Do you have life insurance?

[NHartphotog]

Originally Posted by OhioToCO

Of course, you should have life insurance..

Life insurance is advantageous when all these factors converge, and leave no better options:

--You have dependents or children who are disabled, or cannot meet the demands of modern life without the help and money you've been providing.
--You don't have family members or close friends that will care for these dependents when you are gone.
--You haven't accumulated enough money to hire workers to replace you if you get sick or die.
--When you can figure out a fair contract that defines what must be accomplished to take care of the dependents, at the lowest possible cost (minimizing cost for bureaucracy, paperwork & admin).

Conversely, you do NOT need life insurance if nobody depends on you for survival.


And WARNING! If a relative/beneficiary pushes you to get life insurance for an amount of money that could be mistaken for a lottery jackpot, you need to immediately hire the scariest lawyer in town (who has no ties to your family) to go over every detail in quadruplicate, and make sure that any "unfortunate" death once the life insurance is in place would be scrutinized by teams of lawyers with microscopes. The lure of easy money, with the loss of legitimate jobs, has made life insurance murders a fast-growing category among those who live in nice towns and non-violent parts of the states.

[OhioToCO]

Originally Posted by NHartphotog

Life insurance is advantageous when all these factors converge, and leave no better options:

--You have dependents or children who are disabled, or cannot meet the demands of modern life without the help and money you've been providing.
--You don't have family members or close friends that will care for these dependents when you are gone.
--You haven't accumulated enough money to hire workers to replace you if you get sick or die.
--When you can figure out a fair contract that defines what must be accomplished to take care of the dependents, at the lowest possible cost (minimizing cost for bureaucracy, paperwork & admin).

Conversely, you do NOT need life insurance if nobody depends on you for survival.

The OP was asking about having life insurance for someone who is a single earner in a household with young kids. Of course, he should have life insurance.

I have a 19 year old and 13 year old. I plan on having term life policy that covers the balance of my mortgage even after they are both grown and have their own income. That way, when they inherit the house, they are not forced to sell right away.