subject: Do I Really Need Life Insurance? [print this page] My husband just got a new job and his medical insurance doesn't start for 3 months, luckily his life insurance started on day one. I hope in the years to come that we never have to cash in on the value of his life insurance, meaning death is not in the cards anytime soon, the money is not worth it!!!!
If you've ever looked into the cash value or the death benefit of a life insurance policy you can see it is definitely worth the money you will put in over the term of years you have it. There are many policy options for life insurance. Universal life, term life, permanent life, critical illness cover, etc... On top of that option, there are many life insurance companies, universal life insurance.
You'll want to look into the tax probability, how many years you'll have to have the policy before your life insurance benefits come into play. Some are more money up front and the more years you have the policy the money due each month goes down. Make sure the cash value never changes or that the policy always stays the same no matter how many years you keep your life insurance policy.
There is a family that I've read about that had a near death experience and didn't have a life insurance policy. It has been several years and they are still forking out the money, what an outrageous amount of cash they've spent, I can't even imagine. If they would have had the life insurance critical illness cover-age on either of them it would have helped their money situation a lot! He has now started his own life insurance company because he feels so strongly that life insurance is such an important thing to have! No one wants to think about the possibility of losing a loved one to death, the one they've loved for years and has been part of their life for all those years.
The cost and value of a funeral, casket, grave site, etc... is just going to keep costing more money each year. So life insurance will definitely help with that. My mother-in-law went in to a funeral home to get the cost so she can pay for her own funeral so she doesn't cast that burden onto her children. The funeral director was shocked at a person of such young years was inquiring about this. She doesn't have a life insurance policy for some reason but needs to get some type of policy in case the unfortunate event of death happens sooner than later.
Your assignment is now to look at every insurance company possible to see who will give you the best life policy. Do they have variable life insurance or permanent life insurance? Do they tax your monthly policy, or is it at the highest cash value possible? Our money is such an important thing to us that we want the best value we can get if we're going to spend that much cash each month on something like a life insurance policy, which hopefully we all know by now is a very important thing to have for our family!
by: Nicholas Monetti
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