Posted by Fixerupper on December 17, 2009 at 07:17:07 from (207.177.13.178):
In Reply to: Life insurance...Yikes posted by Gun guru on December 17, 2009 at 02:21:03:
I have $250,000 and my wife has $150,000. Our land is paid off, the debt is low (so far) and we live cheap. I just don't see any good out of paying an insurance company any more than I have to.
Life insurance agents like to push a policy on your children to get you and your children hooked early. We bought into that when our kids were real young. We got both of them each a $50,000 policy that was to be paid up in 20 years. The agent's (Northwestern Mutual) spiel was we would have enough for the funeral if one of them passed or the child would have a paid up policy when he/she is in the mid-twenties and starting a family.
Both of our kids did end up with a paid up $50,000 policy when they were in their middle 20's. Our daughter cashed hers to pay bills, then she passed away suddenly shortly after that. Our son still has his and the cash value is building every year. He is the sole breadwinner for a wife and two kids and also has a budding trucking business. In his position the $50,000 policy isn't enough, but at least it's something.
My daughter worked for an insurance agent and had her health and life insurance licences, so she had taken out a $100,000 policy on herself about a year before she passed away at 27, so her husband and three young daughters did have a good shot in the arm to help them continue on with life.
So my message is - you are never too young to need life insurance. Just make sure you are connected with a company that pays well. Jim
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