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Are you talking about selling your policy to someone else? That's pretty common, you know. As far as I can tell, it's an investment for the buyer...that's all. No one I've ever heard of has been "done in" by doing that!
If this is your wife, I would be completely comfortable with it. Especially, if you have a mortgage, children, outstanding debt... etc. My question would be is what type of life insurance do they currently have on you? Whole or term?
Yes. That's the minimum amount that was suggested for my husband. It is supposed to pay off the house and replace his income for the rest of my life. There is a serious problem with your marriage if you really feel like this.
No. I'm amazed at how many people insure themselves for large amount of money, then are killed. Are they stupid or what?
It's not stupid. It is stupid not to have enough insurance when you have a mortgage to pay and kids to raise, and decreased earning potential due to taking time off to raise those kids.
It's not stupid. It is stupid not to have enough insurance when you have a mortgage to pay and kids to raise, and decreased earning potential due to taking time off to raise those kids.
If half a million is not enough, then there is an addiction to a certain lifestyle. I have a quarter of a million on myself, and my family has no issues with that.
If half a million is not enough, then there is an addiction to a certain lifestyle. I have a quarter of a million on myself, and my family has no issues with that.
Perhaps I was being upsold by my insurance agent, but I'll take his word on the suggested amount. We're not wealthy at all. We're middle class. We drive used cars. Most of our vacations are camping trips. It isn't about being addicted. It is about being able to keep the house and maintain normalcy for my kids if the worst was to happen. A million wouldn't even replace my husbands income and benefits for the rest of his working life. That's what life insurance is supposed to do.
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