Life Insurance: Is it really worth the cost, or am I better off investing?

  • This topic has 12 replies, 14 voices, and was last updated 6 days ago by PM_ME_YOUR_RATIFICATIONS.
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  • #993
    nastydistribution_0160
    Participant

    I understand that the main purpose of life insurance is to provide income replacement for my dependents if I were to die prematurely. It’s meant to ensure they can maintain their living standards and meet their financial obligations without my income.

    #994
    savory_glamour
    Participant

    I came across an example of someone with a $400,000 term life policy with a 30-year term paying only $23 per month at age 30. This illustrates how relatively inexpensive term coverage can be, especially when you’re younger and healthy.

    #995
    meaningfully_faulty_thunderstorm
    Participant

    I’m wary of relying solely on life insurance offered through my employer. If I were to lose my job, I would also lose that coverage, potentially leaving me and my family unprotected. It seems prudent to have my own independent policy.

    #996
    absorbed_standstill
    Participant

    I’ve learned that it can be beneficial to get life insurance even before undergoing genetic testing for potential hereditary diseases in my future children. This could help preserve their ability to buy additional coverage later without being disqualified due to pre-existing conditions.

    #997
    sorehurricane5285
    Participant

    I realize that term life insurance has a set term, like 20 or 30 years. While the premiums are level during this term, they can increase significantly afterward, and the policy might end up lapsing if I don’t renew it. I need to consider how long my dependents will likely need financial support.

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