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If you're reading this you've experience death of a loved one in your life. Personally, I've experienced 5 recent deaths in my life recently a couple expected and a few unexpected.
Today I found myself in a debate with friends/family about insurance. Not to upset anyone, just to encourage knowledge behind it.
I find that people in general don't understand the importance.
There are 4 types of insurance. 3 of which are enforced by law. Of course life insurance isn't one of them. WHYISTHAT???
People in general have suspicions about the validity of life insurance more than car/life/home. I find that silly.
We're a society in which the government has control over many things. We complain about it time and time again.
The one thing they don't enforce people to have is the one most people undervalue.
I'm passionate about my family, friends, and my money. I'm not the only one with the same passions.
I want to encourage and speak out about this as much as I can to as many people. I would be wrong not to, right?!
I'm not in favor of more laws. I think it's terrific when people prepay their final arrangements and at least try to cover their immediate family members from an income loss.
Does a working couple with no children who have savings, investments and a pension require life insurance? How about a single person who has planned well?
I'm not sure what the OP is proposing. Mandatory life insurance? I think that should be a personal decision. The most common perceived need for life insurance is the family with children who would suffer financially if a breadwinner died. As stated by Gerania, a couple who are retired (no income that needs to be insured) has pensions, social security, savings, investments, owns a home, etc. may have no need of life insurance, especially if they have planned carefully so that the surviving spouse will still have income. When my husband and I retired, we dropped it. We paid for our cremations in advance, so we didn't need it for that. We just didn't need it. It would have wasted money. On the other hand, I know a couple who both work for rather low wages. They have little savings, will have no pension, etc. The children are gone, but if either of them died, the other one would have a very hard time making it. They have life insurance, and that seems like a good thing. It all depends on the situation. It would be silly to make a blanket statement that everyone needs it.
In my opinion, yes. Life is forever changing and you never know what can or will not happen. Families for sure need life insurance. Single people especially. Tragedies happen. Planning is necessary regardless.
Quote:
Originally Posted by Gerania
I'm not in favor of more laws. I think it's terrific when people prepay their final arrangements and at least try to cover their immediate family members from an income loss.
Does a working couple with no children who have savings, investments and a pension require life insurance? How about a single person who has planned well?
Im not suggesting that it should be mandatory to have life insurance. I'm pointing out how the government strategically works against the couple you mentioned below. Today especially many people are living paycheck to paycheck with little knowledge on how to save, or prepare for retirement. Its not talked about like it should with certain working class people. They tend to be skeptical planning for the inevitable because their living day to day struggles. Families are burdened with financial stressors when they should be grieving. Its unfortunate that we don't talk about the responsibilities of planning with our young adults today in the work force.
Quote:
Originally Posted by G Grasshopper
I'm not sure what the OP is proposing. Mandatory life insurance? I think that should be a personal decision. The most common perceived need for life insurance is the family with children who would suffer financially if a breadwinner died. As stated by Gerania, a couple who are retired (no income that needs to be insured) has pensions, social security, savings, investments, owns a home, etc. may have no need of life insurance, especially if they have planned carefully so that the surviving spouse will still have income. When my husband and I retired, we dropped it. We paid for our cremations in advance, so we didn't need it for that. We just didn't need it. It would have wasted money. On the other hand, I know a couple who both work for rather low wages. They have little savings, will have no pension, etc. The children are gone, but if either of them died, the other one would have a very hard time making it. They have life insurance, and that seems like a good thing. It all depends on the situation. It would be silly to make a blanket statement that everyone needs it.
I think you are completely wrong. If no one depends on you for support you do not need life insurance. There are much better investments.
A single person with no children has no need for it.
A married couple with no children may want a term policy in place of mortgage life insurance but they wouldn't need it when they get to the point of the survivor being able to afford the home without them.
Life insurance on children is never needed
You are wrong to be speaking of it to others unless driving them away is your goal.
I'm pointing out how the government strategically works against the couple you mentioned below.
This has nothing to do with life insurance or about loss and grieving. I don't know what you are suggesting, but it sounds to me like you have more of a political agenda than a motivation to help people.
I think you are writing to the wrong forum. This forum is on Grief and Mourning, and your original post was not about that. Are you practicing your talking points for selling life insurance? Please do that elsewhere.
No I'm not practicing anything, just voicing my concerns. I'm currently grieving a loss. Time and time again I see this pattern wherein people undervalue the importance of life insurance. When we experience loss, life insurance then becomes a topic of discussion. I've been to funerals, funeral homes, and helped plan a funeral for my grandmother, 21 yr old cousin, and a 23 yr old navy seal.
Quote:
Originally Posted by G Grasshopper
This has nothing to do with life insurance or about loss and grieving. I don't know what you are suggesting, but it sounds to me like you have more of a political agenda than a motivation to help people.
I think you are writing to the wrong forum. This forum is on Grief and Mourning, and your original post was not about that. Are you practicing your talking points for selling life insurance? Please do that elsewhere.
Life insurance on children is definitely needed. Today in our world children die. We act as if it doesn't happen, but in our reality it happens.
Quote:
Originally Posted by thinkalot
I think you are completely wrong. If no one depends on you for support you do not need life insurance. There are much better investments.
A single person with no children has no need for it.
A married couple with no children may want a term policy in place of mortgage life insurance but they wouldn't need it when they get to the point of the survivor being able to afford the home without them.
Life insurance on children is never needed
You are wrong to be speaking of it to others unless driving them away is your goal.
Life insurance on children is definitely needed. Today in our world children die. We act as if it doesn't happen, but in our reality it happens.
You are so wrong. For most people a funeral is not a life changing financial event. Have the funeral that you can afford and then write a check is what the vast majority of people do.
You are writing so many things that make no sense on a forum meant for other things.
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