Comments on: How Much Life Insurance Do You Need?

By: Derek Chamberlain

Derek Chamberlain — Tue, 11 Feb 2014 18:27:44 +0000

Tom,

You’re exactly right, but the trick is to determine just how much life insurance you’ll need. I have a friend that has more than $1 million life insurance. This is a complete waste of money imho and akin to playing the lottery! Thanks for stopping by!

By: Tom Rockford

Tom Rockford — Tue, 11 Feb 2014 03:26:50 +0000

If a husband or wife in their 30s or 40s with children dies, then it is a shock to the family and a financial hardship – they need the insurance money to make up for losing a breadwinner or if the person was a stay-at-home parent, to hire in help. However, by the time the parents are 70, say, the children are grown and on their own (hopefully), the mortgage on the house is all paid off (hopefully), and all debts (car loan, school payments, etc. – hopefully) are all paid off. Consequently, if the mother and father are no longer eligible for cheap term life insurance, they need only $10,000 or maybe $20,000 for funeral home, cemetery plot, estate lawyer to carry out terms of the will and distribute assets.

By: Derek Chamberlain

Derek Chamberlain — Mon, 19 Aug 2013 18:54:47 +0000

Rita,

So true! I hope this article encourages more people to think through just how much they’ll need vs. just going with a huge amount that probably isn’t needed (overkill).

By: Derek Chamberlain

Derek Chamberlain — Mon, 19 Aug 2013 18:52:26 +0000

Yeah, it felt kinda morbid researching and writing out the whole thing, but hopefully it will help someone.

For me, I discovered that I’m way over-insured. So, I can use this to save money for myself.

By: Rita P

Rita P — Mon, 19 Aug 2013 12:03:29 +0000

Life insurance is very important when you have dependents in your life. How much insurance is needed depends on your plans and financial situations.

By: Michael | The Student Loan Sherpa

Michael | The Student Loan Sherpa — Mon, 19 Aug 2013 03:34:00 +0000

Thinking about life insurance and death is never fun, but it is something that must be done for our loved ones.