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Life Insurance needs. What is yours?


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#1 tov

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Posted 30 May 2011 - 12:41 PM

I was approached by a Life Insurance agent not long ago about purchasing Life Insurance. He seemed to be really angeling for the Whole policy but I said it was too expensive for me. So He was trying to get me to purchase a combo of Whole and Term.

I understand the necessity for Life Insurance, however I am wondering how many people out there actually have such policies and what kinds?
The agent claims that many people don't have enough coverage and that nowadays in case of a tragedy many people should have at least a million dollars of coverage.

Does anyone have any specific company to suggest or idea of what is good or how much coverage is the optimum amount etc etc? Please contribute your opinions of Life Insurance to this thread. Thanks.

#2 Snag

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Posted 30 May 2011 - 12:46 PM

i have a policy through metlife, as does my wife. the colloquial wisdom says that sufficient coverage is equivalent to ten times your annual income.
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#3 FYI

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Posted 30 May 2011 - 12:56 PM

i have a policy through metlife, as does my wife. the colloquial wisdom says that sufficient coverage is equivalent to ten times your annual income.

Before or after uncle sam meets you?
Many people wish they could change their life, when all they really need to do is change their attitude towards life. - Sharon

#4 Snag

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Posted 30 May 2011 - 01:02 PM

Before or after uncle sam meets you?

why, what does uncle sam have to do with your income? :p

death benefits are tax-free, so i guess it would be your income after taxes.
"Spiritual wants and instincts are as various in the human family as are physical appetites, complexions, and features, and a man is only at his best, morally, when he is equipped with the religious garment whose color and shape and size most nicely accommodate themselves to the spiritual complexion, angularities, and stature of the individual who wears it."

"The despotism of heaven is the one absolutely perfect government. An earthly despotism would be the absolutely perfect earthly government, if the conditions were the same; namely, the despot the perfectest individual of the human race, and his lease of life perpetual. But as a perishable perfect man must die, and leave his despotism in the hands of an imperfect successor, an earthly despotism is not merely a bad form of government, it is the worst form that is possible."

-Mark Twain

#5 brianna

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Posted 30 May 2011 - 01:15 PM

I don't need any life insurance because I don't support anyone. But my employer does include some life insurance as one of the benefits so I suppose I have that.

If I was the primary breadwinner I would get a policy worth about ten times my annual take home pay.
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#6 cynic

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Posted 30 May 2011 - 02:25 PM

If you're young and just starting out, term life is good since it is cheap and you can get long term coverage. Once the term ends, if you're still alive, the thinking is that your kids would be all grown up and won't need the money.

#7 The Rabbi

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Posted 21 August 2011 - 02:30 PM

Let's keep in mind what insurance is: it is something to assume the risk of something you cannot afford to do yourself. All insurance is just that.
Life insurance assumes the risk of your family being unable to make ends meet because you aren't there earning money.
So a single guy with no obligations really doesn't need it. Ditto a married couple with no kids where both spouses work.
However, where there is some obligation that must be met by a person's income, he should have life insurance to cover that obligation. If you have a mortgage on a house, the life insurance should at least cover the pay off on the mortgage.

As to type of life insurance, frankly anything but term life is a rip off. Other policies have a savings component that helps to pay the premiums on the policy i later years. But the returns offered are low (except for the teaser for the first year or two that they guarantee). Further, if you die, the policy pays the face amount of coverage. You forfeit the cash value built up.
The smart strategy here is to get quotes on both whole life and term. Take the term policy but budget for the whole life. Use the leftoever money to buy a broad based low cost mutual fund that you contribute to whenever your term premium is due.
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#8 FYI

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Posted 24 August 2011 - 08:01 AM

Not enough if anything would really happen G-d forbid, but a little to ease our conscious.
Many people wish they could change their life, when all they really need to do is change their attitude towards life. - Sharon




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