Life Insurance
Wed, 03/04/2009 - 22:38.
in
Finally decided to purchase life insurance this week – yes, believe it or not, I didn't have anything like that set up. Why? Well, I am self-employed and don't really have ANY benefits set up. I always figured since I don't have any dependants, it wasn't really necessary. I have money in the bank that should cover most of my expenses should that fateful time arise.
But, I've had second thoughts on this. I think when it's my turn to go, I'd want to leave something behind for my family to ease the pain – assuming I'd be missed, of course!
In a previous post, I talked about how much insurance would be advisable to get. In that post, I suggested that for my own situation, I might get $50,000 and priced it out to anywhere from $13 to $20/month.
Why so much even though I don't have an dependants or huge bills? I figure, since the cost is so low, why not leave a bit of a nest egg for my family to share? At least they can go and perhaps pay some of their own bills. I like the idea of making people's lives a little easier.
In fact, I've actually decided to go for $75,000 – it comes in $25,000 increments. I get a special rate through my professional association and it would only cost about $10/month. Sounds like a deal to me!
That's actually a good tip – if you don't already get life insurance through your work or you want more, check with any associations you belong to. Quite often they get great deals based on the volume of people within the association.
The cost isn't that much and your estate will be all the better for it. Obviously, if you have dependents, bills, businesses or other holdings, you will need significantly more. Also, the more complex your situation the greater the chance you'll require some kind of professional.
$75K seems right for me right now, but I will check on this every year or so to make sure it's adequate.
So there it is. I'm fully insured and ready to go, so to speak.
Photo: silverfox09
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Nice info
Nice info
Life Insurance
The common misconception about life insurance is: if you don’t have any dependents, you don’t need life insurance. However, this is far from the truth. For example- if you’re single and without any dependents you may still want to coverage to pay your funeral expense. You may have debts like an education loan, personal loan etc., which you definitely don’t want to pass on to your family, in the event of your untimely death. Having said that, I think it’s equally important to calculate the life insurance cover that you need—nobody wants to be over or under insured. Here is one life insurance needs calculator that you may want to refer to calculate your exact insurance needs.
Denise @ AccuQuote
Life Insurance
@Denise I agree - I think it's cheap enough for people to have it.
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