Is it smart to buy lifeinsurance at age 64($50,000 for 10 yrs)at $ 40.00 a mth or bank money?

Question

Is it better to put money in a bank acct. at 5% ($40.00)

Answer 1

in my case it would be a waste of money -- why should i have a big insurance policy and no one to leave it to -- but if you have a wife that will need cash when you die it would make sense -- better read the fine print -- that sounds awful cheap for 40K at you age!!!

Answer 2

Depends upon your situation in life. If you have money in the bank and no debts, then put the money in the bank. What you really need if you have no more debt, is enough money to bury yourself (even less if you plan on cremation).

If you still will have outstanding debt that you are worried about passing along, then consider the life insurance.

If you're asking if the amount of life insurance is a good bargain for the price, then go to some of the websites that will give you multiple life insurance quotes to compare.

Answer 3

Life insurance has 2 purposes.
1. To pay for burial.
2. To provide financially for anyone that depends on your income.

If you don't have an income, or no one besides yourself depends on your income, that only leaves burial. Your heirs do not inherit debt. The only reason for insurance to cover your debts is so your assets remain to be inherited. If that is not an issue, and your burial is covered, there is nothing left to insure.