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Comments about ‘Utah, other large LDS populations highest in marriage but lowest in life insurance’

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Published: Thursday, Feb. 7 2013 10:00 a.m. MST

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Say No to BO
Mapleton, UT

Is this a newspaper article or a commercial?
And you might check on the ethics involved in selling life insurance because the Brethren think it's a good idea.

Chris B
Salt Lake City, UT

There is nothing inherently wrong with this, so long as that if/when the unfortunate happens and a spouse dies, the remaining family members don't consider themsleves victims and falsely believe other people have the responsibilty to now provide for them.

This country will never reach our potential until everyone stops looking to uncle barack to make other people pay their bills.

CHS 85
Sandy, UT

@Chris B

Isn't that what life insurance is for? At least that's why my wife and I each have policies - so we don't become a burden to anyone else.

Mom of Six
Northern Utah, UT

Buying life insurance is a must for families with children. I too was once a married college student; however, incomes do change, and life insurance is a must for families with children. I work full time, but on my income alone (teacher) I could never provide enough to make up the difference in my husbands pay check to make house payments and pay the every day necessities (not boat or luxury items) our family requires. It is best to be prepared for ANY catastrophe not just with food storage.

sally
Kearns, UT

Maybe someone has an answer for me. If someone doesn't have life insurance, then who pays for the burial? We had to have cash to pay for part of the burial and insurance covered the rest.

Pagan
Salt Lake City, UT

Too bad one of the groups with the highest marriage rates....

fights so hard against marriage for others.

rlsintx
Plano, TX

Go get cheap term life insurance, infact it would be a really good grandparent gift to a young married couple once they have kids - a 10 year policy is next to nothing if the insured is in their 20's...

Chris B
Salt Lake City, UT

@CHS,

Yes, when did I say otherwise? I'm simply saying its someone choice and its not inherently wrong to not get life insurance, which the article points out is very common, so long as if/when someone does, the remaining family members don't start believing it is up to others to take care of them.

Again, not really sure what you're trying to argue about regarding my first comment?

jwalk
FARMINGTON, UT

When has the church explicitly taught its members to get life insurance, as the insurance salesman says in this article? I've always heard about being self-sufficient, etc., but never a sales pitch for life insurance.

JSB
Sugar City, ID

While I was raising my family, I had good term life insurance. But, now that I'm retired, our current life insurance is about enough to pay for a funeral and burial expenses. That is all we need.

Twin Lights
Louisville, KY

In the pamphlet titled One for the Money - Guide to Family Finances (and based on a talk by Elder Marvin J. Ashton) Item 10 reads:

"APPROPRIATELY INVOLVE YOURSELF IN AN INSURANCE PROGRAM
It is most important to have sufficient medical, automobile, and
homeowner’s insurance and an adequate life insurance program.
Costs associated with illness, accident, and
death may be so large that uninsured families
can be financially burdened for many years."

N. Eldon Tanner in the talk Constancy Amid Change said:

"Wise financial counselors teach that there are four different elements to any good budget. Provision should be made first for basic operating needs such as food, clothing, etc.; second, for home equity; third, for emergency needs such as savings, health insurance, and life insurance; and, fourth, for wise investment and a storage program for the future."

I am not pitching life insurance but a reasonable amount of life insurance (and a reasonably priced product) can be an important component of a plan for self-sufficiency.

I recommend term life insurance. You can afford a LOT more coverage than you could with whole life type products. Forget the investment features. Invest or save using other financial vehicles.

LDSareChristians
Anchorage, AK

Well, they have done it again. Alaska and Hawaii have been forced succeeded from the Union. ;-)

Aggielove
Cache county, USA

It's not surprising to hear some of these comments here. Most liberals don't understand wealth management.
They understand social security though.

southmtnman
Provo, UT

Twin Lights,

Ashton also recommended going into debt for education, if necessary.

CHS 85
Sandy, UT

@Aggielove

So what are you trying to say? Are you implying that liberals don't have life insurance? I think the article says quite the opposite. The states with the least amount of people with life insurance are conservative states.

I know I'm a liberal and I have enough life insurance so that my wife could continue in her current lifestyle if I were to die and vice versa. I also have enough in my retirement savings and from my military retirement to live comfortably without relying Social Security. So what are you trying to say? The states with the highest savings rate per capita are the conservative havens of Connecticut, New Jersey, Minnesota, Massachusetts, New Hampshire, Deleware. Utah comes in at 14th. So please tell me where the liberals don't understand personal wealth management.

@Chris B

I guess I simply misunderstood your fist comment. It appeared to me that you were saying that we should all just rely on "uncle barack." My mistake and sincerest apologies.

Twin Lights
Louisville, KY

southmtnman,

Agreed. The relevant quote from One for the Money is:

"With the exception of buying a home, paying for education, or making other vital investments, avoid debt and the resulting finance charges. Buy consumer durables and vacations with cash. Avoid installment credit, and be careful with your use of credit cards. They are principally for convenience and identification and should not be used carelessly or recklessly. The use of multiple credit cards significantly adds to the risk of excess debt."

It should be noted that student loan balances have markedly increased in recent years and I doubt that Elder Ashton (or anyone with financial savvy) would give even student loans carte blanche.

The prudent use of debt to enhance one's career path is also what is behind the Perpetual Education Fund.

Juan Figuroa
Seattle, WA

Nonsense statistic. People get married younger in Utah, and young people can't afford, and probably don't need, life insurance. Compare the insurance rates of married people over the age of 35, and I'm sure Utah is unremarkable.

John C. C.
Payson, UT

I believe in having life insurance, as well as some insurance for home, cars, etc. But I don't need a lot because I must have a little faith that my children will grow up to be self-sufficient, and, if necessary, be able to support my wife and me. I also have some comfort in that there is a lot of other support available from extended family, neighbors, church, and government.

Don't mistake my dependence on others as a sense of entitlement. I actually have a sense of reverse entitlement. I believe everyone around me is entitled to my help. I believe I have donated above average amounts of time and money for others who need it throughout my adult life and, thank God, am still able to do so. I am also willing to accept help from them, if needed. I just don't want to use for-profit institutions any more than necessary to gain a sense of security.

I am one strand in our common safety net. Most of the time I lift the net, but sometimes it lifts me. If we all do what we can to lift God will lift us all.

rlsintx
Plano, TX

@twin lights

FYI - The PEF is no available to residents of the US or Canada, only members of the LDS church in select developing areas.

Danny Chipman
Lehi, UT

I have an adequate life insurance policy, though I'm considering upping it. My husband, and our family's breadwinner, on the other hand, has a pre-existing condition that slams a lot of doors whenever we try to solicit a policy, even for term insurance. His condition doesn't have any active effect on his health, but it makes it extremely hard for us to find someone willing to issue us a policy.

I just hope I die first.

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