2007-08-01 05:39:23 · 10 answers · asked by PW 2 in Business & Finance ➔ Insurance
Probably not. The only reason you might want to consider buying life insurance is to insure your future insurablility... But you buy life insurance to protect people that live after you die... to provide them with financial security. You probably don't need to worry about life insurance right now.
2007-08-01 05:44:14 · answer #1 · answered by Michael K 5 · 0⤊ 0⤋
You only need enough to pay for your burial. You need nothing else.
Honestly why spend money on life insurance? Why do you need to leave anything behind. You are just going create problems for them. After you are gone one, or more, of several things will happen:
1. They will have to fight the insurance company that will look for ‘loopholes” to get out of paying – Seen that!
2. Your relatives will argue over the fact that you might have made one a greater beneficiary than the other.
3. Basically any insurance benefit, you leave them, is “free money”. How are they going to learn the value of money, and how to be productive human beings, if you throw money in their lap?
Do your family a favor. Get only enough insurance to pay for your burial. Leave your estate to a charity.
2007-08-03 07:57:56 · answer #2 · answered by Marvin 7 · 1⤊ 0⤋
Insurance is a financial tool. Good use of tools requires GOALS. What's the GOAL? If there isn't a goal you wish to use the insurance to accomplish, then no, you don't need it.
You don't walk into Home Depot and buy a tool just because you don't have it - you buy it to accomplish something.
Insurance should be the same way.
2007-08-01 13:33:42 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Yes.
If you die, do your next of kin have the financial resources to bury you? A burial can easily run in excess of $10,000.00.
Also, if you are young and in good health now - get a policy. The premium will be cheaper. Also, if you were to develop a health condition in the future (such as cancer - and survive it) you would have a very difficult time getting a policy. However, if you had a policy in force prior to your illness and continue to pay the premium you're covered.
You may want to speak to your agent and get more information.
2007-08-01 19:37:16 · answer #4 · answered by Boots 7 · 0⤊ 0⤋
I would because your lifestyle may change in the future. If you do remain single with no immediate family there are some insurances that are like savings plans and you will have money for your retirement.
2007-08-01 12:48:58 · answer #5 · answered by juju baby 2 · 0⤊ 0⤋
The whole point of life insurance is to support a beneficiary in the event of your death. You could get one, but it's not usually something you do unless you have a family of your own.
2007-08-01 12:48:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
whats the point in buying something that wont get left to anyone, if you leave no will and the money has no where to go i think your then find the goverment will take it. so unless you plan on leaving the insurance cover to someone then i wouldnt bother.
2007-08-01 12:48:58 · answer #7 · answered by chickenheadconvention 2 · 0⤊ 0⤋
Yes, to pay off any loans or debts you have & to have your body disposed of (buried or cremated) so that you do not leave your parents or siblings with this cost. You may not need as much if you are not supporting anyone but that doesn't mean you do not need any.
2007-08-01 12:55:41 · answer #8 · answered by Sue 6 · 2⤊ 0⤋
You certainly don't have as strong of a reason, but you may still want to consider it for funeral expenses, medical bills, state inheritance taxes (depending on your state), etc.
2007-08-01 14:02:08 · answer #9 · answered by aaron p 5 · 0⤊ 0⤋
do u conside ur life as a LIFE. think abt it lol
2007-08-01 12:42:23 · answer #10 · answered by FrEsH 2 · 0⤊ 1⤋