2006-09-29 13:49:38 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
Just what the name implies. Insurance on your life. If you have children you need level 20 year term insurance. It is VERY cheap, if you are young it will cost you about $20.00 per month for appx. $150,000.00 policy and if, heaven forbid, you are killed, get sick and die, fall off a mountain, etc., your children or whomever you designate will recieve the money. If you are single, no kids, not supporting family then a simple burial plan will suffice (maybe $5.00 a month). Never by whole life insurance. It is a terrible investment and cost triple what term costs. Once your kids are grown and gone you should have a good savings (401K, Roth IRA, etc) and will not need any life insurance.
PS -- an insurance salesman will tell you the complete opposite of what I just said. Go the library and check out 'The Total Money Makeover' by Dave Ramsey. It will floor you when you see how much money you can save in a lifetime just by being informed.
2006-09-29 16:10:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Life insurance is when you pay money now to cover bills when you die.
2006-09-29 21:33:37 · answer #2 · answered by mattied23 3 · 1⤊ 0⤋
its the insurance company hoping you don't die before you payed in more than they have to pay out
2006-09-29 21:52:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Monetary benefits for your beneficiary when you die.
2006-09-29 20:52:22 · answer #4 · answered by WC 7 · 0⤊ 0⤋