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Purchasing life insurance is not mandatory, unless it is stipulated in a contract you sign or a loan that you take out. Of course, the insurance company will also decide if you have an insurable interest, allowing you to purchase coverage.
But in the vast majority of situations, buying life insurance is not mandatory.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Is life insurance manditory? Not in the same sense that health insurance will be next year. You will not be required to carry life insurance or face tax fines if you don't. What this question brings up is should you carry life insurance? My answer would be yes if there's someone who cares enough about you to deal with your things when you're gone. Don't compound your loss to them.
Life insurance is not usually mandatory or by law such as car insurance and now health insurance. The exception would be if you were ordered by a judge in a court case such as a divorce or child custody case. The other situation causing life insurance would be a contractual agreement. Some examples of a contractual life insurance agreement would be a secured loan or a business partnership agreement known as "buy sell life insurance".
Other than these types of special arrangements life insurance is not considered mandatory, but if someone you care about depends on you for care or finances then out of responsibility you should carry life insurance. Remember life insurance is not for you, it is for them.
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But in the vast majority of situations, buying life insurance is not mandatory.
Other than these types of special arrangements life insurance is not considered mandatory, but if someone you care about depends on you for care or finances then out of responsibility you should carry life insurance. Remember life insurance is not for you, it is for them.