Comments on: Why You (Probably) Don’t Need Permanent Life Insurance

By: Paul Williams

Paul Williams — Fri, 01 Jul 2011 18:55:23 +0000

There are better ways to plan for final expenses than permanent life insurance. For example, you could transfer assets to children ahead of time to cover expenses if you think you might deplete your assets before death.

Additionally, families can keep funeral costs low and reasonable if options are researched ahead of time and they don’t let emotions make all the decisions. You can have a very simple funeral for less than $3,000 with burial and less than $1,000 if you go for cremation.

Medical bills shouldn’t usually be the responsibility of the family unless someone has cosigned for responsibility of those bills. Medical providers may try to go after the family for the bills, but unless there is a legal liability to pay then the family doesn’t necessarily need to pay them.

Life insurance and final expenses are too often emotionally-based decisions instead of decisions based on the facts. It can be difficult to separate emotion from death but if you can do that then there’s little need to worry about the cost.

By: Army13a

Army13a — Fri, 01 Jul 2011 01:14:09 +0000

How about for final expenses? Everybody dies at one point. Nobody knows how much assets you will have at death. My granmother passed away & all her children had to chip in and pay for funeral costs/medical bills because she didn’t have any insurance.

By: Paul Williams

Paul Williams — Tue, 06 Oct 2009 15:48:37 +0000

Michael,

Thanks for taking the time to leave a comment! Would you care to elaborate on why you think most people do need some sort of permanent insurance? What’s your reason for this conclusion?

By: Michael A. Rose

Michael A. Rose — Tue, 06 Oct 2009 14:47:30 +0000

As a Christian who happens to be a financial adviser, I must say that these statements are factual. However, there is a need for some sort of permanent insurance. If you have a wise planner who’s looking out for the client’s best interest, he will only provide what’s needed as a piece of the puzzle. Insurance has its purpose. Most people DO need some sort of permanent insurance.