My Suggestions for Life Insurance

If you haven’t heard me say this before, it bears repeating. I am not a financial expert – nor do I pretend to be. Most of my posts are based on experience and learning from others. So, please do your own research against what I suggest.

That said, I want to write a little bit about life insurance. Some of you may already have a good idea about it and some of you may know very little.



Here’s what I know and hold true to:

  • Buy life insurance if you are married and/or have a family to support. If you are single and just out of college with little or no debt, I don’t think it’s worth it. My workplace covers me for twice my salary. I also have another policy to provide for my family.
  • Only buy term life insurance. Both of my policies are term. The one I have out on my own is a 30-year term life insurance that has an inflation rider. If an insurance agent ever suggests another product besides term life or advertises it as an investment, really challenge them on that. Life insurance isn’t a good investment.
  • You can get a term life policy for a nominal monthly fee. Each person’s situation is different, but you shouldn’t have to pay more than your 6 trips a month to Starbucks.
  • Get enough to cover your debts. As the saying goes, leave the world a better place than how you found it. Therefore, I do not want to leave a debt-legacy to my family and those close to me. So, make sure your policy covers all your debts, plus has a little extra for loved ones.

What are some of your ideas regarding life insurance?

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