Just wondering, Do you have life insurance? Why or why not. I am a little curious, because we have insurance for everything else, such as auto, home, health, and so on. But it has been my experience that most people do not have life insurance. When life is full of uncertainty, why wouldn’t you?
Maybe we just don’t want to talk about it, I mean we are talking about death/sickness/disability. Kinda depressing.
But the rich have life insurance, they believe in it, because it helps with estate taxes, and gives their loved ones time to and money while they are waiting for probate, Also life insurance creates an estate faster than any thing else.
Maybe some of us can’t afford it, I say you can’t afford not too. What would happen to your family if you did not come home today, or you had a heart attack, maybe cancer. Cancer does not care who it attacks. Would your family be able to pay the house payment? would they be able to eat.
I think the most unselfish thing a person can do is have life insurance. It means that your loved ones will be taken care of after you are gone or during a life threatening illness. The average funeral cost $7300.00, and that does not include travel or lodging.
Beware of credit life insurance, example something that pays for a loan when you die. If you have a mortgage and you refinance, your credit life insurance cancels, or if you sell your home it cancels, you have to reapply every time. This is sad because most people do don’t realize this.
Every time you reapply for credit life insurance you risk the possibility of being insurable, (your have a sickness that is not covered) also as you get older premiums are higher.
The solution the credit life insurance, buy a term policy, preferably one that gives you return of premium if you never use it. Term is also cheaper, than whole life.
However whole life is good to have if you get it young, because it is cheaper, builds cash value, policy loans may be available and so one.
Anyway I would like to know why you have Life insurance or you don’t.