Buying Life Insurance
By Nikki Willhite
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
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
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