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JNT | Do we need life insurance? |
I just recently got married and was wondering if my husband and I should invest in life insurance together or term insurance. We dont have kids and dont plan on it for a few years. Also is it true that whatever debt he was in (student loans) before we were married would be my responsibilty now that we are married if he should pass? |
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Bradley S
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Yes, you likely will have debts together that each of you would be responsible for. The best rates you can get are the ones you qualify for now. If you wait 10 years, you will pay more.
I respectfully disagree with those who think term life insurance is the only way to go.
Term life covers you for specified amount of time, or term. All of the premiums that you pay for a term life policy will be gone when the term is up. You have purchased security, but that is all. You will never see that money again.
If you get a whole life policy, the insurance company will invest your premiums and your policy will build cash value over the years. A whole life policy will never expire, as long as you continue to pay your premiums. If you live another 20 years plus 1 day, you will still be covered under a whole life policy. You will not be covered under a 20-year term life policy. If you live to 100, you will still be covered under whole life. At some point, your cash value can be used to pay the premiums for you, to keep the policy in force. You also can borrow against the cash value.
The usual knock against whole life is that you could take the money you would save by getting term life and invest it into something with a better return. That may be true, but be realistic: Would you really invest the premium savings? Would you invest them in a sure thing? Whole life is guaranteed to build cash value. And how, exactly, are you going to invest $20 a month? Wait 25 months and buy one share of Google stock? To find out more, go here: http://www.lifeinsurancewiz.com Good luck! |
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maypenguin39
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You should probably have life insurance of some sort. Check with your employers to see what is available through them as well as your other options.
In most states any debt either of you have before marriage will become the responsibility of the other spouse if one of you passes away. Also, if one of you passes away, you could use the insurance money to help with burial expenses, residual medical expenses if some were incurred before the person passed away, etc... And, if you have a home mortgage, car payments, etc... that are dependent on both of your salaries, that should also be taken into consideration. |
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mbrcatz
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Life insurance is NOT an investment. It's a tool. Set the goal first, THEN see if life insurance will BEST meet that goal. DO NOT BUY OVER THE INTERNET.
Community property (including debt) laws vary by state, so you'll have to ask an attorney in YOUR STATE. Here in Texas, a community property state, only debt you incur DURING the marriage is joint debt. |
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Hadley
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First, life insurance is not a form of investment.
Life insurance pays a death benefit if a person dies.
You should use your other monies to invest in investments.
Term life insurance is pure protection. You pay only for the life insurance protection.
Term life insurance is the most affordable type of life insurance.
Term life protects you for a specific number of years, usually 10, 15, 20 or 30 years.
Whole life insurance is much more expensive, so you can afford less life insurance protection, but it does build cash value and last your entire lifetime.
You can get a better rate of return on other types of investments, rather than buying whole life insurance.
The question about your husband's student loan I do not know the answer to.
It is a good idea to buy life insurance now and guarantee that you already have protection before you have kids. That way you know they are taken care of financially.
Research your options for term life insurance - it may save you money and provide more protection for your family. Visit http://www.term-life-online.com to learn more, request quotes and compare plans for you and your husband if you want.
I hope that helps! Best of luck to you. |
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dee
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I would definitely get life ins now. Even if you don't plan on having children for a while. I use to think 10-20 thousand was really good, but not any more. Burials keep going up. Just an average burial now is about $10 thousand and it will go up. If you can afford 100 thousand now and put it on the 20 year pay and after 20 years you don't have to pay any more. Ever!!
I couldn't afford the 100 thousand policy so I got the 50 thousand after my Mom died. I put it on 20 years. Age makes a difference in cost. If I would of did this years ago when I was in my 20's. I would not be paying for the policy now. But you don't think about this til you are older and cost more to get ins. Also if and when kids come. Ins them early. |
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Juliet
 |
I don't have an answer to the school loan question. Call the lending company or bank that issued the loan and find out.
As far as insurance goes - it's a good idea for several reasons. Insurance can help pay off bills, pay for funeral expenses, pay rent or mortgage, etc. A good amount of insurance, (if you can afford it) is 6-10 times your annual income. So if you make $50,000 a year, you should have $300,000 to $500,000 in coverage. For each of you.
Term is usually the best, and least expensive option for young people - especially if you're healthy, don't smoke, and don't have dangerous hobbies (like skydiving, motorcycling.)
You can compare rates at www.selectquote.com |
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Dar Dar
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You definitely need life insurance. You will not be able to get it if you're almost dead. You should get it now while you're young because the rates are a lot more expensive if you wait until you get older. It can pay for anything like the burial, house & car payments, etc.. Whole Life is pointless you should look into 20 or 30 year terms. AllState gives pretty good quotes. |
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Rita S
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You should get term life insurance if you have a mortgage or childrenmif heaven forbid anything should happen to you or your spouse. Otherwise just start putting money into a high interest savings acount or money market. |
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Travis L
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You should both get insurance. Don't procrastinate. It is cheaper the younger and more healthy you are. If you cannot afford cash-value policies, get term that can be converted to cash value later on, so you at least have the option. Best of luck. |
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aaron p
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It's probably a good idea because it (especially term) is so darn cheap. It is not an "investment". You would be protecting the interests of the surviving spouse with the insurance.
As for your second question, it depends on your state. You should talk to qualified legal counsel 'cause we're just insurance dorks. |
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Tan D
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You can treat life insurance as another form of saving other than your existing investment.
Beside it's a good form of saving, life insurance also create a immediate lump sum of money shoud anything happen to you. Thus, it's definitely wise to put some of your money in life insurance than in the Banks. |
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ΔΧ
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Just focus on paying off the student loans. You are young and if he died you could get some type of job.
I doubt that the student loans would be passed onto you, but that would be question for whoever he has the loan with.
Basically you should try to be debt free and if possible invest something because you want to have a child.
If you were older and had kids it would be different, but you guys don't need another monthly payment to make right now. |
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sanjua m
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please try this
<a href="http://www.anrdoezrs.net/click-174... target="_top">help!</a> |
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Fender
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I wouldn't bother unless your almost dead |
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