Wall Street Journal reporter Leslie Scism looks at the rise in numbers of people forgoing life insurance in uncertain economic times.
Wall Street Journal reporter Leslie Scism looks at the rise in numbers of people forgoing life insurance in uncertain economic times.
Comments [8]
This topic is so easy to get wrong. Here's how to think about it. Having life insurance on the breadwinner can mean the difference between staying in the family home, sending kids to college and having a comfortable retirement, or not doing those things. The person who said they would pay the life premium before the mortgage has it right. It is a financial safety net for many families and businesses.
Just in case Ms. Scism answers these questions later: Can you lose life insurance if you miss payments the way you can health insurance? A lot of people who've lost income might have problems keeping up thier payments.
I don't get this "waste of money" viewpoint. Forget about Whole Life for a moment. Term Life is cheap and offers great peace of mind. In fact, it's the only bill I'd would ever consider paying BEFORE my mortgage. I have a wife and two little kids; I sleep much better knowing that the mortgage would be paid off and some money set aside for college should I die. (ditto should my wife pass)
The only thing possibly worse than being diagnosed with a terminal disease is being diagnosed w/ the disease and knowing that your wife and kids are going to be economically disadvantaged becuase you were too cheap to do the right thing.
Keep in mind that insurance of any kind is nothing more than a bet.
With a level turf, one who bets can never beat the house, that's why the house is in business.
In the Michael Moore movie Capitalism: A Love Story there was a discussion of the insurance policy called "dead peasants" insurance, a life insurance policy that companies take out on low level employees. Can your guest discuss this bizarre type of policy?
Needing life insurance is like needing an imaginary friend to give you everlasting life. If you are a wage slave to the man it may be needed. But it is one of the biggest scams ever invented. If they just put that money under the mattress they would be a lot better off.
life insurance? people are going with health insurance! and dieing because of it!
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