My husband and I have 3 kids and we're in our early 50's. Do we need life insurance at this point?
We own our home and have approximately $75 000 invested.
If your breadwinner dies, how will your children be fed, educated and sheltered? How will the income be replaced? If the other spouse has to work, how will childcare expenses be paid?. If you had about $3,000,000 invested these would be moot points, but $75K sounds like not enough. You need enough insurance to cover the kids until they're college age. Shop for Term... it's the way to go.
get 'term' insurance...it is very cheap.
Life insurance is VERY important. Think when you and your husband pass all the final expenses, and funerals aren't getting any cheaper. I wouldn't waste any more time I would get some immediately because the older you get the harder it is to get.
Yes!! Why wouldn't you. What happens if both of you get killed in a car crash.
you do need life insurance god forbid when the time comes a problem accrues and you don't have it .you don't want to leave your family with a lot of finances problems .its better for you to have it and need it then not to have it and need it
I presume you have life insurance through your jobs? If not you should get policies right away, also get a will so the kids don't have to go crazy if something happpens.
You should've bought life insurance when you were both younger. Now you will be a much higher premium. And yes, of course you need life insurance.
Everyone with children should have life insurance. It is better to have it and not need it then to leave your children to fend for themselves.
Everyone needs life insurance. Even your three children. Ask the human resources dept. at you or your husbands job, that will probably be the cheapest place to get it. But my advise would be to do ASAP. Most of us do not want to think about it, but we are all going to go that way, sooner or later. Even if you did not have children, would you want to leave your burial expense on one of your love ones? I don't think you would, so do ASAP!
Picture this: you have to stay home to take care of the kids and your husband has died. Who will take care of you? Do you want the state to? $75,000 doesn't last long at all. Do you want your kids to go to college, and graduate without a student loan debt?
If you get sick, will you have paid up health insurance? Will there be deductibles?
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YES YES YES! Get it right NOW!
It will be a lot of money because you waited so long!
When you take out your insurance policy for you and your spouse take one out for each of the kids as well! It will be very cost effective over the life of the insurance policy. This is because they are children...obviously. and they can take it over when you are no longer around.
And if he dies tomorrow?
Of course you do
yes you should have life insurance and when you find some good insurance please let me know
Yup, you need insurance to cover (at least partially) remaining lifetime income that is lost if one of you dies.
Yes you need life insurance. What happens if you die in a firery crash! That's why they call them accidents, because you dont expect them to happen. Funerals are expensive. Also, it would be a good idea to get a will and a living will.
It all depends...If you or your spouse passed away tomorrow, will that make a dent in the finances of the surviving spouse and for your 3 kids? If the answer is yes, then you should strongly consider getting a policy. Life insurance can be used to help pay for estate taxes as well. If your asset is over 100k you may want to consult a lawyer and create a trust. There are so many issues that need to be brought up; unfortunately this is not a forum to do it. My best advice to go and consult a financial advisor. A great place to start on on the JD Power and Associate website--they rank financial brokerage firms.
well, it depends on what kind of debt you have or have not... how old are your children? If they are not students, and you have no debt, in other words you are self insured. you really dont need it. Unless you want to have a bit for final expenses...put as much money in higher rates of return and watch it compound. figure this out whatever interest rate you now have or will have divide the interest rate by 72. example. 72 divided by 12 = 6 yrs when money will double. if u dont take any out. please do not buy ANY CASH VALUE BAD MOVE! if u need some buy term only
Yes, life is full of surprises and they are not always the kind you want.
Are the kids grown and on their own, or still at home and/or in school? If they're not able to be self-supporting yet, some term life insurance could make sense.
At this point ? , you should have had it long ago ,how long do you think the money will last the surviving spouse should something happen to one of you ?, 75 K and the value of your home won't last long ..
Good question. What would you want the life insurance to DO for you?? YOU answer that question.
i think it would be a good idea to have insurance in case either of you got sick and had to go into hospital
Make the wise,prudent decision. GET IT NOW!! Especially before something happens like a helath condition that would make you ineligible for coverage.
Answers:
YES!
You ALWAYS need life insurance, especially now!!
I'm 23 and my husband is 30; we have a 2 year old and one on the way. Do we have insurance? YES!!
If someone were to get injured or killed, you WANT to make sure the kids and the surviving spouse is taken care of.
Also, create a will.
Are there any financial consequences if one of both of you die? if one or both of you become unable to work? if one or both of you have large, uninsured medical bills? Will your kids make it all the way through school? college? Will your house be paid for? How about other debts?
Will the savings that you do have be distributed the way YOU want not the way a court says?
Go talk to several financial professionals and lawyers. You have a lot of learning and work to do.
Good Luck
Well, it would be nice to assure that your minor children (if any still are) or the surviving spouse would be well taken care of should anything happen to you. These days, even a nice paif-for house and $75K isn't much in the long run...