When is Life Insurance Good to Have

Discussion in Life & Health Insurance started by tulosai • Jul 8, 2012.

  1. tulosai

    tulosaiActive Member

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    Do you all think that life insurance is necessary once you have kids? Do you think it is bad not to have it? Are there drawbacks to having it other than cost? My new employer is offering a policy and I am trying to decide if it's worth it.

    Thanks!
     
  2. Jennifer

    JenniferActive Member

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    I think life insurance is quite important. My husband and I don't have any children but we do have life insurance on each others lives. For me as a woman (and not a young one anymore), it just gives me that extra bit of security knowing that financially I am taken care of if he isn't around anymore.
     
  3. Parker

    ParkerWell-Known Member

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    Life insurance is good to have if anyone is dependent upon your income say a spouse or kids. The surviving spouse and kids will have enough to worry about. Having a little bit of financial security even for a short period of time, can make a difficult time less challenging. Single individuals usually don't need life insurance unless their final expenses are not taken care of. Final expenses refers to the handling of your funeral, memorial servic, and burial or cremation,
     
  4. MyOCDisMild

    MyOCDisMildMember

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    Life insurance of some type, even if it's state funded is detrimental for those of us with children. Kids, especially active one like mine, are always hurting something
    or coming down with something. In between the various activities that they participate in and going to public school amid the many germs, it's only expected that
    there be a few slip ups along the way. Imagine having three kids and having to pay three different doctor's note at three different times. 3 different subscriptions, hospital
    visits, etc., it's only natural. Paying completely out of pocket for those in comparison to paying a portion? No contest.
     
  5. Parker

    ParkerWell-Known Member

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    I believe you are describing health insurance. Life insurance is money for the kids when they parents die before the kids grow up. They money can be placed in a trust to help cover the cost of raising the kids, kid's education, pay off the mortgage, etc.
     
  6. tulosai

    tulosaiActive Member

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    Thanks so much for the advice, guys! I really appreciate it. I don't have dependents at this time so I think I will pass. I do already have health insurance for those who talked about that, and I will definitely keep it :) Again, thanks.
     
  7. footballtim

    footballtimActive Member

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    My wife has Multiple Sclerosis. I really do not know how old she will live to be, but the odds are very much in favor of me outliving her by a lot. I do not want to have to pay for her burial with our money, so I have life insurance through my job.
     
  8. mark28z

    mark28zNew Member

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    yup it is necessary when you have child because they depend on your income so in case of any misshapen they get financial assistance...
     
  9. sergiu23

    sergiu23Active Member

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    The obvious answer would be "anytime, if you can afford it". But you should seriously start to think about it when you expect children. It's better to be safe in case of something bad.
     
  10. tommymac

    tommymacActive Member

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    You need life insurance so that your children will at least have enough money to give you a decent burial.
     
  11. Abraham07

    Abraham07New Member

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    If you want to make sure your family members can maintain a reasonable quality lifestyle without undue economical concerns, it is practical to prepare for both unforeseen and foreseen circumstances, and protect your family members with life insurance.

    Please Log In to view this link!

     
    #11Dec 29, 2012
    Last edited: Dec 30, 2012
  12. Bolt

    BoltWell-Known Member

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    I was put on a life insurance scheme at my last job. All employees had 2.5% of their wage transferred automatically.

    Do I think life insurance is important? Yes I do, but not if you are a younger person, it is more for older people.
     
  13. Traveller

    TravellerMember

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    Life insurance is aimed at anyone who wants to provide a financial safety net should the worst happen. Typically it is bought by people who, as the main or joint breadwinner, are financially responsible for loved ones. Single people may wish to cover expenses such as funeral costs, so their wider family isn’t faced with this financial burden. You may also want to pay off your mortgage or your debts so someone else can have your house or car, for example.
     
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