Life insurance is good or not, if yes i want to about it?

Life insurance is good if you have someoneâ€”your familyâ€”you need to protect against the financial burdens that accompany the sudden, unexpected loss of a breadwinner. You have two options: term life and whole life. You pay a monthly premium with each. A term life policy is much less expensive. It will pay a death benefit in the event that you die during the specific time, or term, covered by the policy. A term life policy has a start date and an end date. If you die the day after the policy ends, the insurance company does not pay a death benefit. The premiums that you pay for a term life policy will be gone when the term is up. You will never see that money again.

A whole life policy covers your for your entire life. If you die the day after you take out the policy, you are covered. If you die in 20 years, youâ€™re covered. And if you die when youâ€™re 80, youâ€™re covered. In the mean time, the insurance company invests the money you pay in premiums, and some of the earnings are put into your policy in the form of cash value. The cash value builds over the years. At some pointâ€”when you are on a fixed income, for exampleâ€”you can use your cash value to pay the premiums, keeping your policy in force. A whole life policy costs much more than a term life policy, because of these investment features.

Some people say that you could invest the money you save by getting term life in something that earns more money than a whole life policy. That may be true, but be realistic about your investing skills: Would you really invest the premium savings? Do you know enough about investing to guarantee a profit? Whole life is guaranteed to build cash value. Good luck!

Only if u have loved ones u want to have taken care of and u are going on a risky venture. When the venture is over cancel. It's a contract with ur life as the prize...or challenge

yes good, that way if you were to die, they would help pay for expenses you left behind for your family, or you funeral expenses.

As an agent, financial planner and stock broker I advise my customers that insurance makes up over 20% of your nestegg. We accomplish this with a combination of affordable term insurance & a more expensive perm policy.
If you have no insurance in a tragic situation your assets are at risk of liquidation.

Life insurance is an important topic that people often do not consider until they need it. Like all insurances it is best to shop such when you are healthy & young. Also, secure a portable perm policy that has some protection when additional risks enter your life.

Based on what you have provided I am unable to comment further as there are some crucial elements that should be known about your financial condition, age and your lifetime goals. A good agent should be able to provide you with some forward thinking considerations that you should be plannning for.

Do you have people that depend on your income each month to live each month? If there are, you need insurance.

Why? Would they be able to live, as they are now, if something were to happen to you? Do you say you love them and not have insurance? Then you are lying to them. If you loved them, you would provide the safety net of insurance for them. Taking care of all debt, including mortgage, replacing your income for at least ten years, and being sure that your youngest child would have their education paid for.

This is what insurance means- peace of mind. Knowing that your family will be in this house not on the streets.

Yes, it is not only good but one of the most important one.

Who doesn't need life insurance, in a real world? Bill Gates?

Death is one of the 4 main perils beside disabled, sickness and lawsuits that could bring a financial catasthrope consequences to anyone during today's world. Regardless if you are single/married with or without children.

Tips:
1. Get a term life cover instead of the one with the investment. Besides high side on the premium, what happened if the insurer go bancrupt. Likely you will lose both your protection and investment at the same time.

2. Make sure the sum (insured value) being protected against being eroded by inflation.

3. Make sure you are the policy holder and the insured. ie your family will get the benefit not other party.

4. Avoid accidental death cover.

5. Start early as premium also increase as you get older.

Good luck

Again, Life Insurance is good to protect your family (wife, kids, etc) from financial ruin. If you die and are the principal wage earner, how will your mortgage get paid and funeral costs, etc. Its all about protection for those you love.

Life Insurance, is even better, its about protection yourself and of course if you need to protect your family from high medical costs.

Don't leave home without it!

Life insurance is very good, if u are not insured, insure yourself immediately.

What do u want to know.

There are several plans which meet all the needs of people in general. There are plans which the agent will tell u that meet ur needs. Or an insurance co can design a plan to suit ur needs.

What ever it is, please insure ur self right away.

I'm at a point in life where I wonder how much longer I have left to live. Due to a heart attack resulting in a 4x bypass and later a stint placed which 6 months later plugged up requiring another bypass I can no longer obtain life insurance and wonder how I will be able to pay for my funeral expenses and provide for my family when I do depart. My brother purchased a half million dollars of life insurance when he was young and now he is unemployed due to cancer and lost his policy due to lost of job. But; he was smart and purchased a cancer policy about 15 years ago; which was good, because now he collects lost wages plus $10,000.00 per month for as long as it takes to be cancer free and back to work. So far he has been collecting that kind of money for the past 8 months. His doctors tells him that another three or four months and he will be cancer free and can return to work. Think about it; he has been collecting over $13,000.00 per month for something he purchased over 15 years ago not knowing if he would ever need it. As for me., Social Security said I'll never work again and therefore no insurance company will sell me a policy because I always relied only on company policies and never purchased a private policy. O woe is me.... Get a policy right away. You never know when something may happen. I never thought it would happen to me but it did and now I'm screwed.

Life insurance's purpose is to replace income should a family member die for as long as that income would be needed for.

Yes, it's very good if your family would need it.

However, insurance makes a lousy investment. If you decide to get life insurance, get term life. All the other ones that build up some sort of investment are actually very costly in terms of hidden fees and commissions. If you want to build up a nest egg to, take the difference between the premiums of term and the whole life or whatever is being sold to you, and invest it in some good low cost balanced mutual funds. In the long run, you'll wind up with the same death benefit and a lot better of investment.

Life insurance is a tool. The REAL question is, is it the right tool to get the job done FOR YOU.

And there's no way for anyone here to know that.

Unless you are independently wealthy, you should have enough life insurance to 1) bury you, 2) settle your debts, and 3) take care of your family while they are trying to put their lives back in order. People lose their homes and assets when a family member dies and the deceased didn't carry life insurance or enough of it. You should have enough to pay off your home and compensate for your lost wages of at least 3 years minimum.

Life insurance is good but not for the benefit of the insured. It is intended for the designated beneficiaries' financial need when the insured passed away ahead.

Life insurance is great if you care about your family or loved ones. I recently bought a health insurance policy from an online company. Insurance Advisors is the name of the company. When talking with the agent I told him my brother's situation having been diagnosed recently with cancer and having no life insurance. Brad-My agent suggested I have my brother call him. My brother now has 50,000 in life insurance and it will be payable in full after a two year waiting period. If he dies during the first two years. All premiums are refunded plus an additional 10%. I think that's a pretty good deal. We checked out the company before either of us purchased a policy. You can contact them at http://www.lvhealthins.com

Life insurance is definitely good, but there are different types of life insurance to fill different needs. Here are the main three types you will encounter.

1. Whole Life
- This type of life insurance is permanent, and therefore best suited to permanent needs. i.e. Funeral, burial, other final expenses.
- Because it is guaranteed to last forever, it is more expensive than the other types of life insurance.
- You cannot be dropped from your whole life plan later due to health reasons or age.
- Your premium never increases, once you've locked in a rate at your current age, it will never go up. As with all life insurance, the younger you are, the cheaper it is, especially in the long run.
- The policy builds a cash value. This cash value can be borrowed against as a loan, you can surrender your policy for the cash value later, but this ends the policy. Most policies have an automatic premium loan, or APL, which allows the policy to borrow from itself if you forget to make the premiums, and will continue to pay for itself as long as there is still a cash value. Keep in mind, this is not a retirement plan because there is a cash value. Buying a life insurance policy for the cash value is like buying a car based on the spare tire in the trunk. It's a stupid reason to buy a car, and you hope you never have to use it.

2. Term Life
- Term life is temporary life insurance and should be used to cover temporary needs. i.e. Income replacement for spouse and/or children, debt cancellation such as a mortgage, student loans or credit card debt, etc.
- Term life lasts for a set number of years. After this, you may have the option to renew, but you may not. If you do have this option, the price will increase, due to the fact that you will be older at that time. If you have run into health issues since you started the policy, the rates will either increase even more, or the company may not renew based on these issues.
- Coverage usually expires at age 70 or 75. If this is the only type of coverage you have, the likelihood of you getting more at this time is not very good. Not only is it hard to find life insurance at this age, but it's very expensive if you can, and you most likely will not qualify for it medically.
- No cash value, so if you miss a payment, the policy lapses. If you don't die while covered, all the money you have put in is gone. Some companies offer Return of Premium riders, in which you get all your money back, but these riders are very expensive, and usually defeat the purpose of term insurance which is....
- Term is the cheapest kind of life insurance, unless you count accidental death insurance, which isn't really life insurance at all.

3. Universal Life insurance
- Universal Life Insurance is priced right in between Whole and term.
- There are purposes for universal life insurance, but most of them are to let the insurance company take your money legally.
- When sold the claim is made that premiums never increase. This is true. The insurance company will never require that you pay them more than the initial amount agreed upon. However, the cost of insurance does increase. When you first get the policy, a small amount of the premium you pay is used for the cost of insurance. The rest is put into your cash value. As you age, the cost of insurance goes up, and less and less goes into your cash value every year. As you can probably imagine, eventually your premiums are no longer covering the cost of insurance, so to make up the difference the remainder is taken from your cash value. Your cash value will continue to diminish, at a faster rate every year, until it is completely gone. At this point you get a letter from your insurance company telling you that your policy has lapsed, and all your cash value is gone. This can be avoided by increasing your premiums, but that defeats the purpose of getting a policy that is supposed to stay the same cost forever, huh?
- UL policies are also sold as permanent, which they can be, as long as you continue to increase your premiums year after year. If not, they are usually designed to end around age 65-75.
- UL also builds cash value, which usually gets interest added to it, but once again, if you're looking for a living financial investment or retirement plan, UL will not provide that for you, no matter how much your agent insists that it will.

So, to sum up.....

Get enough whole life to cover your final expenses. Currently average final expenses are between 8,000 and 12,000 dollars, but you may live to be 80 or 90 years old. Keep inflation in mind.

Get enough term insurance to cover any debts, and income replacement that you may need at this time, for the length of time that it will be a concern. (for a 30 year mortgage, get a 30 year term policy to cover it, for income replacement for children, you may only need a 10 or 20 year term, depending on how old they are)

Stay clear of Universal Life unless you don't qualify medically for whole life insurance.

Also, there was a previous answer that said only buy life insurance if you're doing something dangerous, then cancel it.... Don't do that. I've got no reason to lie to you. You never know when you're going to die, or become uninsurable. So don't wait to insure yourself.

There's an old saying about life insurance that holds very true. "Life insurance is never going to be cheaper than it is today."

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