When Should You Stop Buying Life Insurance?

  1. 16470 POINTS
    David Osgood
    Agent, Rural Mutual Insurance Co., Union Grove, WI
    You should never stop buying life insurance unless the policy is paid up and you have enough coverage to provide for your family's financial need in the event of your passing. To be assured that you are covered properly. I would suggest contacting your local agent to have them review with you the coverage that you have in place. If there are gaps they will be able to help you find products to fill those gaps.
    Answered on May 18, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    If you have no ongoing financial liabilities or those liabilities are already covered with an existing policy(s), you’re done for all practical purposes. However, many consumers like the idea of making a difference in their favorite charities, children and grandchildren. But if that isn't a desire and you've covered all you financial liabilities, you can put your check book away.
    Answered on May 18, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    When should you stop buying life insurance?  When you find the policy that works for your situation and planning.  The idea of buying policy after policy has a risk attached to it. A person's health can change over time making insurability suspect later. If a person is going to decide to purchase a policy and then drop it and start another, they should always buy convertible term because a day will come where moving to another policy may not work.
    Answered on May 18, 2013
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