 My husband passed away leaving unpaid medical bills, who's responsable for those bills? |
He was the primary holder of his health insurance. He had no bank accounts or other assets.
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We live in Florida.... |
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 Life insurance? |
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cheers
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To whoever said it'd be stupidly high, some are yes, from what I've been trying to find out it isn't that bad at all. Just wanted a bit of advice ... |
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 How do I get a copy of my husbands life insurance policies? |
| He has life insurance on us both. He recently informed me that he had made a change of the secondary beneficiarie. I found it odd as the change he made was supposed to be the way he set it up in ... |
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Baht... Guow | Which is better for most middle income families: Whole life or term? |
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Doing the Right Thing
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Term insurance is the best way to protect the family in case the breadwinner dies. You can afford the right amount of protection for a very low price. Since premiums are low, people should highly consider saving their money in a suitable vehicle (whether its savings accounts, money markets, IRAs, mutual funds, bonds, 401k, etc). Though, it would be better to open a Roth IRA and invest into mutual funds. There are many mutual funds that has performed at least 10% or better in the past 10 years.
Right now, you probably don't have lots of money saved, you probably have kids, have a mortgage to pay, and have lots of debt. So you need lots of insurance coverage. As you get older, kids grow up, your mortgage is almost paid off, and you probably have some debt. So you better have money saved or you will retire broke. Buying term and investing will solve both problems of dying too soon or living too long. |
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Nurse Molly
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There is this rule of thumb that says if you buy Whole Life you might as well be throwing your money down a HOLE. |
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Joyce
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Well...let me speak from experience. We purchased a 20 yr term life insurance on my husband when he was 38yrs old. .....premium about $35.00/mth. The same coverage was $350 mth for whole life, but we felt we needed just coverage til the kids were 18 or 19 yrs old...thought we would be financially set by the time he was 58...but the unthinkable happened...he died 2 1/2 yrs ago when the kids were 9 and 10 yrs old. The term life insurance pd off the mortgage, finished construction (we had just demo the kitchen and part of the house) and pd off all our bills. If we didn't have the term insurance ( and we could not afford whole life insurance), the kids and I would probably be pretty close to homeless...scary thought |
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mbrcatz
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Term. It's straight insurance, and accomplishes the basic goals. |
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girlwhoknowsitstrue
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Term life is best for lower income, middle income, high income families.
Life insurance is NOT an investment - buy term, invest the difference in a real investment vehicle. |
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Digger
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Insurance salesmen will try to convince you that whole life is an investment. That's bull. If you buy term and invest the difference, you'll have much more saved than if you bought whole life. Buy term life insurance at an amount 3X your annual salary. |
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hightechchic
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I'm going to buck the trend just a bit here...
In general, I think term covers the needs of MOST people very well. However, by the very nature of the fact that it only lasts for a set term (hence the name), you may find yourself without any funding for final expenses if you outlive the term. And you may no longer be insurable (even if you are, or you are offered the opportunity to convert the all or part of the face amount of the term without proof of insurability, it will likely be VERY expensive.)
If you're going to purchase term insurance to replace income during the earning years, I hope you'll at least consider also buying a small whole life policy to cover final expenses.
There's also the possibility of buying a guaranteed death benefit Universal policy, that essentially acts as a term policy that doesn't run out till age 100 (or beyond.) It won't build cash value (at least, not after the first few years), but it can be set up so that you only pay into it for a set number of years (I typically suggest that it be paid through age 65 so that people don't have to worry about it after retirement) and then it's not something you have to even think about after it's paid for. |
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meander
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Term life is designed for younger families you buy for 20 years or 15 whatever. Generally as your family grows kids grow up and out of the house then standard life insurance is better. |
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