Life insurance is a need for some people. They simply have no way of ever saving the amount of money it would take to care for their family, pay off their mortgage, or even pay for their funeral, if not for life insurance.
Some people truly do have so much money in savings or investments that they do not have a "need" for life insurance. However, data shows that "rich" people like life insurance because it is readily available upon death, it is tax friendly, and they can leave it to whom they choose.
Social Media Strategist, Disability Insurance Services, California
Having life insurance is a responsible product to have in a family portfolio. For instance, a husband would never want to leave his wife and children without enough money to allow them to continue in the lifestyle that he has worked for. It's important to make sure your family is prepared to lose a financial contributor, whether it's to pay off a home, debt or even to cover the costs of a memorial service.
I believe you will find that life insurance is needed to most middle Americans. It is the most affordable way to financially protect your loved ones who would be financially devastated in the case of death of a income earner in their life. Life insurance can replace income, payoff debt, educate children, save a business, save a house and pay for final expenses that have not been previously saved and banked. We insure our homes, cars, property, businesses and health expecting the worst. These things may or may not happen throughout our lives. But we are all guaranteed to die someday. Don't die for free.
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Some people truly do have so much money in savings or investments that they do not have a "need" for life insurance. However, data shows that "rich" people like life insurance because it is readily available upon death, it is tax friendly, and they can leave it to whom they choose.