October 6, 2008
Is life insurance a good investment for a married couple with no children or mortgage?
nateobuf asked:
My wife and I are considering purchasing life insurance but we aren’t sure if it is the best investment for the money involved. Advice would be helpful. We do plan on having a family in the next few years and our ages are 30 y/o and 29 y/o.
My wife and I are considering purchasing life insurance but we aren’t sure if it is the best investment for the money involved. Advice would be helpful. We do plan on having a family in the next few years and our ages are 30 y/o and 29 y/o.
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Comments on Is life insurance a good investment for a married couple with no children or mortgage? »
only to the extent you want the other spouse provided for in the event something happens to either of you…but otherwise, no.
life insurance is not an investment
if you want to invest money go with a 401K/mutual funds
c’mon people!
unless you are talking about annuities (which are also done by insurance co; then it is a different story and that you’ll have to discuss with your insurance broker
You may still need some. In case there are some “final expenses” that need to be unexpectedly paid. You probably don’t need as much as someone who has a mortgage. Also, you may want to increase your coverage once you do have children. You want to be sure their education is secure, even if you aren’t around.
My husband and I have life insurance. We don’t pay mortgage or have children, either, but we plan to have a family later. We’re both in our very early 20’s. The reason we started a life insurance plan so early is because the rates are alot lower and they stick with you as you grow and age. If I would’ve started the plan at age 18, I would have way lower payments right now. I suggest you do it as early as you can so that you get the best rates that you can =).
If you plan to get insurance, do it NOW before your rates go up, especially for Term Insurance. (As you get older, the higher the monthly rate)
I suggest some insurance just in case the unfortuante happens to cover medical bills, funeral costs and any other debt that may be outstanding.
Think of it this way, do you want your spouse to be burdened with expenses such as the above if one of you would pass away? What if you both pass together? WOuld you want your parents to be paying all this for you with no help?
Just my thoughts
You don’t have to get $500,000 but it’s nice to at least leave your spouse something if something should God forbid happen to you. Remember, there is always probate crap and taxes which get really expensive really fast, thousands of dollars!
Life insurance is very important, especially if you may have children. The sooner you do it, the lower your costs will be.