does anyone think it's necessary to buy any type of life insurance nowadays?

Answer 1

It may not be necessary, but it is a good idea if you are married and have children.

Life insurance is designed to protect a family against the financial burdens that accompany the sudden, unexpected loss of a breadwinner. You have two options: term life and whole life. A term life policy has a start date and an end date. If you die between the dates, the insurance company pays the amount of the policy. If you die the day after the policy ends, the insurance company does not pay a death benefit. If you have children 8 and 10 years old, you may want to protect your family against the loss of your income until the children have graduated from high school. In that case a 10-year term policy would work. Or, you may want to protect your family until your children have graduated from college. For that you would take out a 15-year policy. If your children are younger, you might want a 20-year policy. And so forth. Keep in mind, the premiums that you pay for a term life policy will be gone when the term is up. You will never see that money again.

A whole life policy covers your for your entire life. If you die tomorrow, you're covered; if you die in 20 years, you’re covered; and if you die in 40 years, you’re covered. In the mean time, the insurance company invests the money, and some of the earnings are put into your policy in the form of cash value. The cash value builds over the years. At some point—when you are on a fixed income, for example—you can use your cash value to pay the premiums, keeping your policy in force. A whole life policy costs more than a term life policy, of course, because of these investment features.

Some people say that you could invest the money you save by getting term life in something that earns more money than a whole life policy. That may be true, but be realistic about your investing skills: Would you really invest the premium savings? Do you know enough about investing to guarantee a profit? Whole life is guaranteed to build cash value. And how are you going to such small sums of money? To find out more, go here: http://www.lifeinsurancewiz.com Good luck!

Answer 2

Here's my insight on live insurance:

If I am single, a small policy, say $10,000 to cover my funeral costs, so that my parents or siblings don't get stuck paying for my funeral.

If I have a spouse, no children, consider the spouse's education, ability and health. If my spouse depends on me for an income I would have a large life insurance policy, say $500,000 to a $1,000,000 so my spouse would be taken care of.

If my spouse has a good job, I would carry $300,000 or so to help pay for the house payments, car payments, etc.

If I have children, married or not, I would carry between $500,000 to $1,000,000 to make sure they are cared care, and at least some money for college. If greedy relatives or selfish spouse is an issue about the money intended for your children, I would arrange to have a CPA or attorney disperse the funds and monitor what is being spent.

Hope this helps!

Answer 3

Yes - it's VERY important. If nothing else, you need enough insurance to bury the person who died. Funerals can run anywhere from $10,000 and up. Plus, if you have a family, it's extremely important to provide the surviving spouse money to pay off the mortgage, car and other debts. As they say in the ads, life insurance is not for the dying, it's for the living!

Answer 4

YES YES YES!!

If you have dependants, then life insurance is a must, especially if you are the main bread winner...

The average insurance that an individual has should be enough to cover more than basic spending for about 10 years...

But, even more than life insurance, people need disability, because more people get hurt and are off work, then die....and yet no one thinks it's important....

Answer 5

Yes! It's very important if you have dependents (spouse or children) who depend on you. Life insurance money will provide the means for education for your children, and will even provide money for the necessities of life - paying bills, etc.

Whether you are married and/or have children, life insurance will pay for your burial expenses. A cheap funeral is in the neighborhood of $5-7,000 - do your parents have that kind of money just lying around? If they don't, you need life insurance to pay those expenses so that you don't put an unnecessary burden on your family to pay out of their own pockets.

Answer 6

YES! It is absolutely necessary whenever someone will need a substantial amount of cash when you die.
Some examples:
>Your wife and children, if you are the major breadwinner
>Your estate, if it is big enough to be subject to estate tax
>your business partners, depending on the ownership structure of the business

There are other examples, but note that they all depend on your circumstances. It is absolutely not true that everybody needs life insurance.

Answer 7

Yes, I have seen people lose children and not be able to afford burial expenses. Who will bury you? Do you have debt? Do you have children you will leave behind? How will your estate be handled? Life insurance handles the final expenses involved when people perish which normally costs conservatively $7-$10,000 if you are very frugile.

Answer 8

If you have any dependents (spouse, kids, aged/infirm parents), and you're not independently wealthy, insurance can be a good investment, if only for the peace of mind.

If you're single, then it's up to you.

Answer 9

Only to provide liquidity to those you love. I usually ask the people I work with why they need it, so ,,,, why do you need life insurance anyway?

Answer 10

yes moset deffo, heres some tips why http://saveingmoney1.blogspot.com/