Is life insurance really worth the cost, or should I invest instead?

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  • #129218
    sorehurricane5285
    Participant

    I realize that term life insurance has a set term, like 20 or 30 years. While the premiums are level during this term, they can increase significantly afterward, and the policy might end up lapsing if I don’t renew it. I need to consider how long my dependents will likely need financial support.

    #129219
    absorbed_standstill
    Member

    I’ve learned that it can be beneficial to get life insurance even before undergoing genetic testing for potential hereditary diseases in my future children. This could help preserve their ability to buy additional coverage later without being disqualified due to pre-existing conditions.

    #129220
    meaningfully_faulty_thunderstorm
    Member

    I’m wary of relying solely on life insurance offered through my employer. If I were to lose my job, I would also lose that coverage, potentially leaving me and my family unprotected. It seems prudent to have my own independent policy.

    #129221
    savory_glamour
    Member

    I came across an example of someone with a $400,000 term life policy with a 30-year term paying only $23 per month at age 30. This illustrates how relatively inexpensive term coverage can be, especially when you’re younger and healthy.

    #129222
    nastydistribution_0160
    Participant

    I understand that the main purpose of life insurance is to provide income replacement for my dependents if I were to die prematurely. It’s meant to ensure they can maintain their living standards and meet their financial obligations without my income.

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