Who Should Have Life Insurance?

  1. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    Unless you have no family, no friends, no religious affiliation, and no charity or cause that you believe in, you probably should have life insurance. All of the above are reasons to want to leave money after you are gone. You also want funds available for your own burial, trusting someone or some group to handle that for you (final expenses). If you have a spouse, kids, mortgage, think about handling those after you are gone. There are very few folks who do not truly need life insurance. Thank you. GARY LANE.
    Answered on June 7, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That's an excellent question! There are some well known televised financial "guru's" that will tell you that you don't need life insurance, and they are right - if you have a sum of money set aside for covering your funeral expenses, and to provide for your families financial support when you pass. If that is you, and you have the $10-15,000 currently needed for a funeral, and 8-10x your annual salary saved up for them, ( in a place that might not get tied up in probate - the average is 4 years, at a cost of 40% of the value of the estate) then they are certainly right. Don't buy a policy. If you are in the other 99% of the group, you probably want a policy. The real answer to your question is do I need to protect my family, and if so, can I do it without life insurance? Not a lot of people can, unfortunately. If you would like help with deciding if a policy is right for you, please contact me, okay? I'd be happy to help you. Thanks for asking!
    Answered on June 7, 2014
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