Comments on: When Should I Buy Life Insurance ?

By: Truth is best option to trust

Truth is best option to trust — Sat, 21 Nov 2009 06:51:59 +0000

Base on your scenario, of course not. They should be allocating more money toward retirement. If you still need life insurance when you retire, maybe you should get at least a $10,000 policy and at most a $20,000 policy.

Most people cancel their policy when their mortgage is paid off. There should be no reason why you still need life insurance at that time since no one is dependant on your income.
References :
http://obe231.blogspot.com

By: Arcangel005

Arcangel005 — Sat, 21 Nov 2009 06:49:59 +0000

This is hillarious. Most people’s opinions on life insurance are WAY out dated. First of all, you should ONLY buy term insurance. This is because no matter how much money you funnel into a cash value policy you will NEVER EVER get it back. In order to get it, they charge you interest, and if you don’t pay it back, they just reduce your face amount. If you die with cash value still in the policy, the company pockets it. If you dont believe me, read your policy. Only buy term.

The only reason to need insurance for your whole life is if you didnt plan on retireing in the first place. In other words, you can cancel your life insurance policy once you have enough cash saved to cover an untimely death.

"Whats wrong with your life insurance" Great book for those that dont believe me.
References :

By: insuranceguytx

insuranceguytx — Sat, 21 Nov 2009 06:47:59 +0000

If you are certain (100% certain) that you have enough savings to pay not only your current bills but bills you may have in the future – like medical bills, both from hospital care and more long-term care after and injury or illness, then you should CONSIDER getting rid of your life insurance. Chances are, however, when you do pass away, you will leave some bills behind unpaid. Your creditors will come after what is left in your estate to collect.

Go talk to a financial professional to discuss all your options.

Good Luck.
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By: ricks

ricks — Sat, 21 Nov 2009 06:45:59 +0000

Your daily living expenses have nothing to do with the insurance coverage you have.

That is terrific that you have enough saved for & retirement coming in to satisfy your needs, but your insurance has a completely different function that does not have to do with that income. It is meant for your loved ones that have the responsibility of burrial & other expenses after death. In addition, if you have anyone else that relies on your income, then they will benefit from they insurance too since you will no longer have that coming in.

Lastly, life insurance is generally tax free & by passes probate for the beneficiary. Unlike money you have in a checking & savings account.
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By: LifeInsuranceAgent

LifeInsuranceAgent — Sat, 21 Nov 2009 06:43:59 +0000

Who is benefitting from the policy now?

If that need is no longer existent now or will not exist in 6-7 years, then you don’t need the coverage.

Depending on your age, you can look to sell your policy via a life settlement rather than just letting it lapse
References :
Experience

By: mbrcatz17

mbrcatz17 — Sat, 21 Nov 2009 06:41:59 +0000

OK, you’re doing this backwards. When you get life insurance, you PICK which kind of life insurance you get, by FIRST determining what exactly you want that life insurance to do for you.

When it no longer meets that need, or when that need no longer exists, you have to reassess your situation, and determine, ok, what NOW do I want life insurance to do for me.

When there isn’t a product out there, to meet YOUR NEEDS, at an affordable price, well, then you don’t buy life insurance.

Your question does NOT show a need for something that life insurance can fulfill. It’s NOT a savings account!!!
References :
agent, 20+ years

By: bonnie m

bonnie m — Sat, 21 Nov 2009 06:39:59 +0000

YES EVERYONE SHOULD HAVE LIFE INSURANCE. TIL THE DAY THEY PASS AWAY. IT WILL HELP WITH THE BURIAL. AND YOUR FAMILY WON'T HAVE TO USE THEIR MONEY THAT THEY WORK SO HARD FOR.
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By: JB

JB — Sat, 21 Nov 2009 06:37:59 +0000

A person should never get rid of a life policy that they have been paying into. It's not for you, but for who you leave behind, to pay for a funeral, pay off any bills or debts after your death. There's no harm in keeping it but more harm in getting rid of it.
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By: skahhh

skahhh — Sat, 21 Nov 2009 01:35:24 +0000

When should a person get rid of their life insurance?
If they am retired and make enough to live on and have enough saved to live off it for say 6 to 7 years, should they still have a life insurance policy?