When Is Life Insurance Not Necessary?

1. 

   12689 POINTS

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   Ted Ratliff

   Owner, SFS Associates,

   If you do not own anything and have no family then life insurance may not be necessary but keep in mind someone will have to pay the cost of disposing of your body, either by creation or burial in potters field.  My opinion is that everyone should at least have enough insurance or money set aside to pay for the cost of cremation.

   Answered on June 6, 2013

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2. 

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   Peggy Mace

   Most of the U.S.

   Some people (my husband included) feel that life insurance is not necessary if they have saved up or invested enough money to cover any needs that might arise. I disagree in the respect that savings and investments can be depleted on medical bills, long term care costs, or other large expenses. Whereas life insurance pays out at death, so it is protected from being exhausted prior to death, and can pay off even bills or final expenses after savings run out.

   Answered on June 6, 2013

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