Do I need life insurance?

[Nick R]

I belive everyone should have life insurance. Maybe it's because my mom sells it and is #3 rep in the northeast region for life sales for State Farm, but that's beside the point. I have a $100,000 policy through state farm, plus a $50,000 policy included as benefit through Time Warner Cable.

To me, life insurance makes sense to me. Especially when it gains cash value over years if you need to pull from it, it is there to pull from in an emergency while not devaluing the policy overall.

 

[Win]

Originally Posted By: JHZR2
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Do you really want your widowed spouse to have to go to the bank to take a loan on something to cover your bills and debts?....


No, of course not. I was speaking in general terms, that there are better alternatives than panic selling.

 

[Win]

Originally Posted By: JHZR2
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I just wouldnt want to leave my widowed wife straddled with debts... Unless she can cover EVERYTHING with her current income, in which case, why does she need you anyway?

...


Well, some debt and "straddled with debt" are pretty different things, but I'm not sure she does need me, hence the original question.

The debt is tied to a property renovation that will complete in a month or two and be another income producing property, so that's not really an issue in my mind, you have to spend it to make it.

She's the child's caretaker and not really replaceable.