If you are a baby boomers, do you really need cheap life insurance?
There are many considerations in the decision to carry cheap life insurance as a baby boomers. If you are supporting any children or grandchildren, then the answer is definitely Yes, but if your house is paid off and you have little or no debt, then there is no reason to carry this “Death” insurance.
The average burial cost these days is upwards of $5,000, and that does not include the space in the dirt where you will be buried, assuming you are buried and not burned up. Make sure you have enough cheap life insurance to pay for this final expense, or your family will be burdened with the cost. It is also a good idea to specify how you want your remains handled in your will, so your family is not brow beat into buying more than you wanted.
Coffin purchases are emotional, and a hurting child frequently spends much more than you would have wanted, to make sure Mommy or Daddy are well taken care of in the afterlife. But lets, face it, you are gone, you should has left your body, and it will simply melt back into the dirt, as was meant to be. Do you really need a coffin that will keep your remains intact for the next 100 years? Or will a pine box be sufficient, assuming you are not being cremated. Make sure you decide this in your will, so that your kids don’t waste their money on such silly items as a lead lined mahogany covered casket.
What about other types of insurance, such has car insurance? Everyone should have some amount of health insurance, again to protect your family from having to pay out huge amounts of money should you get in a car wreck, ill or die. Car insurance protects you not only from the damage to your car and person, but also in a law suit where someone wants a pound of your flesh. Health insurance is a MUST in these times, ans the average stay in the hospital of 5 days now costs in excess of $50,000. Until we see government mandated medicine, we can expect those costs to keep rising, regardless of who gets into the 2008 presidential race.
Insurance is one of those things you don’t want to pay for, until you need it. Personally, I purchased a long term disability policy when I first started my own business, and it paid for itself when I got cancer. So pay me now, or pay big time later; that is what insurance is all about. And make sure you purchase it when you don’t need it, becuase if you do, you won’t be able to get it, and your finances could be ruined.
Tags: Insurance