Do you have life insurance?

Question

Is it important to have life insurance or is it another money making scheme based on arousing peoples fear...

Answer 1

Definitely.

Protecting urself is very important as it's not for urself but for your loved ones like for your parents, your spouse or children.

It's a blanket of love.

I'm in the financial planning industry. I'm always more than happy to share with you information that are beneficial to you and for your better understanding.No obligation.

Answer 2

No it is important to have insurance, especially in an emergency. Laboratory work, Radiology work, overnight stays, specialist visits can all be highly expensive, with out insurance no contractual discount would be applied and depending on what is needed (MRI, EKG etc..) you can find ourself thousands of dollars in debt easily.

Answer 3

I'm in the military. You don't understand how important it is until it happens.

Answer 4

If you buy the right product based on your situation then it is a great thing.  When people get convinced to buy bad products or products they don't need out of fear or bad advice then it can be a mistake.  

Life insurance as a rule is a fairly inexpensive way to cover the financial risks of an untimely death.  Say that you and 5,000 other people have $10,000 in savings and you all pay $50 per month for a $500,000 life insurance policy.  If something were to happen to you tomorrow your family is not going to be able to survive very long on $10,000 and it would take you a while to save up to $500,000.  The insurance company collects the $50 per month from those 5,000 people so that they can pay the $500,000 to the family of the one person that dies.  Once you have the $500,000 saved up on your own you probably don't need the $500,000 policy anymore.  These are all made up numbers but hopefully you can at least see the value that life insurance provides to people who need the protection and how it could be a waste to people who don't need it.

For example, I work and my wife stays home to take care of our children.  If something were to happen to me and we didn't have any life insurance we have a little savings for the transition period and the funeral, but she would probably have to go back to work pretty soon to make ends meet.  My kids are definitely going into day care and they will probably have to move to a smaller house and cut back lifestyle drastically.  Because I have life insurance, she's not going to live like a queen, but my wife could continue to stay home and raise our children with the life insurance money and then go back to work 10 years from now when the children are older.

Answer 5

I'll tell you how important life insurance is.

Most policies sold today, whether it be term or whole life, have a living benefit. If the insured gets a prognosis, due to his/her illness, that he/she has a short time to live, (less than a year, usually 9 months or less) the policy will pay up to 50% as a living benefit. Upon death, it pays the balance.

I had a $400,000 life insurance policy, and in August, 2006, I was diagnosed with metastatic colon cancer, and was given 6-10 months to live. A month later, my doctor gave me a statement of prognosis which stated that I had 6-9 months. I submitted it to my insurance company, and in a few weeks, I received a $200,000 check.

Thank the Lord that He saw fit to allow me to live a little longer. After 10 months of chemotherapy, surgery to remove the cancer from my liver, Cyberknife radiation on my kidney cancer, according to my last PET/CT scan on 5/30/08, I don't have any malignancies at this time. But the doctors tell me that there is no cure for the cancer, that they just "tuned back the clock".

I still have $200,000 left on that policy, plus another $25,000 policy to take care of my wife when I take my last breath.

Buy all the life insurance you can afford.

Answer 6

Money making scheme?  NO, people do actually die.  I had a friend die from cancer and after paying an insurance company $400 for 7 years her family received a tax-free check for $500,000.  Nothing else can provide that kind of security.  And if they stuck the $400 in the bank instad they would of had $3,000.  

Churches don't have bake sales for the well insured -- only those that didn't plan and left their families with nothing.

So, yes I have it.

Answer 7

i do the average funeral is over 3000 dollars .and its not up to grief  struckfamily to pay for it .

Answer 8

i have life insurance since i own a house and have a family to protect