible it must feel to find yourself in a situation where you know you are going to pass away and realizing you had not purchased enough life insurance so their children and spouse could continue living happily and comfortably. Because term is so inexpensive, why not get a load of it? I do.
about 1 year ago
Anyone who thinks that they don't need life insurance because their kids are grown and out of the house is not thinking realisticaly. You are going to have final expenses and life insurance is one way to help your living children take care of this expense. Pensions are fine, however, if you have to take lump sums out to help pay for a castrophic illness it doesn't last long. If you are no longer able to care for yourself it can go quickly and if part of this is funded by your employer a lot of them are doing away with payment (of anything left that they have contributed) to a named beneficiary. So a $10,000 life policy is the least that one should have.
about 1 year ago
I am not buying any life insurance. I am a risk and would not be able to afford it. Even if I were in perfect health at this stage of the game the cost would be prohibitive. I have one Universal policy and that will be more than sufficient for my final expenses.
about 1 year ago
I have never had LI or needed it. My emergency fund would always cover any death expenses. If I needed it, I would have bought term.
But, I have no kids and I was single during my 20's and 30's.
But, I have no kids and I was single during my 20's and 30's.
about 1 year ago
