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.
@ 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.
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.
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.
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.
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
rlsintxThat is a great wedding gift idea. Buying a young couple a
term life insurance is a terrific present.
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.
"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 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 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.
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.
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.
@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.
rlsintx,I know. I was simply citing it to show that there can be an
appropriate role for debt in the education process.
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.
@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.
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.
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
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
@AggieloveSo 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 BI 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,Ashton also recommended going into debt for education,
It's not surprising to hear some of these comments here. Most liberals
don't understand wealth management.They understand social security
Well, they have done it again. Alaska and Hawaii have been forced succeeded
from the Union. ;-)
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 PROGRAMIt is most
important to have sufficient medical, automobile, andhomeowner’s
insurance and an adequate life insurance program.Costs associated with
illness, accident, anddeath may be so large that uninsured familiescan 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
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.
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.
@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?
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...
Too bad one of the groups with the highest marriage rates.... fights
so hard against marriage for others.
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.
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.
@Chris BIsn'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.
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.
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