Time to get life insurance during economic crisis?

Question

Would it be a good time to get life insurance during financial and economic crisis? Because i heard a lot of people talking about getting life insurance.

Thanks

Answer 1

I apologize, that I jump in with a loosely related answer, but I am not sure how effective a life insurance can be.

Think about it, if the crisis is going to be as bad as some people say, what guarantees do you have that the actual insurance company you choose is not going under as well?

But I could offer an other type of insurance.

If we analyze the root causes of the crisis, we can see that we now live in a global, interdependent world, where everybody depends on everybody else for survival, let it be individuals or countries.

So the only insurance we can really get is a mutual guarantee from everybody for everybody else's well being.

Which means we have to change our attitude towards each other completely from the selfish egoistic present attitude to a caring, unconditionally giving attitude.

I know that it sound idealistic and it only works if all 7 billion people do it together, or at least a large enough segment to initiate a change on a global level.

But actually we do not have other choices in the positive direction, the other choices lead somewhere else.

Here is a 5 minute movie called "Youmankind" you might find helpful:

http://www.youtube.com/watch?v=g94iWT2SIwI

All the best.

Answer 2

It is hard to plan for the unexpected. Life insurance protection provides you with an economical way to protect your loved ones from the financial uncertainty that could accompany your untimely death not matter what type of economy you live in.



Think about it. If you lost your job and there is no income, it's the same thing if you died your family will lose income due to your untimely death specially if your the total breadwinner, because without your income your family would still have to eat and pay the bills.



How long would it take for your family to adjust to life without you? Two years… five years… maybe ten? And how long could your present savings and other insurance sustain them? To build adequate reserves to ease them over this period of adjustment could be costly, and could make you forfeit today’s pleasures for tomorrow’s security. I always say get life insurance it pays’s because planning ahead is a necessity.

Answer 3

Frankly, unless you've lost your job, there isn't as much to this "economic crisis" as the media is making out. Things were MUCH rougher in the 70's with double digit inflation.



You buy a tool, because you need the tool to get a job done. Life insurance is a financial tool. Walking in to Home Depot to buy a circular saw for the sake of owning it, while I concede that to a lot of men that's a cool thing, it's pointless.



Set the goal. THEN see if life insurance is appropriate to fill the job, and which kind fills the job best.

Answer 4

Whenever there is economic or financial crisis there are many people who are very stressed out from work and from many forms of indebtedness. don't you think that getting life insurance has to do economic down downturn and or crisis too? I would say it does have some effects if need to get insured if you are not yet insured.

thanks

Answer 5

There is no different during these economic times, other than people start to think about what will happen in the future. This prompts people to be concerned about loved ones, and there is no better way to do that than life insurance-

Independent Insurance Broker-

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Answer 6

I would recommend that you try this site where you can get quotes from different companies: http://QUOTES-FOR-INSURANCE.NET/index.html?src=5YAcVAsgY99axx1



RE :Time to get life insurance during economic crisis?

Would it be a good time to get life insurance during financial and economic crisis? Because i heard a lot of people talking about getting life insurance.



Thanks

Follow 10 answers

Answer 7

You better have life insurance no matter what the economic status is!

Answer 8

The economy is not a factor. Either you need life insurance or you don't. It depends on your personal situation.

Answer 9

The economy really has nothing to do with it.



If you have a family that depends on your income, then you need life insurance. It's that simple.

Answer 10

actually anytime is a good time to have life insurance so i say go for it.