Don’t buy life insurance you don’t need

Do you need insurance on your children’s lives?

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The only good reason to purchase an insurance policy is if someone will suffer financial distress from your death.

So if you’re single you probably don’t need insurance. And if you’re married with kids, you don’t need policies on your kids’ lives.

If — heaven forbid — anything were to happen to your children, you would be grief-stricken, but you wouldn’t suffer a financial loss, would you?

12 comments on “Don’t buy life insurance you don’t need

  1. I would suggest term insurance. Whole life policies in my experience are very expensive relatively speaking and the "rate of return" is very poor.

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  2. i don't agree we purchased life insurase for all 3 children and now upon their deaths whom ever they marry or if they have children they will never have to worry and they have life insuance for a cheaper rate than any of the newer policy that offer for accident and whatever they will always be insured and can now put more on themselves if they wish no matter what medical complications they may have. also their policies are now making money on investing and into the amount of worth they have on them if something were to happen to them. we are glad to have purched insurance on our children and would do it in a heart beat if anything happened to them years ago or even now we wouldn't be able to have a funeral without it

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    • Chris, what do you mean by " their policies are now making money on investing"? Are these whole life policies? I see the value of insuring the kids as per grandpa's reasoning at start of this thread, but still torn between term and whole life. Maybe I should start with term and the kids can convert to whole life in future if it makes sense to them?

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  3. Hi,

    I have already did bury one child when he was a baby. Carried term life insurance for my two other kids. Its cheap but off course the insurance is still gaining from the money every year. It's always a question, If I should keep it up or cancel it. My children are healthy and show no signs of physical distress, i think its more fueling my fear of paying the expense again if ever. They will probably outlive me…

    Thanks
    Pierre

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  7. Sure thing Many thanks for this entry, I can’t say I agree completely with it but I agree with it on the most part and I wholeheartedly applaud your effort in putting it so succinctly.

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  10. While this topic can be very challenging for most people, my opinion is that there has to be a middle or common ground that we all can find. I do appreciate that you’ve added relevant and rational commentary here though. Very much thanks to you!

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  11. Some banks will accept life insurance premiums as collateral against a line of credit…which is important for first time home owners like myself who may not want to take out a mortgage with high interest rates

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