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Do you think life insurance is important?

Answer Question

Asked by thenewmrs.x at 9:53 AM on Apr. 8, 2011 in Money & Work

Level 3 (19 Credits)
Answers (13)
  • For the parents - yes. For the kids - no.

    Answer by missanc at 9:54 AM on Apr. 8, 2011

  • Yes, especially if you have young kid's or bills that wont get paid if something happens to your partner/spouse.

    Answer by vbruno at 9:54 AM on Apr. 8, 2011

  • I think it helps a lot to have it.

    Answer by L0vingMy3Girls at 9:55 AM on Apr. 8, 2011

  • Yes,it is.

    Answer by dancer at 9:55 AM on Apr. 8, 2011

  • Yes.

    Answer by ItsJustMe1017 at 9:55 AM on Apr. 8, 2011

  • only if you care about the future of your family after you're gone

    Answer by momofone725 at 9:56 AM on Apr. 8, 2011

  • depends on who you are covering, why you are covering, and how much, and what type of policy.

    Answer by jewjewbee at 9:57 AM on Apr. 8, 2011

  • Yes I think its important to have. Sometimes though it's hard to justify the monthly payment when you struggle to barely survive and hang on.

    Answer by meooma at 9:58 AM on Apr. 8, 2011

  • It is very important! My brother passed away unexpectedly almost 8 yrs ago. Thank goodness he took out the life insurance policy for himself, otherwise, it would've been put on my parents to cover all of his expenses as he wasn't married. There was no way they could've paid for all of that!

    Answer by Tiffany237 at 11:26 AM on Apr. 8, 2011

  • Depends.

    The purpose of life insurance is to cover your loved ones should you die prematurely. ie) before you have a chance to accumulate some wealth. So if you have a million dollars in assets and you only need $40,000 a year to live on- you probably don't need life insurance.

    Now if you have $5000 in assets and your family would need $40,000 a year to live on should you pass away- YES you need life insurance.

    And I totally disagree about not needing life insurance for the kids. If you have zero assets or close to it- get a little rider policy for $5000 to $10,000 just to cover the funeral, medial expenses, and the days off that you'll probably need from work. I've seen families that have had a child die and haven't been able to pay for the funeral- I can't imagine grieving for the loss of my child and figuring out how to pay for their last expenses. For sure get a rider policy until you build up some assets.

    Answer by Erica_Smerica at 2:38 PM on Apr. 8, 2011

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