Posted: 21 Apr 2009 08:30 Post Subject: RE: Life Insurance
Hello Linn, people in your situation are everywhere. Having a life insurance policy is not a waste at all. Of course you may think there is no one to get paid a lump sum of money in case you die, but don't forget this is a very uncertain time.
You could lose your job or fall ill and may need money or you may even get old and need money to live the rest of your life. Then there will be your life money to fall back on.
In the UK there are experts like onlyinsurance.com/Life-Insurance/ to advise people like you.
I wish you all the best.
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Posted: 22 Apr 2009 04:15 Post Subject:
Purpose of life insurance is not only 'to get monetary benefits to one's kinsmen after the person dies'.
Rather these are some the advantage for person when he is alive.
1.Savings: Its better to keep your savings in your life insurance account instead of checking account.as checking account won't pay high interest (rather it won't pay any interest at all considering its small % of interest)
2.Tax Benefits: Tax benefits are their for you and can be availed right now.(when person is alive)
3.Permanent Disability Rider: So many insurance policies cover this option,if due to some major accident/illness person is not able to work full time and lost some of his/her limb then insurance company pays for the compensation for this incidence and even some do offer monthly monetary returns as part of the policy along with the one time big monetary compensation.
4.So many guys have mortgage loans, if the person is no more then the mortgage loan can be paid through the fund received from the insurance claim and thus giving a big relief to the other family members.
Posted: 22 Apr 2009 05:27 Post Subject:
Hi Linn, when you are in USA, IMO you should be more concern with the health insurance since healthcare in this country is absolutely expensive. Most of the immigrants find themselves in a jeopardy when a medical condition arises.
I'd suggest that you check with your HR department if you are covered under any of the plans offered by the employer.
Posted: 22 Apr 2009 11:19 Post Subject:
Linn, does somebody care financially if you die today? Will someone care financially if you die in the future? If the answer to both of those questions is "no", life insurance doesn't make sense.
Posted: 23 Apr 2009 06:44 Post Subject:
Life insurance is designed to provide financial support for your family after your death. Although its not a particularly nice thing to think about, having a quality life insurance policy in place will give you the peace of mind that should the worst happen, your family will be provided for.
When it comes to life insurance, ask yourself why you’re buying it. Who are you trying to help, and how much will they need? It’s really about taking care of the people you leave behind.so I think you Should be continue.
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Posted: 23 Apr 2009 06:03 Post Subject:
Sorry you are in such a dilemma. First, did you do your homework before you bought your life insurance? Do you know excatly how much you would need (how much your dependents (or people who would depend on the money you make to live) would need in the case of your death), do you know for how long they would need monetary assistance? All of this is very important to know and can affect how much you would pay for your life insurance.
What are the reasons you purchased life insurance? Most of the time people buy life insurance becuase they want to protect thier family members from not having money after they die, or to pay for a large debt (like a house or student (college) loans) after they die, or even to protect a business after thier death.
It kinda sounds like you would need to purchase some health insurance instead of life insurance. Although there are many riders that can be attatched to life insurance that can help you pay for health care, it is better off (in my opinion) to go ahead and get health insurance from the start.
There are alot of different plans you could get, like accidental insurance, cancer insurance, short term disability, the list goes on. Like someone previously reccomened, ask your boss at your job about getting some health insurance.
Posted: 24 Apr 2009 06:29 Post Subject:
Hey Domcha, I can see that everyone is suggesting the OP to evaluate her requirements for life insurance but I’m curious to know whether a foreigner can at all buy life policies in US. Our OP isn’t a resident of USA.