For You?

2007 may not be the year of your demise, but it may be the year to get life insurance. If you incur another expense this year, should it be life insurance? Are you unmarried don’t have kids? Then pass life insurance by. Your relatives will, I am sure, be crushed by your untimely end, but they won’t suffer financially.

Those lock in low rates offered to the young and healthy may look appealing but consider long term and you may find a better investment would be an S&P mirror fund and hold onto the cash until you are older. Rates are higher, but over the long run, the overall cost is less. 

What if you are married but have no kids? Are you both working, or is one quite financially dependent on the other. If after your death your spouse will be able to continue working or begin working without financial stress, then skip the life insurance. If not, discuss picking up a life insurance policy.

If you’ve got kids get the insurance. Your children are going to need the financial support if you die before they are adults. Before signing or not signing on the dotted line, do some more research and talk it over with your spouse.