Nobody enjoys thinking about life insurance, for the same reason no one enjoys planning their own funeral or shopping for coffins. It’s normal to not want to think about what happens after you or your spouse are no longer here. Avoiding or delaying the purchase of life insurance, though, can have an enormous cost. Life insurance offers valuable protection from unforeseen events and can help ensure your family is taken care of after you are gone. How do you know whether or not you need life insurance, what kind do you get, and how much do you need?
Really awesome analysis and writing, I would honestly love to read something like this every morning (as opposed to opinionated news sources)! Course I know that would be a ton of work haha. But yeah thanks man! Pretty ridiculous how expensive whole life insurance is, especially given the measly rate of return. I don’t see why anyone should buy it, because as you wrote permanent life insurance may make sense for people with large estates- but if they have large estates, wouldn’t they be able to be self insured?
I think many people overlooks at life insurance, just because it is not mandatory, it doesn't mean its not necessary. We buy car/home/renters insurance all the time, but forgot what is most important, the financial piece of minds for loved ones when something terrible happens. Ultimately, the insurance is a way to transfer risk for people (majority) who can not self insured. It is such piece of mind for a small amount of money, don't overthink its wasted, insurance company won't lose money, the actual claim rate is probably under 2%. This is kind of insurance you wish never had a chance to use it
Thanks so much for explaining why a person would need to get life insurance. My brother has been looking to get life insurance since he started his new job. We've been looking into finding someone to help him choose the right policy for him. https://veteransassetplanning.com/life-settlement-program/
Really awesome analysis and writing, I would honestly love to read something like this every morning (as opposed to opinionated news sources)! Course I know that would be a ton of work haha. But yeah thanks man! Pretty ridiculous how expensive whole life insurance is, especially given the measly rate of return. I don’t see why anyone should buy it, because as you wrote permanent life insurance may make sense for people with large estates- but if they have large estates, wouldn’t they be able to be self insured?
I think many people overlooks at life insurance, just because it is not mandatory, it doesn't mean its not necessary. We buy car/home/renters insurance all the time, but forgot what is most important, the financial piece of minds for loved ones when something terrible happens. Ultimately, the insurance is a way to transfer risk for people (majority) who can not self insured. It is such piece of mind for a small amount of money, don't overthink its wasted, insurance company won't lose money, the actual claim rate is probably under 2%. This is kind of insurance you wish never had a chance to use it
Thanks so much for explaining why a person would need to get life insurance. My brother has been looking to get life insurance since he started his new job. We've been looking into finding someone to help him choose the right policy for him. https://veteransassetplanning.com/life-settlement-program/