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A person would not need much life insurance if they are dead. Naturally it is not needed at that time.
OK...Seriously, everyone dies so if there is life insurance on a person, it will eventually be used.
In a case where a person has a moderate-sized estate, is very liquid, and there are plenty of available assets upon death, assuming a financial planner agrees, there may not be as big of a need.
As a person ages in many cases his need for insurance decreases, unless he has a large estate or business interests that need protected. Each case is different as far as the amount of coverage needed. You should at least have enough to cover final expenses and debts.
Life insurance coverage is predicated on economic loss at the death of someone. If the potential insured has no financial exposure or justifiable beneficiaries, then life insurance may not be necessary. That scenario is rare. Most Americans have financial liabilities and family or business partners who would suffer at their demise.
People may not need much life insurance if they have enough savings and investments to cover their obligations upon their deaths. Having long term care insurance would be a helpful addition, so that they do not find their savings eaten up by paying for care if unable to care for themselves.
At the other end of the spectrum, people with very little income and assets are unable to get large amounts of life insurance.
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OK...Seriously, everyone dies so if there is life insurance on a person, it will eventually be used.
In a case where a person has a moderate-sized estate, is very liquid, and there are plenty of available assets upon death, assuming a financial planner agrees, there may not be as big of a need.
At the other end of the spectrum, people with very little income and assets are unable to get large amounts of life insurance.