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Is Life Insurance a Good Idea for Everyone?

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Many individuals feel life insurance wouldn’t benefit them because they don’t have a vast “wealth” to protect.

The arguments against life insurance are always the same. “It costs too much.”

Others ask, “Why pay for life insurance when I have a negative net worth?”

And some believe that because most bills are in their own name, their family won’t have to pay for them if they die.

All of those comments are inaccurate in one way or another.

Having a negative net worth is a better argument for purchasing life insurance than not. Even if you’re single, your financial burdens are passed on to your living relatives in the event of your death.life

Additionally, whether you choose to be buried or cremated, there will be bills associated with your dying. It is recommended you purchase at least enough life insurance to cover your final expenses.

If you do decide to purchase life insurance, determine how much life insurance you need prior to picking a specific type of life insurance policy.

As far as cost goes: term life insurance is a relatively cheap way to purchase large amounts of coverage for specified periods of time.

An individual may be able to secure $250,000 to $500,000 of term life insurance coverage for 10 years for less than $30 per month. (Expect to pay higher premiums if you are a tobacco user.)

Don’t let poor heath sway your decision to purchase a policy. There are guaranteed issue life insurance policies available in the market to serve your needs.

(photo: thetruthabout, CC)

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About Mortgage Man

  • justsomeguy

    Everyone ?
    I am 52 and single – no wife, no kids.
    So it certainly makes no sense for me.

    But I forgot – real Americans must be Christian, White, married and straight.

  • percysowner

    Nice plug for the insurance company. Fear Urgency and Dread all combined under the idea that your family could be stuck paying your bills. Truth here, the ESTATE is responsible for the bills. If your family cosigned on a loan or credit card, then yes, they are on the hook. If they were never responsible, they can’t be made to pay. The house and the furnishings can be sold, your car can be sold and those proceeds will pay off as much of your bills as possible. But your kids are not going to have to pay for your bills out of their salary when you die.

    If you are married your spouse may be responsible for joint loans and credit cards so in states that make spouses jointly liable for debt, get term insurance. It would be nice to have a burial policy, but if you don’t care if you have a big funeral, donate your body to science and that takes care of that.

  • Rebecca Nickers

    Not everyone needs life insurance obviously, but anyone with a family does. My husband and I just got two new policies and they weren’t even expensive. The cheapest I found was LifeAnt, and acuquote isnt bad either. I pay like $20 bucks a month and he pays like $30. To keep our kids safe? Yeah well pay for it.

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