Life Insurance? How much is too much?

Submitted by liaoyu03 on Sun, 09/09/2007 - 03:33

Do you think that having alot of money on yourself or your family is ideal? Or do you think it is too much? How much do you think a person should carry on one another or theirselves?
Its a very touchy subject and we all hate to think about it but what would happen if someone in your family died? DO you have enough to cover funeral expenses? What about bills while you are taking time off to grieve?
I have very good insurance at walmart. Life insurance that is (and thats about all!!!) I only pay like $3 a paycheck for each person to have close to $200,000 life insurance Policy. The other day I was looking into my info on the computer at work and a lady was sitting next to me....she glanced over and looked at my info. And them replied....YOU HAVE THAT MUCH ON YOUR CHILDREN??? I replied back...YES>>>ALSO ON MY HUSBAND AND MYSELF. She said...DONT U THINK THAT IS WAY TOOO MUCH??? I said NO. I asked around to to other coworkers.....they agreed with her...that it was too much! WOW! This seemed sooooo strange to me. Here I am looking for ways to take care of my family if something should happen to us and they are telling me it is too much. WOW
Here are the things I am thinking about
1. Funeral Expenses
2. If I died, and hubby was the only one working, taking care of our children, I would want our car loans and house loan paid. MOney for the children to attend college.
3. If one of my children passed (GOD FORBID) I think that every mother here knows....COULD WE GO ON???? COuld I work? I still have another child to think about.....but what if I couldnt work.....what if I got sick from depression or something....there are still bills to be paid....still one other child...u know?
Are theese reasons bad reasons? Everyone looked at me like I had 3 heads or something. I am only thinking of my family. Is this wrong?

Posted: 11 Sep 2007 07:00 Post Subject: life

certainly, you have a right to be concerned, and be properly protected. my concern for you is that recently i heard that walmart's policys don't pay out unless you work the day of death. you should research this and find out. make sure you really are prepared for the premature death of you or loved ones. It really is important. Get insured outside of work, if you are healthy and not to old your term rates won't be to high, but you will be protected for sure.

Posted: 03 Oct 2007 10:27 Post Subject: You Have Made The Right Decision

I completely agree with your thinking. There are way too many families out there who are UNDER insured. The basics you should cover are: debt, income replacement, mortgage/rent replacement, children's educational expenses and final expense. Of course I would always recommend a conversation with a professional to determine what the right amount is for you. Everyone has a budget and your coverage should work well with your own set budget.

Also, it's recommended to have insurance outside of your work. While you may have great coverage at a great price with Walmart, your situation will change should you ever decide to leave the company. Consider having an individual policy as well. Good luck!

Posted: 06 Oct 2007 05:50 Post Subject:

Welcome to the Community Corey :D Your info is informative- however, I wouldn't worry about responding to Lifes' posts- he/she was banned for trying to post to get alot of points!

We are glad you are here, and look forward to getting to know you!..Karen

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