Do you believe that husbands or wives with the necessary wherewithal are obligated to have life insurance?

Question

I have life insurance on myself to protect my mate or child in case I die. It is often difficult to make the payment for life insurance and some friends have told me to drop the policy and not worry about what happens to my family after my death. But I feel that I have a moral obligation to leave my mate or child something, in case I die. What do you think? Should I cancel my policy or keep struggling to pay it?

Answer 1

I think you probably have a whole life policy, and should look into getting a quote for term life, at approximately 1/10 of the price.

Answer 2

Don't listen to anyone who tells you to just drop a life insurance policy. He or she is ignorant about insurance, and probably needs an interview with a professional agent.

What you need is a Financial Need Analysis to help you determine how much insurance you need to keep your family "in their own world" fiancially, if you were taken out of the picture. Also, you may have the wrong type of policy for your particular circumstances, and could be paying too much for the amount of coverage that you have.

What you should consider also is Disability Income insurance. Chances are greater that you will be disabled before age 65, rather than dying. Unless you already have coverage, if you are sick or injured and can't work, how will you pay the house payment or rent, or put food on the table and pay the utilities? Even if you are declared disabled by Social Security, the monthly payments do not begin until the sixth month of disability. (Five months waiting period, payments begin the following month.)

Speaking of life insurance being a moral obligation, read 1st Timothy, 5:8. A man who does not take care of his family is worse than an infidel (unbeliever).

Our responsibilities to take care of our families do not end at our death. We still need to provide for them even after we are gone. And if we love them, that's exactly what we will do.

Best wishes, and God bless.

Answer 3

If you are struggling to make the payments on the insurance, you should review what kind of insurance you are paying for.  There are all sorts of policies and some are not such great deals, particularly if you think you are also building some kind of retirement.

Plain term insurance is usually very cheap.  You don't build up any cash value or have any fancy extras.  But if you die, your family gets the money.

Answer 4

Keep it.  Your friends are wrong.

Answer 5

Look at it this way. There is NO replacing you!! But, if God forbid something were to happen, you wouldn't want your family to struggle as result.

Life insurance is expensive but you have to look at the alternative. Do you want your kids to be deprived? Your family to be impoverished? Force them to make decisions out of sheer desperation? You are investing in their future with your policy. That is precisely what caring and prepared people do for their loved ones.

The alternatives you have in lowering your payments are investigating other policy options. Term insurance is ALWAYS going to be more affordable over any Whole life product. Accidental Death and Dismemberment is also another affordable option. But just like the name, it will only cover you in the event of an accident where as Term and Whole life cover any cause of natural death or accident.

Other simple changes in your lifestyle can also bring down your montly premiums. So take a look at all those avenues in trying to lower your monthly expenses. The very best of luck to you!!

Answer 6

Under your condition,I advise here for you to have a visit.

http://insurance.online-assistant.info/i...

Answer 7

pay it. your child may need all they can get over the years.

Answer 8

Whoever told you to cancel your life insurance I'm sure was not a widow.

This is important to you and your child and your spouse.  Seek the advise of a life insurance professional.

Imagine, if you are having trouble making a monthly payment, how hard will it be for your spouse to pay ALL the bills when you are gone.