Some people feel that they do not need life insurance because they have saved or invested enough money that their dependents could get along OK without it. If you ask their dependents, you may get another story. The reason I feel that those people might be mistaken is because savings and investments can be depleted before death occurs. Medical bills, rehab, disability, legal costs.....there are many costs involved with getting sick, and possibly no time or method to recoup those funds before death occurs. Term life insurance is not able to be accessed until death, so is safe from being depleted ahead of time. If handled correctly, permanent policies can provide cash value while still retaining a death benefit that will be paid to beneficiaries after the insured person dies. That is one of the main reasons I feel that even people who are financially self sufficient can find life insurance to be important.
President, Lane Independent Agency, Southern California
Literally everyone. Some who have no family, no friends, no interest in religious groups or political causes, and even no animals, may say they do not. But only in those rare circumstances where the person truly has no one and nothing that interests them, might they claim no need for live insurance. If you have someone or something you love or believe in, you need life insurance to help those people or causes. Thank you. Gary Lane 714 422 9616
That is a great question! There is a school of thought out there, (Dave Ramsey for example) that believes that you do not need life insurance. They are right, if you can do the following things:
- have sufficient funds available that your spouse or children can live comfortably without your income
- that your final expenses are not a financial burden to your spouse or children
-that your estate taxes are not going to be a financial burden to your spouse or children
-that you have no desire to leave a tax free legacy for heirs or charity.
If you can do those things, you really don't have a need for life insurance, according to that school of thought. I personally believe that everyone should have a policy. I hope that helps. Thanks for asking!
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- have sufficient funds available that your spouse or children can live comfortably without your income
- that your final expenses are not a financial burden to your spouse or children
-that your estate taxes are not going to be a financial burden to your spouse or children
-that you have no desire to leave a tax free legacy for heirs or charity.
If you can do those things, you really don't have a need for life insurance, according to that school of thought. I personally believe that everyone should have a policy. I hope that helps. Thanks for asking!