Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Dying without life insurance can place your family, business partners and the charities you depend on you at financial risk. Most Americans have financial liabilities, future obligations and charitable intent. And most of us at least have family members who would suffer financially at our demise. That being true for most of us, life insurance is a stewardship issue, a part of defensive financial planning.
No one can speak for you, because every person's situation is different.
Some people are very disciplined in saving and investing money, and are blessed to not have to dip into it for medical bills or long term care needs before they die. Not having life insurance upon their death does not pose a problem, except that the money may be tied up in the estate (life insurance usually bypasses probate).
On the other extreme, I have had several clients who had to contribute to the funeral of a family member, one for an uncle she didn't even like! Not having life insurance when you die can wreak much stress upon already traumatized family members and businesses.
You need to look at your situation and determine what your obligation is to those you leave behind, or the message you would like to leave them.
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Some people are very disciplined in saving and investing money, and are blessed to not have to dip into it for medical bills or long term care needs before they die. Not having life insurance upon their death does not pose a problem, except that the money may be tied up in the estate (life insurance usually bypasses probate).
On the other extreme, I have had several clients who had to contribute to the funeral of a family member, one for an uncle she didn't even like! Not having life insurance when you die can wreak much stress upon already traumatized family members and businesses.
You need to look at your situation and determine what your obligation is to those you leave behind, or the message you would like to leave them.