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re: Anyone want to inform me about life insurance?
Posted on 12/31/14 at 10:41 am to OnTheBrink
Posted on 12/31/14 at 10:41 am to OnTheBrink
Why does someone need life insurance who doesnt have a family? Who is that money for?? The whole purpose of life insurance is to supplement your survivor's lifestyle based on the financial plan that is in place so that they wont go broke. Life insurance, disability, etc. is just a small piece of the long term whole financial plan.
3
Posted on 12/31/14 at 10:46 am to Titan
quote:
Why does someone need life insurance who doesnt have a family?
Ultimately, I agree, he doesn't. But if he could get a plan now and have a cheaper rate, why not? To me it doesn't hurt anything, knowing he will probably be married and have a family within the next 20 or 30 years.
As someone mentioned earlier, I got my plan through USAA and saved on my car and home insurance. At his age, depending on the rate he got, he could be out a meal out once a month. No real loss to me.
quote:
Who is that money for??
Nieces, nephews, siblings, charity. A number of people could benefit if something was to happen before he had a family.
Posted on 12/31/14 at 10:54 am to Titan
quote:
Why does someone need life insurance who doesnt have a family? Who is that money for??
To bury themselves, final expenses, without being in imposition on family.
But mainly you are buying it as a hedge against the future - that you will be uninsureable in the future. Like any hedge, it costs a bit of money and it might be a waste. The cost is generally not a lot, though.
Before we had kids, wife and I each had 500K of life insurance. Our policies stipulated that if either of us died, the other got the money. If both of us died, 100K for each of us went to a charity, and the 400K for each of us was split among our individual nieces and nephews to be used for their college education.
Posted on 12/31/14 at 11:03 am to Titan
i think a $25k or so policy would be nice for whoever has to pay to bury your arse. also i know a few people who do it and leave it to nieces/nephews. i'd do what an earlier poster said and just see if you can get a small one with whoever your auto and/or home insurance is through. you don't need it really, but it's nice to help with final expenses. otherwise, they will have to wait to pay shite once your estate settles - funeral homes don't work on credit.
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