life insurance is good or not, if yes i want to about it?

Answer 1

Life insurance is good if you have someone—your family—you need to protect against the financial burdens that accompany the sudden, unexpected loss of a breadwinner. You have two options: term life and whole life. You pay a monthly premium with each. A term life policy is much less expensive. It will pay a death benefit in the event that you die during the specific time, or term, covered by the policy. A term life policy has a start date and an end date. If you die the day after the policy ends, the insurance company does not pay a death benefit. 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 the day after you take out the policy, you are covered. If you die in 20 years, you’re covered. And if you die when you’re 80, you’re covered. In the mean time, the insurance company invests the money you pay in premiums, 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 much more than a term life policy, 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. Good luck!

Answer 2

Yes, it is not only good but one of the most important one.

Who doesn't need life insurance, in a real world? Bill Gates?

Death is one of the 4 main perils beside disabled, sickness and lawsuits that could bring a financial catasthrope consequences to anyone during today's world. Regardless if you are single/married with or without children.

Tips:
1. Get a term life cover instead of the one with the investment. Besides high side on the premium, what happened if the insurer go bancrupt. Likely you will lose both your protection and investment at the same time.

2. Make sure the sum (insured value) being protected against being eroded by inflation.

3. Make sure you are the policy holder and the insured. ie your family will get the benefit not other party.

4. Avoid accidental death cover.

5. Start early as premium also increase as you get older.

Good luck

Answer 3

As an agent, financial planner and stock broker I advise my customers that insurance makes up over 20% of your nestegg. We accomplish this with a combination of affordable term insurance & a more expensive perm policy.
If you have no insurance in a tragic situation your assets are at risk of liquidation.

Life insurance is an important topic that people often do not consider until they need it. Like all insurances it is best to shop such when you are healthy & young. Also, secure a portable perm policy that has some protection when additional risks enter your life.

Based on what you have provided I am unable to comment further as there are some crucial elements that should be known about your financial condition, age and your lifetime goals. A good agent should be able to provide you with some forward thinking considerations that you should be plannning for.

Answer 4

Life insurance's purpose is to replace income should a family member die for as long as that income would be needed for.

Yes, it's very good if your family would need it.

However, insurance makes a lousy investment. If you decide to get life insurance, get term life. All the other ones that build up some sort of investment are actually very costly in terms of hidden fees and commissions. If you want to build up a nest egg to, take the difference between the premiums of term and the whole life or whatever is being sold to you, and invest it in some good low cost balanced mutual funds. In the long run, you'll wind up with the same death benefit and a lot better of investment.

Answer 5

Life insurance is great if you care about your family or loved ones. I recently bought a health insurance policy from an online company. Insurance Advisors is the name of the company. When talking with the agent I told him my brother's situation having been diagnosed recently with cancer and having no life insurance. Brad-My agent suggested I have my brother call him. My brother now has 50,000 in life insurance and it will be payable in full after a two year waiting period. If he dies during the first two years. All premiums are refunded plus an additional 10%. I think that's a pretty good deal. We checked out the company before either of us purchased a policy. You can contact them at http://www.lvhealthins.com

Answer 6

I'm at a point in life where I wonder how much longer I have left to live. Due to a heart attack resulting in a 4x bypass and later a stint placed which 6 months later plugged up requiring another bypass I can no longer obtain life insurance and wonder how I will be able to pay for my funeral expenses and provide for my family when I do depart. My brother purchased a half million dollars of life insurance when he was young and now he is unemployed due to cancer and lost his policy due to lost of job. But; he was smart and purchased a cancer policy about 15 years ago; which was good, because now he collects lost wages plus $10,000.00 per month for as long as it takes to be cancer free and back to work. So far he has been collecting that kind of money for the past 8 months. His doctors tells him that another three or four months and he will be cancer free and can return to work. Think about it; he has been collecting over $13,000.00 per month for something he purchased over 15 years ago not knowing if he would ever need it. As for me., Social Security said I'll never work again and therefore no insurance company will sell me a policy because I always relied only on company policies and never purchased a private policy. O woe is me.... Get a policy right away. You never know when something may happen. I never thought it would happen to me but it did and now I'm screwed.

Answer 7

Life insurance is very good, if u are not insured, insure yourself immediately.

What do u want to know.

There are several plans which meet all the needs of people in general. There are plans which the agent will tell u that meet ur needs. Or an insurance co can design a plan to suit ur needs.

What ever it is, please insure ur self right away.

Answer 8

Do you have people that depend on your income each month to live each month? If there are, you need insurance.

Why? Would they be able to live, as they are now, if something were to happen to you? Do you say you love them and not have insurance? Then you are lying to them. If you loved them, you would provide the safety net of insurance for them. Taking care of all debt, including mortgage, replacing your income for at least ten years, and being sure that your youngest child would have their education paid for.

This is what insurance means- peace of mind. Knowing that your family will be in this house not on the streets.

Answer 9

Life insurance is good but not for the benefit of the insured. It is intended for the designated beneficiaries' financial need when the insured passed away ahead.

Answer 10

Unless you are independently wealthy, you should have enough life insurance to 1) bury you, 2) settle your debts, and 3) take care of your family while they are trying to put their lives back in order. People lose their homes and assets when a family member dies and the deceased didn't carry life insurance or enough of it. You should have enough to pay off your home and compensate for your lost wages of at least 3 years minimum.