Do I Really Have to Get a Life Insurance?

Before I started stalking all these fabulous personal finance bloggers and reading up on articles, I thought only old rich folks get life insurance. Or if you want to kill your spouse to get the money like the movie “Double Jeopardy”.

But now that I see everyone talking about the importance of having a life insurance and the affordability of it at a young age, I felt eager to buy one right away. Then I started thinking if I really have to? I mean, life insurance is something you “should” have for security for your loved ones, but what about those of us who have a lot of debt and trying to get rid of that debt first?

I’m not asking for what I “should” do, but I want to ask if you do have one. Especially those of you who are struggling to lower your debt and pay for school or what have you. I’m just curious to see if I’m the only one who doesn’t have one yet.

I’m not trying to base my decision on how many people have life insurance versus how many people don’t. I’m just curious since there are many posts describing what life insurance is and why it’s good to have, but even in detailed spending status updates, I rarely see life insurance expenses showing up.

If you have life insurance, what type of life insurance do you have?
If you don’t have life insurance, when are you planning to get one or are you ever?

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14 thoughts on “Do I Really Have to Get a Life Insurance?

  1. I don’t think I would get it unless I have kids, but that’s just me. It seems so common in true crime shows that spouses kill for life insurance, but maybe that’s just the show sensationalizing that trend.

    • I don’t have kids and I’m not planning for them either. That’s another variable I keep forgetting to consider.
      I saw Double Jeorpardy like 15 times back when I was in college, so that movie came to mind when this killing-spouse-for-insurance-money came up. I feel like my mind is stuck in the late 90’s or early 2000’s. All my references come from that period~^^

  2. If you have debt issues, I wouldn’t have any insurance until the debt is paid off, but that’s just my opinion. If you have a family, then it’s worth having.

  3. I think it’s good to get it while you’re young and before you have children because then it so so cheap! Maybe you should look into the cost for the insurance first and decide if it’s possible to have in your budget. It really depends on how you prioritize your short-term financial goals (debt freedom) and your long-term goals.

  4. I currently have life insurance on some of my individual debts (mortgage and lines of credit) and we have a small policy through hubby’s work which is peanuts (like 50k). I have disability and malpractice insurance for my job but hubby and I are getting private life insurance now that we have a kid. At least a 500k policy, enough that if something happened to one of us the other wouldn’t have to worry about the debt and our daughters education would be taken care of. I honestly don’t know enough about how the US system is that I can’t offer specific advice. I would make sure that you have enough coverage to cover your debts though in case something happened to you or your husband.

  5. Oh and it will always be MUCH cheaper and a better idea to get it while your young and before you or your husband has any major health issues!! Something to think about. My husband was diagnosed with something that will affect ours just last summer and he was only 26 :S

    • I’m sorry about your husband. I know how it is when your family member has illness.

      It’s better to be safe than sorry and that’s the idea with insurances, but I keep getting confused~**

  6. I work in a mortuary and I see firsthand what happens when you don’t have life insurance. It sucks watching people scramble to pay final bills and funeral expenses when a person didn’t have life insurance! We have 250K on each other.

    • My hubby went through that when his father passed away from cancer. I keep thinking it’s not that important since we’re young, but who knows what’s going to happen in the future. Thanks~

  7. I am single and in student loan/mortgage debt. I am in grad school and work, but have no insurance through work.
    I have life insurance. Term life. 30 year term so that if I die my family can have my condo and then some money. It is dirt cheap. $300/year for $500k. I have had several friends that got cancer and other life-threatening diseases in their early 20s so I wanted to get insured early just in case. Helps me sleep at night.
    I used Zander Insurace. They were pretty good.

    • I see a lot of young people with cancer these days. It really scares me since both my hubby and my family have history of cancer. I should check out your insurance company, the quote I got from another company was larger payment for less money. Thanks~

  8. Pingback: She Thought, He Thought | Michelle's Finance Journal

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