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♫♪ misscnmi ♪♫ | If you are on a tight budget, is life insurance really worth it? |
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Thank you all your great answers. I have read all your views carefully and am taking them into consideration.
I've decided to put this on vote instead of choosing a best answer, simply because most of them are great answers! Let the voters decide.
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Doing the Right Thing
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If you are on a tight budget, then you absolutely need life insurance. If you die tomorrow, how would your family do financially? Would they be able to maintain the same life style they have now or would they have to make lots of sacrifices just to survive?
I don't know your age, but for a 30 year old buying a 30 year term with $500k coverage, it may cost about $45/month. That's about the cost of filling up your gas tank. If you can't afford $50/month to protect your family, then whatever you are doing isn't working. You need to make changes in your life such as spending less money or finding a way to earn some extra income. |
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mbrcatz
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Insurance of any kind, even life insurance, is a financial tool.
If you're NOT on a tight budget, you should be. The ONLY way people can save money and control their spending, is on a tight budget. Insurance, including auto, home, health, life, should be part of that budget.
People who manage their money, and work with financial tools, can usually manage to save AND buy some life insurance.
FWIW, if you're 30 and healthy, you can get $100,000 of 20 year term insurance for about $100 a year. That's, what, 20 trips to McDonalds for lunch. You can eek that out of your budget. |
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Insurance
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Let's put it this way, you have a tight budget and i believe this tight budget thing did not happen yesterday and won't go away tommorow.
Imagine this (no offence) if tomorow you are unable to work for whatever reason your expenses won't go away and it could be even higher ! What are you goind to do??
If you have an insurance protection of let say 60 months of your salary at least u or your family members lifestyle can be remained until someone or something to replace your income.
Look at the big picture
from
loihl@einsuran.com
Malaysia Insurance |
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wuddy12
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It all falls on if you are married, have children, take care of, or someone else depends on you. The whole reasoning behind life insurance is help someone else live without your income for a period. If you are non of the above, you don't need it. |
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geyamala
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if one really loves his/her spouse and children, one is to take a life insurance policy with riders, that cover critical illness also.some how, we are to cut down expenditure. we do not know what happens the very next moment .if all of a sudden the bread winner dies, his/her entire family would be dragged to streets and to lead a miserable life.in third world countries like India, people are not covered by medical insurance.but the amount of premium should not become a burden and to pay the insurance premia, one should not borrow funds from others and fall in debt trap.in my opinion, it is always better to go for term assurance policy as the premium payable is low, though we may not get any maturity benefits. |
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shanstew
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I would say absolutely. For most people some type of life insurance is offered with your employee benefits package and the monthly premium is so small that you barely miss it from your check. For those with a family and depend on a two person income it can be a life saver if anything tragic happens and one of those parties income is no longer a factor. It can be the very thing (that 1-2 dollars) monthly that helps your spouse and children not lose their home. |
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Mark S
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Can you afford, out of pocket right now, to pay for a funeral? You might be able to get some help fromfamily, but if money is tight you probably cannot.
If one income is lost, can you afford the house payment, car payment, credit cards, and personal loans? And yet still have money left over to take care of your family? Or will you be living pay check to pay check?
Will you be able to send your kids to college?
All of these are the questionsI ask my clients. You could role play this out with a best friend present with you and your spouse. Have the friend state to your spouse that they "have passed away, you cannot answer any questions." Then have your friend ask you the above questions. If spouse interrupts, friends steps in and reminds them that they are gone. After you answer, then it is your spouses turn. Same thing for you- you cannot answer or chime in.
Seems kinda harsh, doesn't it? But these are the questions that have to be answered.
Unfortunately, when things get tight life insurance is left by the wayside. But what happens, during this tight period with no insurance, and either one of you passes? Can you afford that?
This is the big question that needs to be answered. Again I am sorry if this came across as either flippant or too emotional. Did not mean it either way, just wanted to give you some questions to think about. |
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raghu_madgula
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The budget has nothing to do with insurance. Both has different entities. Life insurance is required to take care of our legal heirs in case of our untimely death.....which is very much required to safe guard the interests of our people....think over.. |
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avaldreteiv
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Look at this way, if things are really tight right now, how much tighter would they be if you lost half your income? Would the bills get paid faster? Probably not. Life insurance at this point in your life is buying time, time for your finances to improve, I would suggest looking into a solid term insurance policy with very strong conversion abilities to permenant for the future. |
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Phineas J. Whoopee
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Depends a lot on your health, life style, marital status, etc. If you are married it may be worth it to ensure that your family is not left in a bad situation in case of your death. If you are young, single, healthy and are really on a tight budget, you may opt not to have life insurance until you become more financially stable. GOOD LUCK |
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Nebraska debtbuster
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I do agree that a person with a family and debt should have life of course buy the term and invest the difference. (Right, all you whole life phonies?) but why would you need a rider in case you get sick and die? how many times are you gonna die? that is why u have health insurance. But the main thing here is do not buy a cash value policy. all that is is a term policy with a mere 1% or so savings plan, that when you die, the cash value is gone anyway...And Please dont e-mail me whole lifer's, cause u know I am right. and go ahead and report me to yahoo again, but i speak of the truth. So deal with it. |
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dolores h
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Yes , Life Insurance is worth . Why would you want to put someone threw the ordeal of it all with no money , it puts a hardship on them . |
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steve s
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The basic problem with your question is this: You are not the right person to answer the question, because the only way to find out if the insurance was worth it is to buy it and then die. Your survivor's assess it's worth.
Life insurance comes down to a simple wager: You bet you will die. the Insurance Company bets you will live. Loser pays.
many models exist to calculate how much insurance one should have, depending on the goals and objectives defined by the (proposed) insured. the models only define how much money should be paid in the event of death. Not how to assess its worth.
insurance is a pooling of risk and is a form of a social contract. everybody who has been born will die. we just don't know when. so, in order to help with financial stress at the time of demise, insurance evolved to allow everyone to pitch in so that the money would be there when needed by those in need.
It's much easier said than done to say that someone should reduce their spending in order to afford their lifestyle, with insurance premiums. It's much harder to be the person making the changes in one's life to afford it.
A friend once said to me, it's not the high standard of living, but the standard of high living that gets you. Do you really need premium cable channels? Will you survive without watching The Sopranos? (there will be reruns, after all) Do you really NEED to watch tv at all? Aren't there better things one could do with one's time? We make many unthinking choices, that, if we stopped to truly think about them, we would choose differently.
No one can decide your economic value system for you. All anyone else can do is pose questions you might not have thought of, on your own. You must be willing to live (or die) with the decision you make. And you don't know, until later, whether you made the right decision.
Good luck with your choices! |
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