Life insurance - is it worth it?

[Teh One Who Knocks]

Now that I have a house and 2 vehicles that are financed, I was thinking about life insurance just in case something happens to me just so that everything is taken care of and no one has to worry about finances.

Question: is life insurance worth the money? I mean basically it is like gambling on your life :lol: And if so, term or whole?

Thank you for you input and I'd appreciate keeping this at least semi-serious. :)

[DemonGeminiX]

I suppose if you have a lot of debt and no reasonable amount of liquidable assets to cover that debt in the event of your passing. When my grandmother died, all of her children had to chip in and pay off her remaining debt... she never took out a policy on herself. Granted, it wasn't that bad because she had a lot of kids and not a whole lot of debt comparatively speaking, but still, you'd like to think that you're free and clear, post funeral or whatever services your loved one was given. It's still kind of a shock to find out that your loved one ran up a credit card debt that you have to pay off.

I don't know. That's just my 2 cents. I might be wrong. I suppose somebody else would have a clearer picture of the possibilities.

[MrsM]

we have term life insurance - I believe a 20 yr policy

We have it for the reasons that you posted - however it's important for us also because of the kids.

the reason we selected a 20 yr policy is that in 20 yrs we should have less debt and the kids will be older and able to live on thier own. We will be getting another policy just before our other policy expires for a smaller amount that will cover our debt at that time.

The policy is pretty cheap so we feel that it is well worth it. If something was to happen to either of us - it would allow the surviving person to not have to worry about house or car payment - and if both of us were killed, then our kids would be well enough off that our families could look after them

[Muddy]

For me having kids, it is totally worth it.. I know if I die they will have enough funds to cover them through the rest of their rearing process.

I have 30 year term. It's cheaper and I'm not trying to be the lottery for someone.

[FBD]

I have enough to cover the house and shit for teh missus in case I get shivved :dance:

[Muddy]

*shanks fbd*

[Teh One Who Knocks]

I'm looking at 20 year term which would run me approximately $75/month, which seems pricey to me for something that you hope you will never have to use.

But, then I think of the new mortgage, my truck, my g/f's car in addition to miscellaneous other debt and I don't want either my dad or my g/f to have to worry about all that stuff if some kind of accident does happen. I'm not looking at enough coverage to give my dad and/or g/f money to live on if I do die, but it would be more than enough to pay everything off and still have a bit left over to use as needed for other short term expenses.

[redred]

i think i have mine as part of the house mortgage ,in the event either myself or the other half dies ,the house gets paid off she also has something tied into her work as well

:-k maybe i should think about kil...................:shock:

[Muddy]

I'm looking at 20 year term which would run me approximately $75/month, which seems pricey to me for something that you hope you will never have to use.

But, then I think of the new mortgage, my truck, my g/f's car in addition to miscellaneous other debt and I don't want either my dad or my g/f to have to worry about all that stuff if some kind of accident does happen. I'm not looking at enough coverage to give my dad and/or g/f money to live on if I do die, but it would be more than enough to pay everything off and still have a bit left over to use as needed for other short term expenses.

That seems pricey.. A lot of ins. co's. wait until after your extensive physical to give you your actual price.. I can recommend two reputable companies if you are interested.

[Teh One Who Knocks]

That seems pricey.. A lot of ins. co's. wait until after your extensive physical to give you your actual price.. I can recommend two reputable companies if you are interested.

It's thru State Farm where I have all my other insurance (home owners and both vehicles), no physical required.

[KevinD]

I have life insurance on myself (still have from service) as well as through work and an outside policy for my daughter and wife. Those are all term policies. I also have a whole life policy on my daughter that is matured now (no more payments) and "mortgage" ins on the home for my wife (if she dies, house is paid for) Didn't get it for me, as combined, my policies exceed 250k when I die.

There are many options. I suggest talking with a private agent (not just State Farm) to discuss your goals and means. I do highly recommend some type of insurance.

[Muddy]

It's thru State Farm where I have all my other insurance (home owners and both vehicles).

Don't be afraid to buy outside of your current provider. It may be loads cheaper. Agents tend to bust you in the ass on adders.

[PorkChopSandwiches]

If you dont have kids or a wife, what the point of life insurance (other then burial expenses) You can get a cheap 25k policy to cover your death

[Muddy]

If you dont have kids or a wife, what the point of life insurance (other then burial expenses) You can get a cheap 25k policy to cover your death

He obviously wants to take care of his dad and GF if something happens to them, instead of them being thrown out into the street...

[Acid Trip]

I'm looking at 20 year term which would run me approximately $75/month, which seems pricey to me for something that you hope you will never have to use.

But, then I think of the new mortgage, my truck, my g/f's car in addition to miscellaneous other debt and I don't want either my dad or my g/f to have to worry about all that stuff if some kind of accident does happen. I'm not looking at enough coverage to give my dad and/or g/f money to live on if I do die, but it would be more than enough to pay everything off and still have a bit left over to use as needed for other short term expenses.

Whoa nelly! $75 is WAY too much for your age (assuming mid-30's) unless you are a smoker. What coverage amount were they quoting for that price?

[Teh One Who Knocks]

Whoa nelly! $75 is WAY too much for your age (assuming mid-30's) unless you are a smoker. What coverage amount were they quoting for that price?

Early 40's, non-smoker, and $300K

[PorkChopSandwiches]

that seems pretty high, selectquote will find you 1,000,000 in coverage for less then that

[Acid Trip]

Early 40's, non-smoker, and $300K

That seems to way too high for $300k in coverage. Check SelectQuote like PCS suggested and you'll find way better deals.

[Muddy]

It is high.. He should be around half that.

[MrsM]

Not sure how Canada vs the US goes as far as cost of policies - but I have 500K coverage and pay just around $300/year (got it when I was 35)

[PorkChopSandwiches]

Add me as the beneficiary sir

[MrsM]

Not sure how Canada vs the US goes as far as cost of policies - but I have 500K coverage and pay just around $300/year (got it when I was 35)

Correction - it's just over $400 /year - just checked

[DemonGeminiX]

Not sure how Canada vs the US goes as far as cost of policies - but I have 500K coverage and pay just around $300/year (got it when I was 35)

Everything costs more in Canadaland.