| Life Insurance: Determining Your Need (2008-03-17) |
|
|
|
|
|
marotta
Senior Member
Cash: $ 81.84
Posts: 332
Joined: 19 Nov 2004
|
| Life Insurance: Determining Your Need (2008-03-17) |
 |
|
Life Insurance: Determining Your Need (2008-03-17)
by David John Marotta and Bob Arms
You may have heard that "Life insurance is a gift of love." But if you bought a $100,000 whole-life policy because you wanted to build some cash value when you should have bought a million dollars of low-cost term insurance to meet the survival needs of your family, your well-intentioned effort was not an act of love.
Read the complete column at http://www.emarotta.com/article.php?ID=275
David John Marotta
Marotta Asset Management, Inc.
Fee-only Financial Planning
http://www.emarotta.com
|
Mon Mar 17, 2008 6:29 pm |
|
|
bbbot
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 27 Jul 2010
Location: California
|
Hi,
Twelve years ago while emplyoed by a major corporation I started paying into a million dollar life insurance policy. This seemed like a good idea, while I was gainfully employed. Since then life has been tough, laid off, working on contracts that only last a few months, an income that has dropped by more than half.
Making payments on the policy has been even tougher. Now I am faced with making a $1233 payment or losing the policy, it has no equity, eaten up by late payments and money withdrawn over the years.
My income is not great, I'm earning less than 60K a year. I have two kids, one in high school and one off to college. My question, at a cost of nearly $3000 a year, is this policy worth it?
Any advice would be appreciated.
Thanks
|
|
Tue Jul 27, 2010 11:15 pm |
|
|
jason_simpson
Preferred Member
Cash: $ 28.45
Posts: 142
Joined: 20 Apr 2010
Location: London
|
Only you know the reasons for owning life insurance in the first place -- whether to support dependents after you are gone, to pay for funeral costs, to retire outstanding debt such as a mortgage. If those reasons have expired and the only consideration is the rate of return and need for accessibility to cash, there may be better investments.
|
|
Wed Jul 28, 2010 8:56 am |
|
|
itmtra
Member
Cash: $ 5.15
Posts: 24
Joined: 11 Sep 2010
Location: United states
|
Good insurance of our life. We want to insurance our life.
|
|
Thu Sep 23, 2010 9:54 am |
|
|
debedwards
Preferred Member
Cash: $ 21.70
Posts: 106
Joined: 19 Aug 2011
Location: Connecticut
|
I still believe that life insurance is a necessity just like LTC and final expense. With long term care insurance you are eligible for the best kind of senior care and it guarantees that your finances will be safe. As for final expense, you can protect your family and free them from the burden of paying for the debts, mortgages and other expenses you left. It shoulders not only your burial expenses but as well as other things that you need to pay for. I can say that this is really the best investment you can make.
elder care specialist | long term care insurance costs | life line screenings
|
|
Fri Aug 19, 2011 2:18 pm |
|
|
robmejia
Contributing Member
Cash: $ 9.80
Posts: 49
Joined: 04 Nov 2011
|
This is the tough thing of having a costly health insurance. Before purchasing any type of insurance, people must first consider their capacity to pay, so as not to be stuck in debt later on.
|
|
Wed Dec 28, 2011 4:48 am |
|
|
johnpeterr
New Member
Cash: $ 1.40
Posts: 6
Joined: 28 Dec 2011
|
Having an insurance cover for your health acts as a form of security as it reminds a person that they care about their health and in the case of any health matters they do not have to worry about the medical bills.
|
|
Tue Jan 17, 2012 10:39 am |
|
|
indieagent
Member
Cash: $ 2.40
Posts: 10
Joined: 22 May 2012
|
As a thumb rule, life insurance cover should be 15-18 times your annual income. However every individual/family has different financial situations, so how much life insurance you need is purely subjective.
|
|
Mon May 28, 2012 7:58 am |
|
|
debedwards
Preferred Member
Cash: $ 21.70
Posts: 106
Joined: 19 Aug 2011
Location: Connecticut
|
That is a very informative article which can guide people in purchasing insurance. There are a lot who make a purchase because everyone keeps on saying that this is a necessity and this can protect them in the future. But they don't really have an idea what type of insurance would they choose or how much coverage they need. At least now, people can have an idea of their options and choose the right one for them.
elder care specialist | long term care insurance costs | life line screenings
|
|
Fri Jul 13, 2012 10:30 am |
|
|
autoglass020
New Member
Cash: $ 0.60
Posts: 3
Joined: 08 Jan 2013
|
What books are good on the subject of personal finance and money , investing, buisiness etc?
|
|
Tue Jan 08, 2013 6:34 am |
|
|
|
