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Category:  Odds and Ends

Buying Life Insurance

By Nikki Willhite

www.allthingsfrugal.com

If you care about your family, protect them!

No one likes to think about their own demise. It can be hard to buy something that you know you will never benefit from. If you care about your family, however, you should have life insurance.

My husband's father died of a massive heart attack in the middle of the night, when he was only 42 years old. There was no warning. He left behind three teenage boys, just at the age when they are very expensive. Thankfully, my mother-in-law had insurance. I can't imagine what she would have done without it. She didn't even have a driver's license.

Did you know that insurance rates are at an historical all time LOW? If you don't have life insurance, think about getting it now. Buy it when you are young. Get as much as you possibly can. When you get older, you may not be able to get it. You may have health problems, or weigh too much. If you are overweight, the premiums will skyrocket.

Term insurance is not very expensive- compared to whole life. The younger you are, the cheaper it will be. If you are absolutely horrible about saving money, you can use whole life insurance as a saving plan, and even borrow on it. However, it is not the best place to invest your money. However, if it is the only way you can save money, then do it that way..

When you are planning how much insurance to buy, there are many things to take into consideration. Your spouse may have debts to pay off, including your mortgage. There will be burial expenses. Your spouse is probably going to have to go to work if they don't already have a job outside the home. It may take some time and expense to acquire skills to enter the work force.

They will need more clothes, good transportation, and possibly money for daycare. There may even be medical expenses if they have a hard time adjusting to your death (let alone any ongoing health problems). They may need counseling. Some people have to take medication to cope with the loss of a loved one.

Your spouse may have to move to a property where the maintenance is easier and the property taxes are lower. Perhaps they will need to move nearer to family to help them. Moving is emotionally and physically very difficult.

These are just a few things to consider. Five to seven times one's annual salary is a ballpark figure that is quoted for adequate protection. If you can't afford that much, get what you can. You will not have any problem finding insurance agents willing to come to your home and explain your options. There are also many companies you can contact online.

I couldn't begin to cover or know the details of the many different types of insurance out there. Here is the phone # of the National Insurance Consumer Help Line- 1-800-942-4242- if you'd care to send for some literature.

 

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