Tuesday, June 16, 2009

Life Insurance: Available for the Unemployed and Self Employed

I used to work at a job where I received full benefits. I had health insurance, and despite me being a bit puzzled why I even had it, I had 20 year term life insurance. In my early twenties, single, and not even seeing anyone, I really wondered why the heck I needed it. No one depended on me. Perhaps I justified it by the slim price it was. It was just a few dollars a month.

A 20 yr term seemed like a long time to me at the time. In 20 years, it would mature and if needed, I or a beneficiary could receive the full benefit. It is not just for funerals, but there are other cases where you would be able to use it. I think there was something like dismemberment that prevented you form working, or at least to the full price scale that you were accustomed. I know, it sounds pretty gruesome. You just never know what is going to happen, however.

Now that I am a bit older, I think life insurance makes a little more sense. I have seen folks give all of their assets to charity in their will, and then have no family. One animal rescue ended up paying the expenses for a head stone for a benefactor because there was just no one left in the woman's life. That was extremely sad. If she would have had insurance, burial expenses would have been taken care of.

Whatever you decide, at least it is something that you can purchase regardless of having an employer or being self employed.


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