Do I have enough life insurance?
This got my head thinking back when I was going through ‘the Wealthy Barber‘ in that I didn’t really know how much, or how little.. life insurance I had. Did I have enough? Do I need much? What’s the scoop?
Well, in the book.. it tells me basically that if I don’t have any dependents.. take out mortgage insurance.. and that will be enough for me. It really is a matter of your own personal circumstances as there are MANY MANY different living situations now.
The way I look at it, if I were to suddenly kick the bucket.. I would like to know that my mortgage is paid off, I mean.. really.. whomever is living in my house at the time (Liz and the beagles and my roommate!) can basically keep on going the way they are.. But really, other than that, I really don’t need much.. funeral costs perhaps?
Luckily for me, my folks purchased a simple $10,000 life insurance policy WAYY back when I was born which costs me the princely sum of about $8.19 a month and pays me dividends every so often as well. I really don’t know much about it, and I really have to make it a priority once I get some time. Cuz like I say, everyone is different… if I had kids and a wife whom didn’t work, I would have to have a lot more life insurance to make sure that life went on just as I would hope it would if I were to die. Yes, it sounds morbid.. and yes, I’m extremely young to worry about things like this, blah blah blah.. Uh huh.. right. If I know once thing, it’s that it’s never too early to learn ANYTHING.. and the more I know about these things, the better prepared I will be.
The other thing is, with all of the banks, and even online sites offering affordable health insurance nowadays, why not make yourself informed?
I will be doing just that in the near future.. so stay tuned for a post on my life/health etc.. insurance requirements and needs.. Hmm.. that should start a lively discussion.
