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Utah, other large LDS populations highest in marriage but lowest in life insurance

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  • Aggielove Cache county, USA
    Feb. 8, 2013 5:29 p.m.

    Tooamartforyoi
    Tell 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.

  • toosmartforyou Farmington, UT
    Feb. 8, 2013 10:10 a.m.

    @ Aggielove

    Ah, 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.

  • Max Charlotte, NC
    Feb. 8, 2013 9:52 a.m.

    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.

  • Aggielove Cache county, USA
    Feb. 8, 2013 8:00 a.m.

    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.

  • Max Charlotte, NC
    Feb. 8, 2013 7:31 a.m.

    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.

  • toosmartforyou Farmington, UT
    Feb. 7, 2013 10:54 p.m.

    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 advertisement."

  • Turtles Run Missouri City, TX
    Feb. 7, 2013 5:02 p.m.

    rlsintx

    That is a great wedding gift idea. Buying a young couple a term life insurance is a terrific present.

  • utah cornhusker NORFOLK, NE
    Feb. 7, 2013 5:00 p.m.

    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.

  • Turtles Run Missouri City, TX
    Feb. 7, 2013 4:55 p.m.

    "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.

  • kattawn ,
    Feb. 7, 2013 4:19 p.m.

    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.

  • dave31 Salt Lake City, UT
    Feb. 7, 2013 4:06 p.m.

    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.

  • Aggielove Cache county, USA
    Feb. 7, 2013 2:46 p.m.

    Chs
    What 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.

  • Wonder Provo, UT
    Feb. 7, 2013 2:42 p.m.

    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.

  • kristie_b1 Ogden, UT
    Feb. 7, 2013 2:44 p.m.

    @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.

  • Twin Lights Louisville, KY
    Feb. 7, 2013 2:37 p.m.

    rlsintx,

    I know. I was simply citing it to show that there can be an appropriate role for debt in the education process.

  • Danny Chipman Lehi, UT
    Feb. 7, 2013 2:36 p.m.

    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.

  • rlsintx Plano, TX
    Feb. 7, 2013 2:23 p.m.

    @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.

  • John C. C. Payson, UT
    Feb. 7, 2013 2:17 p.m.

    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.

  • Juan Figuroa Seattle, WA
    Feb. 7, 2013 2:15 p.m.

    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.

  • Twin Lights Louisville, KY
    Feb. 7, 2013 2:06 p.m.

    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.

  • CHS 85 Sandy, UT
    Feb. 7, 2013 2:01 p.m.

    @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.

  • southmtnman Provo, UT
    Feb. 7, 2013 1:48 p.m.

    Twin Lights,

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

  • Aggielove Cache county, USA
    Feb. 7, 2013 1:34 p.m.

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

  • LDSareChristians Anchorage, AK
    Feb. 7, 2013 1:29 p.m.

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

  • Twin Lights Louisville, KY
    Feb. 7, 2013 1:17 p.m.

    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.

  • JSB Sugar City, ID
    Feb. 7, 2013 1:03 p.m.

    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.

  • jwalk FARMINGTON, UT
    Feb. 7, 2013 12:32 p.m.

    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.

  • Chris B Salt Lake City, UT
    Feb. 7, 2013 12:20 p.m.

    @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?

  • rlsintx Plano, TX
    Feb. 7, 2013 11:50 a.m.

    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...

  • Pagan Salt Lake City, UT
    Feb. 7, 2013 11:44 a.m.

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

    fights so hard against marriage for others.

  • sally Kearns, UT
    Feb. 7, 2013 11:18 a.m.

    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.

  • Mom of Six Northern Utah, UT
    Feb. 7, 2013 11:13 a.m.

    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.

  • CHS 85 Sandy, UT
    Feb. 7, 2013 10:57 a.m.

    @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.

  • Chris B Salt Lake City, UT
    Feb. 7, 2013 10:18 a.m.

    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.

  • Say No to BO Mapleton, UT
    Feb. 7, 2013 10:15 a.m.

    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.