Owner/Agent, Pelfrey Financial Services, Lexington, KY
The only time you typically don't need life insurance is when no one depends on your income in any way or if you have enough assets to cover any needs should you pass away. One example would be a single person with no dependents, no secured debt, and enough assets to cover the cost of a funeral. Even a person in this situation may want to have enough insurance to cover the funeral as assets may not be accessible for a significant amount of time. Many people think they need life insurance once they have children, but it is important for those married or living with someone as well. Life insurance will not only allow the survivor to maintain their standard of living, but also gives them financial security through the grieving process.
Taking the time to create a will and ensure you have proper life insurance is one of the greatest gifts you can give your loved ones and help them know how much you care at a time of great grief.
President, Lane Independent Agency, Southern California
Wow, that is a rare one. If you have absolutely no loved ones, no family, no friends, no charities you believe in, or religious organizations you support. If you have someone selected to arrange for your funeral and burial, and the funds to do so, with no creditors trying to take your money, then, and only then, might you get by without life insurance. If, however, there is just one person you care about, and want to take care of them after you are gone, or for them to take care of you and your final arrangements, YES, you too need life insurance.
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Taking the time to create a will and ensure you have proper life insurance is one of the greatest gifts you can give your loved ones and help them know how much you care at a time of great grief.