I am a 34 year old male, about to get married and will probably start a family. Some people have suggested that I need to buy life insurance and critical illness and disability insurance to protect my future family. I already have group coverage from my employer that includes some coverage for all of the above, though I work in an industry that is quite volatile and I could be jobless in a downturn. When I look at some of the policies out there and the monthly premiums involved, it seems like I need to dole out a chunk of money for a benefit that will probably never be realized, and the amounts are not even that sizable to make a HUGE difference to the financial security of my future dependents. I currently have around $300k in investments and no debt, and OK coverage from a group policy. Do I really need to buy life insurance? Ideally I need a product where the higher premiums and coverage only kicks in if I am unemployed.
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Fri Oct 28, 2011 11:26 pm