Life Insurance
Member
Joined: Dec 2005
Posts: 1,780
Likes: 0
From: Eagle Mountain, UT
Life insurance rules (in my opinion):
1. Never get whole life insurance. As was said earlier, it's a poor investment. It's just a poor financial product altogether.
2. Only get life insurance if there's someone who you're responsible for or an obligation someone else might have if you died. If you're 19 and don't have any cosigners on a loan and don't have any children or a wife, you don't need life insurance.
3. If you do have children, a wife or a cosigner on a loan, get only term life insurance, enough to cover your buriel expenses, pay off your obligations, and cover expenses for your family. In other words, you probably don't need a $1,000,000 dollar policy.
1. Never get whole life insurance. As was said earlier, it's a poor investment. It's just a poor financial product altogether.
2. Only get life insurance if there's someone who you're responsible for or an obligation someone else might have if you died. If you're 19 and don't have any cosigners on a loan and don't have any children or a wife, you don't need life insurance.
3. If you do have children, a wife or a cosigner on a loan, get only term life insurance, enough to cover your buriel expenses, pay off your obligations, and cover expenses for your family. In other words, you probably don't need a $1,000,000 dollar policy.