I just left the financial insurance arena, but certainly believe in the products. There's enough insurance on me to pay off the mortgage, all bills, my burial, and leave my wife with a small nest egg if something should happen to me. There's considerably less coverage on my wife, but we both agree that needs to change soon. Both kids have a VUL that we are overfunding - they're so cheap when the kids are young and they will have something of value when we decide to transfer ownership to them or we could use some of the account values to pay for college.
How many people have thier family covered?
- Thread starter xpaeanx
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You wouldn't believe how many people can't understand that if they lose their job or become seriously ill and have to quit their job, they lose their life insurance coverage.
As for being 25, I wish I bought life insurance at that age. I was married but childless at that age and if I bought insurance then it would have been much cheaper (I probably would have qualified as Super Preferred at that point). Luckily nothing happened to me (or my family) that disqualified me from getting insurance or caused my policy to be rated. Getting insurance at a young age is very wise if you can afford it.
As for being 25, I wish I bought life insurance at that age. I was married but childless at that age and if I bought insurance then it would have been much cheaper (I probably would have qualified as Super Preferred at that point). Luckily nothing happened to me (or my family) that disqualified me from getting insurance or caused my policy to be rated. Getting insurance at a young age is very wise if you can afford it.
My husband has a good life insurance policy and a good retirement fund willed to Hannah and I to take care of us if the unthinkable happens.
As for me... I don't qualify for insurance here at the moment and I don't work so I don't have anything to leave.
Brian and I already talked about if the unthinkable happens to me... his mom is going to move in and help take care of Hannah
We are very lucky to have his parents who have scrimped and saved their whole lives so they have money to leave their kids and to have money to give them when they REALLY need it
As for me... I don't qualify for insurance here at the moment and I don't work so I don't have anything to leave.
Brian and I already talked about if the unthinkable happens to me... his mom is going to move in and help take care of Hannah
We are very lucky to have his parents who have scrimped and saved their whole lives so they have money to leave their kids and to have money to give them when they REALLY need it
Seriously now... Yes, I feel good knowing Hannah and Tanya will be well cared for should the Lord call me home early. Also, I am 99.999% certain I will never see a dime of Social Security. (Make that I HOPE I never see a dime, I hope SS goes away, for people of my generation. Retirement security is not the governments job.) So I have a small personal IRA going. Also, thank God I never gave wife #1 access to my way bigger 401K. Before we got divorced, I took the hit and liquidated it, then gave it to my Dad to invest. I am happy to say that even now, it is doing OK.
The key to planning for thes things is to forget that you even have it. Don't factor it in when you think about your money. That will prevent you from reasoning yourself into taking it out and buying something stupid.