But I mean, if it's free, take it while you are there up to age 30-35, right? Once you are around that age, smarter thing would be to get an individual plan... right?
The issue is that you could lock in an incredibly low price between the ages of 18-25. What you'd end up paying per month at age 35 for say the next 25 years could have been saved had you bought a 30-35 year term when you were 25 and then invested the difference in price that would pay at age 35 for the length of the term. The other issue, is being young with kids and a mortgage is really when you need the most coverage. Most 25-30 year olds don't have a lot saved and thats when a loss of income would be devastating. So getting above and beyond the free coverage at work would both give you the proper amount of coverage upfront and save you big time in the long run and ultimately help you become financially independent.
Here’s what I don’t understand about keeping a life policy past retirement. Retirement means you don’t have any labor income. What would a life insurance coverage look to replace? I understand a lot of benefits for rich individuals with desire to transfer as much to their heirs as they can, and life policy can help a lot. But for other “average” person who chooses to retire at 65, why would he/she want or need the coverage? That’s pension’s job, and buying life to replace pension is obviously a super stupid idea. I’m never convinced by the argument of “being able to carry policy thru retirement” - that only applies to the wealthy.
Your concern is a legitimate one. Life insurance has to be affordable whether you are working or retired. The reason why you would want coverage to go beyond the working phase of your life is in case you happen to be married and don’t want to leave your spouse stuck with funeral expenses, medical, and credit card bills. Every situation is different and not everyone has set money aside for these expenses. These can be a tremendous burden for a person who is left grieving and not financially prepared. God bless.
Level Term don't happen to have a cash surrender. :(
Pretty well said!
But I mean, if it's free, take it while you are there up to age 30-35, right? Once you are around that age, smarter thing would be to get an individual plan... right?
The issue is that you could lock in an incredibly low price between the ages of 18-25. What you'd end up paying per month at age 35 for say the next 25 years could have been saved had you bought a 30-35 year term when you were 25 and then invested the difference in price that would pay at age 35 for the length of the term. The other issue, is being young with kids and a mortgage is really when you need the most coverage. Most 25-30 year olds don't have a lot saved and thats when a loss of income would be devastating. So getting above and beyond the free coverage at work would both give you the proper amount of coverage upfront and save you big time in the long run and ultimately help you become financially independent.
Thank you. Liked it. Well explained.
Does Insurance companies gives/pays dividends to employers or to the employees?
Here’s what I don’t understand about keeping a life policy past retirement. Retirement means you don’t have any labor income. What would a life insurance coverage look to replace? I understand a lot of benefits for rich individuals with desire to transfer as much to their heirs as they can, and life policy can help a lot. But for other “average” person who chooses to retire at 65, why would he/she want or need the coverage? That’s pension’s job, and buying life to replace pension is obviously a super stupid idea. I’m never convinced by the argument of “being able to carry policy thru retirement” - that only applies to the wealthy.
Your concern is a legitimate one. Life insurance has to be affordable whether you are working or retired. The reason why you would want coverage to go beyond the working phase of your life is in case you happen to be married and don’t want to leave your spouse stuck with funeral expenses, medical, and credit card bills. Every situation is different and not everyone has set money aside for these expenses. These can be a tremendous burden for a person who is left grieving and not financially prepared. God bless.
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