Life Insurance?

Yes you do. Lets say you have two kids or so and your wife stays home with them. You make $100,000 a year. You have a mortgage, car note, credit cards, etc. If you die your wife will lose that $100,000 a year coming in the house. Where will she go for that money. Think about it for a minute. Do you want your wife and kids life to stay the same, worse or better if you die. Choice is yours

spoken like an insurance saleman. so a guy in his twenties, who makes $100K, is married to a woman who stays at home, and has two kids. "lets say" that is a pretty unlikely scenario.

under those scenarios the OP posited, no, you shouldn't have life insurance. maybe a policy which would cover funeral expenses but even that's a stretch. one normally does not need life insurance until you have dependents/bills which would be difficult to support if your income were lost. think a mortgage which would require two incomes. or kids.

Hmmm. Yeah its possible jackass. I'm 25 and I make well over $100,000 a year. No need for my wife to work if we have to pay over $800 a month for child care.

hmmm, who said it wasn't possible? perhaps you need to work on reading comprehension. i made well over that amount in my twenties, too. it seems rather odd, however, to offer advice based on an example from the extreme minority.

People need life insurance jackass. Plain and simple. If your married don't you want to help your wife pay off your bills. Don't you want your wife to have some money coming in every month. Sure she could always get remarried. But don't you want your wife to have what she had before you died. You my freind are a self centered asshole.

like i said, spoken like a true insurance salesman. i can see how you make as much as you do.

You sound like a miserable person.

im 20 and have life insurance. why? i have no idea.

paper clip wrote:

im 20 and have life insurance. why? i have no idea.

I have no idea why, but this post made me LOL.

Nikevapor2 wrote:

People need life insurance jackass. Plain and simple. If your married don't you want to help your wife pay off your bills. Don't you want your wife to have some money coming in every month. Sure she could always get remarried. But don't you want your wife to have what she had before you died. You my freind are a self centered asshole.

Of course you need insurance so this Buttf***er can sell you a policy to buy his Nikes, Garmin, and IPod.

This threads leaves me confused. On the one hand I agree with chuck d, that is this case there is no real need for much, if any life insurance. I do think he should have enough to cover final expenses and a funeral, but we are talking only a small amount there.

On the other hand, I don't like chuck d so I have decided to agree with those that are calling him names and agree with them. Even though I agree with chuck, but I don't

If you have dependents (wife or kids) who need your income to maintain their standard of living, you should have 8-10x your salary in term life. That way they can invest it and live as if you were still around, financially speaking. If you have no dependents, who cares? And term life is cheap. You can get 20 year level term of half a million dollars for about 20 bucks a month. If you're investing wisely, by the time the 20 years is up, you have the savings in place to not need insurance.

Hell no don't buy life insurance. It gives your wife motivation to do away with you. Look how many of these spousal murders and attempted murders have insurance payouts as a factor.

goobie loobie boobie wrote:

Do you have life insurance? Why? Why not?

Yes. Lots. Because I have several dependents and a mortgage, hence, life insurance sufficient to cover mortgage and college educations through graduate school.

Should a runner who is married and who is under 30yo get life insurance? How about someone who is single?

What does being a runner have to do with anything? This is a simple logic problem:

If dependents then life insurance, so, if wife then life insurance. Single? Who gives a flyin': you're worth nuthin to nobuddy. Just my opinion.

With regard to someone in their 20s making $100k...ummm...happens all the time, at least in NY and Boston.

BTW: no way to calc the proper amount: it's all guesswork. Some rules of thumb include 10x annual salary (i.e., 10 years replacement income to your spouse), cuz that's all insurance is, really: replacement income.

I think I am carrying...let's see...yep, 10x my current annual salary out to 30 years (I should probably carry more, but, well, there you go). The other idea is that as you age (and your children approach maturity), the need decreases (i.e., your mortgage declines, your expenses are paid, 'ceptin' for that kollidge krap). Of course, inflation eats into the value of the payoff, but one hopes that the rates offset.

Lastly: life insurance is WAY CHEAP right now: I just replaced my old policy (started 6 years ago) with a new one at a lower rate... Also, in my opinion, you just can't beat SBLI.

Southern Bastard wrote:

Hell no don't buy life insurance. It gives your wife motivation to do away with you. Look how many of these spousal murders and attempted murders have insurance payouts as a factor.

Ha! Someone DID mention to me that the proper coverage is "enough to pay the bills but not so much that she'll think about killing you!"

chuck d wrote:

spoken like an insurance saleman. so a guy in his twenties, who makes $100K, is married to a woman who stays at home, and has two kids. "lets say" that is a pretty unlikely scenario.

...think a mortgage which would require two incomes. or kids.

Um...again, just my opinion, but if you aren't making enough to "support a family" (i.e., mortgage, children, wife-as-full-time-mother), maybe you should consider postponing marriage. Just a thought.

[As an aside, it's one thing to marry a woman who wants a career--that's fine; however, if you *make* your wife work--because you cannot function without her paycheck--well, um...what good are you, you know, as a man? Seriously, makes you nigh on superfluous. In a marriage situation, the man exists to facilitate the chosen lifestyle of the wife--in my opinion, of course--and if you cannot support her universe of reasonable choices, well, perhaps you are not ready...

And don't bother jumping on the "how nice for you" or "silver spoon" bandwagons: I earn because being a family man demands that I earn--absent that condition I would likely be a drunken, wandering wastrel...]

wow this subject went off on a tangent quick. buddy I'm in the same spot as you. Under 30 married (runner not that it matters) and in process of getting insurance.

the people who answered were both right and wrong...it all depends on your situation and we don't know enough to offer a valid answer.

just because your married doesn't mean you need life insurance it really comes down to cash flow. some important questions, do you rent or own, does you wife have a career, any kids (or planning), do you or her have money set aside or trusts or anything like that, how much other money do you owe, does you company already have a policy (my company gives each employee 1x Total Comp - its not much but its something and given your situtation it could be all you need.) Insurance is good in a lot of situtations but some people feel like they just need to have it but why spend the money even if its not all that expensive if its not needed.

Spoken like someone who is truly P***Y Whipped.

I get life insurance as a company benefit, and I just now realized that I hadn't even named a beneficiary. It goes automatically to my parents since I don't have dependents, but it's unlikely that they'll outlive me. I guess if they do, they'll appreciate the money for the funeral.