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Non-Cattle Specific Topics
Every Thing Else Board
term or whole life insurance
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<blockquote data-quote="Rafter S" data-source="post: 1189978" data-attributes="member: 21194"><p>Taking care of final expenses is only a very small part of the need for life insurance. It's main purpose is to replace your income. That's why Dave Ramsey recommends having a policy of 10 - 12 times your yearly income. So your survivors can invest it in mutual funds (or something else) and get the income from this investment to replace your income.</p><p></p><p>If you don't have anyone depending on your income, then you don't need life insurance (assuming you have enough assets to cover your funeral expenses). Someone mentioned you don't need it if your children are grown and gone and your wife has a good job. I disagree. Even if my wife has a good job, I wouldn't want her to cut back on her lifestyle if I died and she didn't have anything to replace my income.</p></blockquote><p></p>
[QUOTE="Rafter S, post: 1189978, member: 21194"] Taking care of final expenses is only a very small part of the need for life insurance. It's main purpose is to replace your income. That's why Dave Ramsey recommends having a policy of 10 - 12 times your yearly income. So your survivors can invest it in mutual funds (or something else) and get the income from this investment to replace your income. If you don't have anyone depending on your income, then you don't need life insurance (assuming you have enough assets to cover your funeral expenses). Someone mentioned you don't need it if your children are grown and gone and your wife has a good job. I disagree. Even if my wife has a good job, I wouldn't want her to cut back on her lifestyle if I died and she didn't have anything to replace my income. [/QUOTE]
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