Who Pays For Your Life Insurance?
Posted January 10, 2010 – 4:36 pm in: structured settlements FAQWho should in fairness pay for your life insurance?Yourself because its your policy or the person who it will be left with? Im in a weird situation at the moment and wanted to know how everyone else went about it.
Tags: Insurance, Life, Pays, Your
6 Comments
As a child, it would be up to the parents or grandparents to buy life insurance.
As an adult, one should have enough care and thought toward one’s loved ones to purchase life insurance without even thinking about the loved ones paying the premiums. That would be kind of a selfish thought.
People usually buy life insurance because they love someone, and don’t want the loved one to have to suffer financially, should the unthinkable happen.
I pay for my own life insurance, and for my wife’s. I have paid for my own life insurance since I became a responsible adult.
I love my wife, and she will be well taken care of at my death. She is well taken care of now, financially, and I don’t want her to be any less financially secure when I’m gone.
You didn’t list your age or your “weird situation”, however as an adult you should pay for your own life insurance. It is in place so not to leave a financial burden on someone when you pass away. It is decent responsibility as at a minimum funeral expenses will have to be paid by someone. If it’s in the budget you don’t want to leave someone with your debt.
Now, if you are a minor – parents normally cover this for you. I pay for my children’s small policy while they are young or in school. When they become adults with the big word Responsibility, they need to get more to cover their debts, children, spouse and so on.
You pay. The insurance is so the people you are leaving it to won’t have to be overly burdened by the loss of you. If you have a good agent, they should be able to explain this to you better. As a former agent, a policy will help cover the loss of money you currently provide … for your funeral, for bills, for a mortgage, etc. And if it is done properly, the money would be then put into some form of investment — then bills, mortgages can be paid from the returns … instead of using the money first on bills, then trying to save. Afterall, the more money you put up front, the more you’ll get back. A term policy is the best, and with the money you’d save in the difference you could start funding an investment that could also benefit the person you are trying to take care…
Hi Dear,
I pay for My own Life insurance..I don’t want My 2 Daughters to worry about how they would pay for Me being bury..This will help them out a lot and take some stress off of them when the time comes..
Your Friend,
poppy1
Anyone can pay.
Anyone can pay. But if your concerned about leaving your debts to others then you should pay.
I think you need to post your weird situation if you want a better answer.