I am not sure life insurance is a bother. You should purchase life insurance if you have a loved one in your life that depends on your income, would be saddled with your debt or would be responsible for your final expenses, i.e. funeral if you died today. If these statements are not true, then don't bother with life insurance on a personal level.
However, if you are in a business partnership or key to a business success then perhaps you need life insurance known as buy/sell insurance or key man insurance. This is if the business would suffer without you or your partner or a key employee. If these aspects don't exist, then perhaps you should not bother with life insurance at all.
President, Lane Independent Agency, Southern California
Gee whiz. If you have no family, no friends, no religious affiliation, no one you really care about and no one you would like to help, and no one you can trust to bury you, then you probably do not need to bother with life insurance. Otherwise, if you have at least one of the above, there is your reason to have life insurance. Thank you. GARY LANE.
If you bring home a paycheck to someone besides yourself, someone would be impacted by your death. Life insurance helps them have some time to get back on their feet, and not have to further intensify their pain with financial worries.
If you are single, someone will need to take care of your final arrangements and settle your estate. Life insurance provides quick money so that no one has to pay out of pocket at a sorrowful and stressful time.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
You don’t have to bother if you don’t have to. At least in this country for the time being, life insurance is not something that the government forces us to buy.
And I hope the day never comes, because it would really mess up the life insurance marketplace.
So the purchase of life insurance is voluntary. Who, then, should buy it?
If you are a billionaire, should you buy life insurance? Sure you should.
Let’s suppose your estate would owe the government $100 million in taxes when you die. To pay this fee, your heirs might have to liquidate a bunch of businesses and buildings and other assets. They would then pay the bill dollar for dollar.
Or, you could buy life insurance and pay the bill for pennies on the dollar. And keep all your assets intact as an inheritance for your heirs.
Not only that: let’s suppose you started a foundation to eliminate world hunger or some other noble cause. Let’s suppose you wanted to leave the charity $100 million as a gift when you died.
If you bought a life insurance policy and left that to the charity, you would only have to pay a few cents in premium for every dollar a benefit. You would have that much more money left over for other good causes.
A very good use of your money.
Now, let’s suppose you’re not a billionaire. Should you buy life insurance?
Here’s the question: do you have a more economical way to take care of your family? They have become dependent upon you. Why force them to reduce their standard of living when you die?
You could start putting money away into a fund. But what happens if you tragically died next year? Would you have really accumulated enough money to let them live their lives?
Life insurance would provide them with all the money they need as soon as it is needed. No other financial product comes to the rescue like that.
Why not die looking like a hero, as someone who cared and took measures to provide for his love ones?
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However, if you are in a business partnership or key to a business success then perhaps you need life insurance known as buy/sell insurance or key man insurance. This is if the business would suffer without you or your partner or a key employee. If these aspects don't exist, then perhaps you should not bother with life insurance at all.
If you are single, someone will need to take care of your final arrangements and settle your estate. Life insurance provides quick money so that no one has to pay out of pocket at a sorrowful and stressful time.
And I hope the day never comes, because it would really mess up the life insurance marketplace.
So the purchase of life insurance is voluntary. Who, then, should buy it?
If you are a billionaire, should you buy life insurance? Sure you should.
Let’s suppose your estate would owe the government $100 million in taxes when you die. To pay this fee, your heirs might have to liquidate a bunch of businesses and buildings and other assets. They would then pay the bill dollar for dollar.
Or, you could buy life insurance and pay the bill for pennies on the dollar. And keep all your assets intact as an inheritance for your heirs.
Not only that: let’s suppose you started a foundation to eliminate world hunger or some other noble cause. Let’s suppose you wanted to leave the charity $100 million as a gift when you died.
If you bought a life insurance policy and left that to the charity, you would only have to pay a few cents in premium for every dollar a benefit. You would have that much more money left over for other good causes.
A very good use of your money.
Now, let’s suppose you’re not a billionaire. Should you buy life insurance?
Here’s the question: do you have a more economical way to take care of your family? They have become dependent upon you. Why force them to reduce their standard of living when you die?
You could start putting money away into a fund. But what happens if you tragically died next year? Would you have really accumulated enough money to let them live their lives?
Life insurance would provide them with all the money they need as soon as it is needed. No other financial product comes to the rescue like that.
Why not die looking like a hero, as someone who cared and took measures to provide for his love ones?