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alien · 10-31-2007, 02:09 PM

Over 50 years old. No retirement, but will inherit 40 acres of wooded land. Do I need an life insurance policy? Own a VERY SUCCESSFUL RESTAURANT BUSINESS (15 YEARS) ,,,not the real estate THOUGH. Have $50,000.00 saved from it. DOING OVER A MILLION. THIS TYPE OF BUSINESS IS NEVER REAL SECURE. Have $10,000.00 saved in my personal Have a $5,000 savings bond. Owe $36,000 in student loans Buying home, have $160,000 left on mortgage. Need to refinance right now people are telling me. I have an arm? and my payments are getting ready to go way up. Have owned this home for 3 years. My previous home I had for 17 years. Credit score in the 700's, but I can't get the Bankruptcy off my credit report which was paid off almost 7 years ago to the day. And it wasn't even a Bankruptchy, it was a reorganization of my bills, through a lawyer, I THOUGHT. HELP!!

Jonski · 10-31-2007, 02:09 PM

You don't say anything about how many dependents you have. I'm not a financial whiz, but I do know that the need for a life insurance policy is determined by expenses after death. Do you have family who depend on you for support? Then yes, you would be well advised to get a life insurance policy.

But if you're single with no kids, I don't see a big need for it. Someone would need money to pay for your funeral expenses, but other than that, if your passing won't negatively affect other people's finances, what's the point of paying for life insurance?

General info on insurance, to help you out:
http://www.bankrate.com/brm/rate/insurance_home.asp
http://www.bankrate.com/brm/green/insurance/basics1-intro.asp?caret=49

seo_guru · 10-31-2007, 02:09 PM

Rella's answer was correct regarding the insurance. If you don't have any dependents, you don't need life insurance.

Life insurance pays somebody upon your death. Do you have somebody that will need money when you die? If yes, get a life insurance policy on yourself naming them as the beneficiary. If no, you don't need life insurance.

Regarding your mortgage, yes, if you have an ARM, I would suggest you refinance and get a fixed rate. It will be much safer than the risk of your interest rate going up every year or two.

Mortgages have gotten much more difficult to obtain in the past few months with the blowup of the SubPrime mortgage market. Banks are much more cautious. You'll probably have to shop around some to find a bank that will help you with the refinance.

I wish you well, and congrats on having a successful restaurant business for 15 years!

Alex3 · 10-31-2007, 02:09 PM

I would get one... and make sure its TERM insurance, not WHOLE LIFE..

For what you get on the back end.... whole and universal life insurance is the biggest insurance RIPOFF there is.... buy term and invest the difference...

10-31-2007, 02:09 PM	#1
alien Piggy Bank Join Date: Jul 2006 Posts: 63 Rep Power: 6	i need some MONEY ADVICE? Over 50 years old. No retirement, but will inherit 40 acres of wooded land. Do I need an life insurance policy?<br /><br />Own a VERY SUCCESSFUL RESTAURANT BUSINESS (15 YEARS) ,,,not the real estate THOUGH. Have $50,000.00 saved from it. DOING OVER A MILLION. THIS TYPE OF BUSINESS IS NEVER REAL SECURE.<br /><br />Have $10,000.00 saved in my personal<br /><br />Have a $5,000 savings bond.<br /><br />Owe $36,000 in student loans<br /><br />Buying home, have $160,000 left on mortgage. Need to refinance right now people are telling me. I have an arm? and my payments are getting ready to go way up. Have owned this home for 3 years. My previous home I had for 17 years.<br /><br />Credit score in the 700's, but I can't get the Bankruptcy off my credit report which was paid off almost 7 years ago to the day.<br />And it wasn't even a Bankruptchy, it was a reorganization of my bills, through a lawyer, I THOUGHT.<br /><br /><br />HELP!!<br />

10-31-2007, 02:09 PM	#2
Jonski Greenhorn Join Date: Dec 2006 Posts: 7 Rep Power: 0	i need some MONEY ADVICE? You don't say anything about how many dependents you have. I'm not a financial whiz, but I do know that the need for a life insurance policy is determined by expenses after death. Do you have family who depend on you for support? Then yes, you would be well advised to get a life insurance policy. But if you're single with no kids, I don't see a big need for it. Someone would need money to pay for your funeral expenses, but other than that, if your passing won't negatively affect other people's finances, what's the point of paying for life insurance? General info on insurance, to help you out: http://www.bankrate.com/brm/rate/insurance_home.asp http://www.bankrate.com/brm/green/insurance/basics1-intro.asp?caret=49

10-31-2007, 02:09 PM	#3
seo_guru Greenhorn Join Date: Jul 2006 Posts: 30 Rep Power: 6	i need some MONEY ADVICE? Rella's answer was correct regarding the insurance. If you don't have any dependents, you don't need life insurance. Life insurance pays somebody upon your death. Do you have somebody that will need money when you die? If yes, get a life insurance policy on yourself naming them as the beneficiary. If no, you don't need life insurance. Regarding your mortgage, yes, if you have an ARM, I would suggest you refinance and get a fixed rate. It will be much safer than the risk of your interest rate going up every year or two. Mortgages have gotten much more difficult to obtain in the past few months with the blowup of the SubPrime mortgage market. Banks are much more cautious. You'll probably have to shop around some to find a bank that will help you with the refinance. I wish you well, and congrats on having a successful restaurant business for 15 years!

10-31-2007, 02:09 PM	#4
Alex3 Piggy Bank Join Date: Jul 2006 Posts: 80 Rep Power: 6	i need some MONEY ADVICE? I would get one... and make sure its TERM insurance, not WHOLE LIFE.. For what you get on the back end.... whole and universal life insurance is the biggest insurance RIPOFF there is.... buy term and invest the difference...

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