Life insurance?
Is life insurance mainly to help other people like your wife and kids if you lose your job? My mom started life insurance with us when we were kids and still pays for it. I am 39 and may never get married. Should my mom continue to pay on this policy? I am not real sure what life insurance is for but I don?t feel she should continue paying it for me. Please advise me on this.
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Life insurance is an insurance contract that pays your beneficiary (which are usually family members) a sum of money upon your death. Main reason why people purchase life insurance is to protect the family from financial loss, otherwise known as ?income protection.? There are currently two types of life insurance out there available to the public. One is known as ?cash value? life insurance and the other is known as ?term insurance.? If you have life insurance right now, it is important that you read your policy.
At the age of 39, you should purchase your own life insurance so that your mom can save more for her retirement. Unless you don?t want life insurance, that is totally up to you. Life insurance is for people who have people (such as kids or a spouse, maybe parents) dependent on his/her income. Is anyone (present or future) dependent on your income? If not, would you like to leave money behind to your love ones in case you die? These are questions you should ask yourself. I don?t know your needs or your situation.
For me, I?m single and I own a 30 year term policy. I put my parents as primary beneficiaries and my siblings as contingent beneficiaries. The primary beneficiaries are the ones who will get the life insurance money first. If the primary beneficiaries are dead, then my contingent beneficiaries will get the money. If all the contingent beneficiaries are dead, the life insurance money will go to my contingent beneficiaries? estate. If I get married in the future, I can change the beneficiaries.
Basically, term insurance is designed to pay for stuff should the policy owner die.
Some people are married and the loss of a primary bread-winner could be devastating to a family.
Some people need to only pay off a mortgage?so they get mortgage protection insurance.
Even if you don?t get married, should you die you?ll have (at least) burial expenses to pay for. Some people have life insurance policies just to pay funeral expenses.
So insurance is a way to avoid financial loss in the event of one?s death. http://www.texastermlife.com
by Michael MMember since:April 29, 2008Total points:3,065 (Level 4)Add Contact
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Life insurance only pays out a benefit if you die not if you lose your job. If the policy had cash value or a saving element built up inside you could access if you needed extra funds during a period of unemployement.
Chances are you don?t actually have any control of this policy. Your mother is paying the premiums and she is probably the beneficiary if you die. It is up to her if she feels like it is a good idea to keep this for her benefit. If she decides to transfer ownership over to you then you can decide whether you need to keep it or not and who you would make the beneficiary.
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My blog: http://gardenstatelifeinsurance.blogspot?
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Source: http://www.decadesilove.com/2012/07/24/life-insurance-question-15/
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