Is Life Insurance good or bad?pls give me suggestions...Because i heard a statement that Life Insurance is something that make us to live tight when we are alive for the future after our death.
Tue Aug 02, 2011 10:14 am
oldguy Senior Member
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quote: Is Life Insurance good or bad?
Some salespersons market it as an investment, from that standpoint it is bad. Most other investments are far better. The rule is - never mix investing and insurance, you'll combine the worst of both.
If you have dependants, you need life insurance (it is really income replacement insurance) to provide for them until they graduate college. For most families you need the coverage for about 30 yrs - a $500k or $1M plan is about right, that will replace your income and provide for most families if you are gone.
After your kids are grown annd you no longer have dependants to provide for, nor do you have an income that needs to be replaced - you no longer need life ins.
Tue Aug 02, 2011 3:21 pm
littleroc02us Moderator
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I am currently filling out an application with Banner Life insurance and am choosing to go with 20 year term @ 750k and my yearly premium is around $700. We are expecting a child in October and figure that when the 20 year term is over we will be financially wealthy and won't need it anymore. My wife has to wait until after she delivers to apply for life insurance because they won't insure her right now. We just want to make sure we are covered in case one of us dies while raising children. Tomorrow morning a nurse is coming to my house to draw blood and to take my physical. As for investments we use 401k's and Roth's that have been making a killing the last couple of years.
Risk comes from not knowing what you're doing. (Warren Buffet)
Tue Aug 02, 2011 3:27 pm
oldguy Senior Member
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quote: Is Life Insurance good or bad?
Some salespersons market it as an investment, from that standpoint it is bad. Most other investments are far better. The rule is - never mix investing and insurance, you'll combine the worst of both.
If you have dependants, you need life insurance (it is really income replacement insurance) to provide for them until they graduate college. For most families you need the coverage for about 30 yrs - a $500k or $1M plan is about right, that will replace your income and provide for most families if you are gone.
After your kids are grown annd you no longer have dependants to provide for, nor do you have an income that needs to be replaced - you no longer need life ins.
Tue Aug 02, 2011 7:32 pm
oldguy Senior Member
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<< Why does this site keep 'doubling' - I'm not reposting? >>
Tue Aug 02, 2011 7:34 pm
littleroc02us Moderator
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quote:Originally posted by oldguy << Why does this site keep 'doubling' - I'm not reposting? >>
You just want more cash to your name.
Risk comes from not knowing what you're doing. (Warren Buffet)
Tue Aug 02, 2011 8:17 pm
kate032 Preferred Member
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Re: Life Insurance
quote:Originally posted by marshal france Is Life Insurance good or bad?
The question by itself is unanswerable. What is good for one family may be bad for another. Oldguy explained very well when people do need life insurance and when they don't.
Tue Aug 02, 2011 10:51 pm
coaster Senior Advisor
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quote:Originally posted by oldguy << Why does this site keep 'doubling' - I'm not reposting? >>
I dunno .... you seem to be the only one with the problem on a consistent basis. The only reason I can think of is the one I pm'ed you about some time ago. So if that's been addressed then I have no other solution/explanation.
Maybe there's an echo in your internet connection????
Wed Aug 03, 2011 6:18 am
debedwards Preferred Member
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Life insurance is a good investment and highly beneficial for your family. This is actually a necessity especially to those who have kids and family that they really care about. So even if you're no longer with them, they will still be financially stable because of your insurance.
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Life insurance is what we use for our family and very important in terms of stability as we are in recession.
Tue Aug 23, 2011 5:07 am
chrisgayle Contributing Member
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Life insurance is a good investment because it can take care of spouse, children and the heirs or family members after death. If you have a family that depends on you for money, you need life insurance.
Wed Sep 14, 2011 5:17 am
Sanderson Contributing Member
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I Think this is good Because it makes secure of our future as well as It will in Tax submission money.
Thu Nov 03, 2011 11:19 am
Abe New Member
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Life insurance is best for every person.
If any one face any loss on body in this way they recover reasonable income which is helpful in life.
Fri Nov 11, 2011 3:11 pm
jacobethan New Member
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hi
Life Insurance?
My husband, 32 and I, 30 are looking into life insurance. Can anyone tell me which company or websites I can use to get information. There are so many out there... wouldnt know where to start. Who do you personally use? Is there a medical exam involved? What type of premiums are you paying? Is it fixed or does it go up every few years? We live in Florida also. Any help would be appriciated.
