troubledwaters wrote:
1968mooney wrote:
Just remember, when you purchase Life Ins. you are betting you will die while the policy is inforce. The Ins. Co. is betting you will live.
I buy life insurance to ensure that my family will still be able to pay the bills, house and feed themselves if something unexpected should to happen to me. Others may be wealthy and not have to worry about the unexpected. Still others may not care what happens to their family if something unexpected happens. No one size fits all answer.
I don't consider it as someone winning or losing, I consider it as risk assessment and avoidance (covering all bets).
OK, well, are your kids going to be living in your household when you are 70?
I doubt it or at least hope not.
Are your kids going to need YOU to pay their bills, house and feed them when you are 70?
I doubt it or at least hope not..
When you are 70 there will not be much left of of your "family" that will need YOUR "assistance"..
Perhaps your spouse but not kids, your kids by then SHOULD BE FINANCIALLY INDEPENDENT OF YOU, if they are not, there IS something wrong..
But even your spouse should never "need" your $100K insurance policy if YOU AND SPOUSE have done things right financially by age 70.
Life insurance IS NOT MANDATORY provided you do not have outstanding mortgages, loans, liens that are not paid off and you do not have the savings to cover those loans or debts..
I would hope that by age 70, most people should have very little if any debt to deal with.. If you do, you HAVE done something wrong..
And before folks decide to cash bash me, YES, it takes work and YES it takes effort, and YES, it takes a BUDGET but IT CAN BE DONE.. But too many people simply don't want to quit keeping up with the "Jones".
ANYONE CAN DO IT IF THEY WANT TO, most don't because they feel they have to "give up" on the things they desire and are not willing to listen.
