Comments on: Do You Need Life Insurance? If So, How Much?

By: Jerry

Jerry — Mon, 16 Apr 2012 08:40:48 +0000

According to Suze Orman, everyone seems to need term life insurance. She doesn’t like the other products much and always tells people to get term. I think young and single people don’t need it, though, but if it leads to peace of mind, why not?

By: Neal@Pilgrim

Neal@Pilgrim — Mon, 21 Jun 2010 20:02:21 +0000

Tom,

Given the situation, I don’t see why they’d need insurance. As I try to point out, the insurance is to replace earned income. Seems like this couple is doing nicely on passive income. Hence, spend the money on a nice trip to Florida rather than on insurance they likely don’t need.

By: Tom Hayashi

Tom Hayashi — Sat, 19 Jun 2010 01:25:29 +0000

More a question, rather than a comment: A couple, man 70, woman 69. Both retired. Wife has a good defined pension. Man has Rsps, which will be turned into a RIF in 2011, and then drawn upon in 2012. At the moment, their combined income, including woman’s pension, social security and investment income, is about 85,000 per year. House is paid for, as are other amenities, such as cars. No debts. Only dependent is a relative to whom we send 250 each month, to help him out. Net worth is over 1 million.
The question I have is this: do these people really need life insurance?

By: Marc

Marc — Wed, 16 Jun 2010 18:53:12 +0000

This is a very good, and much needed article. Most people don’t have nearly enough life insurance for their family’s needs. You make it very clear.

Some folks might think it’s overly complicated, but I don’t. Really, is it suggesting too much to spend an hour of your life to make sure you take care of your family properly? Everyone has an hour.

By: Neal

Neal — Wed, 16 Jun 2010 16:58:10 +0000

Kevin,

Right you are.. I’m going to be writing on that subject soon. (SSI)

Thanks Man.