Does everybody need life insurance?
The answer depends on your age and circumstances. If you have dependents, then life insurance is often the only feasible way to provide financial security in the event that you should die. The question of how much insurance you would need depends on your family’s requirements. On the other hand, children have little need for life insurance, although parents sometimes buy policies in their name as a savings vehicle. Young singles have little need for life insurance, except perhaps to cover funeral expenses and any debts not insured elsewhere. Mortgages and car loans, for example, can be purchased with their own insurance protection.
Related Questions
- Why is it better to have an irrevocable life insurance trust purchase alife insurance policy on the donor, rather than have the heirs themselves own a permanent life insurance policy with the premium paid by the heirs with gifts by the now- living donor?
- Do life insurance renewal commissions count as wages?
- Does everybody need life insurance?
