Published: Thursday, Feb. 7 2013 10:00 a.m. MST
rlsintx,I know. I was simply citing it to show that there can be an
appropriate role for debt in the education process.
@sally if you can't afford a burial you don't get one. My mother in
law passed away unexpectedly and she wanted to be cremated. No funeral. That was
about $800 for cremation vs $5,000 for a funeral and casket. And then even more
for a cemetery plot. We had to pay that $800 in cash. I can't imagine
having to pay $5,000-$10,000 out of the blue for a funeral and burial. Life
insurance definitely helps the family left behind to pick up the pieces.
Each family is different. If you've got kids, you probably need life
insurance on both parents (depending on the age of the kids). Even if one
parent doesn't work, if kids are young enough, you'd have to come up
with money to pay for child care if the stay at home parent died. Young couples
without children and equal or fairly equal earning power don't need it.
Couples without children who have one spouse who works and one who doesn't
may or may not need it, depending on other resources and the ability of the
surviving non-working spouse to get a decent job. It's definitely not
something everyone needs and needs will change depending on where you are in
life and where your dependents are in life. I'm at a stage of life right
now where we have quite a bit of life insurance, but in a few years when the
kids are all through college, we'll drop our coverage way down.
ChsWhat I'm saying is, there are liberals that comment in this board,
that are or aren't Mormon, that will rely on the government to pay for
there life.You say why is Utah not loaded with Mormons with life
insurance?Cause Utah has to many Mormons with debt.Utah is an
enigma.It's just a fact. Republicans overall have more money, and are
much more responsible.Utah is just a bankrupt state.
It's also a lot more costly than "a box of chocolates or a dozen
roses." Furthermore, most young people think they are immortal until they
reach their mid-thirtys.
My brother died suddenly after he and his wife had been married for only 7
years. Fortunately they had everything in place. I hope the 20-somethings and
30-somethings will learn from them and make sure they have things in place.
It's not something we like to talk about, but death is a fact of life.
"It's just a fact. Republicans overall have more money, and are much
more responsible.Utah is just a bankrupt state."pure
malarkey. That is why the Republicans have been screaming about being forced to
pay our bills or to act responsibly and get health insurance. .People need to understand the value of life insurance. It protects the
financial stability of families and allows people to not be dependent on others.
Young people have no excuse because in your 20's it is dirt cheap.
My husband and I have life insurance policies through our work but if we were to
try and buy it on our own I don't know if we would qualify because we have
pre-existing conditions. I know with the extra that I buy it goes up each year
with age. At my place of employment they give you a basic 20,000.00 life
insurance policy as long as you work there. I'm thankful they do that.
rlsintxThat is a great wedding gift idea. Buying a young couple a
term life insurance is a terrific present.
Just like many other things, those who need life insurance the most (parents
with young children) can least afford it.The old 20-year life plans
were a very poor model, especially if one looked at them as an investment. Term
life insurance is a much better option by far.As with banking,
borrowing and watching indebtedness, do your homework and be prepared for the
future. Even a small policy in event of an unexpected death can be very
beneficial.The headline sure makes this seem like a commercial and
my first thought was "which agent persuaded the newspaper to run this
The article is WRONG!!! You don't need life insurance when you are married.
BUT YOU SURE DO WHEN YOU START BRINGING KIDS INTO THE WORLD! Few things are as
irresponsible as parents without life insurance. There are exceptions, however.
If you are parents and your name is Romney or Marriott, well, you already have
your estate built and you don't need life insurance. But for the rest of
us, it is a NECESSITY if you have kids (or in some cases if your spouse is
incapable of earning a living should you check out early). It is all about what
happens to your dependents if you pass away. What are they going to do? How are
they going to survive? If you don't like the answer, then you need life
insurance. Part of the problem is the way life insurance is sold.
Many young parents think they can't afford life insurance because agents
are always pushing very expensive Whole Life policies which pay much higher
commissions. Term insurance is very inexpensive and gives you the most coverage.
Even the poorest new parents can afford term.
Term is better?No.98% never make a claim on a term policy.Life
insurance payouts are tax free.It's a great part of any portfolio.Just make sure it's whole life, or variable life.Skip the Starbucks
and Disneyland, and do what's right.
I can't think of a better blessing than a life insurance policy that never
has to pay. Same with all insurance. Insurance is a way to transfer risk that we
cannot afford to bear ourselves. It is not an investment and has no place in any
portfolio. My hope is that all my insurance premiums (home, auto,
health, and life) are completely wasted.
@ AggieloveAh, spoken like a true insurance agent. Not many newly
married folks can afford a whole-life policy and for a brand new couple with
limited resources or those who have young children but their careers are just
beginning, pushing them into one is very poor advice. The rates for term are
more affordable and you are looking to have a payout in the unfortunate event of
a death. It's basically "life insurance" in it's simplest and
least expensive form. With respect to using life insurance for an
investment, whole life policies are an extremely poor model. You're better
off investing elsewhere after getting term life insurance....much better off.
TooamartforyoiTell what investment vehicle you have, that has averaged 8%
the last 50 years?Most newly married couples can afford 50.00 to 100.00 a
month in whole or variable life.The rest in term.Then they buy more
whole life or variable over time while its cheap.And I'm not an
insurance agent.I'm just smart. ;)People with money put
anywhere from $1,000 to $30,000 a month away towards whole life.Study the
estate tax.I hope I have one someday.That means I made some money,
and saved it.
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