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Not Quite 6 Feet Under: Life insurance

John Ventura, author of "Kiplinger's Estate Planning."

About the author

Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money.
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The whole presentation sounded as if it came from an insurance salesman.
1. If one looks at insurance as what it is - transfer of risk- answers generally pop right up.
2. Term insurance is not the cheapest, it's the most cost effective. Buy term invest the rest yourself. Save those onerous fees.
3. Yes, probate takes a while - joint accounts take no time at all.
4. Leaving money to those who don't need it comes later in life when it can come out of savings your DEPENDANTS don't need.

I would just like to hear a little more practical advice on where and how to buy life insurance. The kind of general advice you give is great but how do I know if I'm paying too much?
(e.g. I'm 46, married, no children and paying $80 a month for $250,000 20 year term insurance) Where can I find out more about my options?

my universal life policy that I opened in 1986 will terminate jan 2, 2009...I paid regularly in the beginning and let it lapse while raising three daughters..do I just maintain monthly payments to assure that it will continue or accept the fact that I was covered in the important years

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