David RacichPRO
    Fountain Hills, Arizona
    Life insurance indemnifies financial liabilities. If a person had no financial liabilities, including final expenses funded by his or her own resources with no beneficiaries that would suffer economic loss, life insurance would be irrelevant. If a person had no charitable intentions nor was willing to make a difference in anyone’s life, then life insurance would be irrelevant. If a person had no need for tax advantaged income for supplemental retirement, life insurance would be irrelevant.
    Answered on June 11, 2013
  2. 1492 POINTS
    Jeff DavisPRO
    Insurance Advisor, Lordship Insurance Services, California
    The person who will suffer no financial loss in the event of his/her death does not need life insurance. If you have sufficient assets to cover funeral expenses and take care of your family obligations insurance is not needed. Many wealthy people have insurance so they can keep their money instead of having to spend it.
    Answered on June 12, 2013
  3. 185 POINTS
    Richard Eddy
    Financial Advisor, Cona Financial Group, La Verne, CA
    I agree with the answers posted before this one, but let me suggest to you that perhaps the question "Who does not need life insurance?" is the wrong question. From a financial planning perspective, I always address the "life insurance question" with my clients by looking at how having (or not having) a life insurance policy in force impacts their overall financial plans. I'd say that close to 50% of my clients might not need life insurance, but they very much want it because of what it does for them as a part of their overall financial planning.
    Answered on June 13, 2013
  4. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    If there wouldn’t be any financial impact at the passing of a person, there isn’t a need for life insurance.  This is rare.  The motivation to buy life insurance comes from a desire to treat those that you love with respect and to provide money to help them through the difficult transition brought about by your passing.  
    Answered on May 27, 2014
  5. 246 POINTS
    Ronald Mesler
    We Protect Doctors, LLC, Boise, ID
    Great question!

    Let's look at this from a different angle. Why does anyone own life insurance? People have life insurance to protect people they love care about or have some obligation to. It is really about a simple as that.

    Some examples would be a spouse or partner wanting to take care of a surviving spouse or partner. Another common use is to provide for children, grandchildren or even more distant future generations. That is truly what we consider life insurance to create a legacy.

    In somewhat less lovable terms comma we may need to secure life insurance to make good a business or personal promise to repay lenders. Another business use is to utilize the funds to help in succession planning for a business.

    If none of the above describe your situation you may not need life insurance. Some people view cash value life insurance as an investment aside from the death benefit but that is a whole different discussion... and a source of great debate.

    Good luck!
    Answered on March 9, 2016
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