Unfortunately, not everyone can purchase life insurance. Life insurance like all insurance products is a risk based product. Think of an actuary of an insurance company like a pit boss at a casino. In a raw form you the purchaser are hedging your bet that you may die within a period of time, for example 20 years if purchasing a 20 year level term policy. The actuary or "pit boss" is betting based on numerous factors of age, build, life style, occupation, etc. that you statistically won't die in the next 20 years. They set the premiums based on your risk factor.
A high risk person, for example with terminal cancer, could not purchase a life insurance policy. Just be careful and read the fine print if purchasing a guaranteed issue life insurance policy. There are a lot of stipulations and exemptions built into those types of plans. I would recommend seeking help of an independent broker who will give you unbiased opinions.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Unfortunately, the statistics show that most don’t have enough life insurance and many don’t have any. The issue is love. If you love someone, you won’t neglect making provision for them if you aren’t there. In our city, people on the street corner begging for money to bury a loved one is an all too frequent occurrence. A few dollars a day set aside by that loved one would have taken care of those expenses.
No. Many people don't need life insurance because they have:
1) no dependents who count on them and no debt that would accrue to someone else if the died, or 2) they have enough money to be self-insured
Then there are those who should be insured but aren't. Surveys show that a main reason for that is thinking that it is too expensive. Ironically, life insurance is one of the least expensive things that you can buy. If this is you, visit a website where you can get quick quotes and see how cheap it really is.
(Our site, QualityTermLife, doesn't ask for your contact information to check out quote comparisons.)
Life insurance is not mandated, so everyone does not get life insurance. Unfortunately, many of those who do not purchase life insurance, need it most. Anyone who has suffered the loss of a loved one can tell you that if the deceased had life insurance, it made things so much easier. Some will tell you that their loved one having (or not having) life insurance literally changed their life. If everyone could hear the stories we do, nearly everyone would have life insurance.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Everyone should get life insurance, but not everyone does. It's not something that is required by law as is automobile insurance - although it should be... At least a minimal amount to pay for final, (funeral) expenses.
As mentioned above not everyone "needs" life insurance. But there isn't a better, safe way to build personal wealth and take advantage of tax benefits than Whole Life Insurance with a Mutual insurance company! That's why Bill Gates and Warren Buffet have large whole life policies.
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A high risk person, for example with terminal cancer, could not purchase a life insurance policy. Just be careful and read the fine print if purchasing a guaranteed issue life insurance policy. There are a lot of stipulations and exemptions built into those types of plans. I would recommend seeking help of an independent broker who will give you unbiased opinions.
1) no dependents who count on them and no debt that would accrue to someone else if the died, or 2) they have enough money to be self-insured
Then there are those who should be insured but aren't. Surveys show that a main reason for that is thinking that it is too expensive. Ironically, life insurance is one of the least expensive things that you can buy. If this is you, visit a website where you can get quick quotes and see how cheap it really is.
(Our site, QualityTermLife, doesn't ask for your contact information to check out quote comparisons.)
As mentioned above not everyone "needs" life insurance. But there isn't a better, safe way to build personal wealth and take advantage of tax benefits than Whole Life Insurance with a Mutual insurance company! That's why Bill Gates and Warren Buffet have large whole life policies.