Regional Marketing Director, Capital Choice Financial Group,
The individual that has no children at home, no or minimal debt, mortgage paid or nearly paid, and money saved for retirement has little or no need for life insurance. Life insurance is needed to protect the income and assets as they are being accumulated in the early years.
Sometimes a person is so "set" financially that the NEED for life insurance is minimal. However, many wealthy people purchase life insurance because they WANT it.
No one knows the future, and life insurance is a way of ensuring that families that are used to a certain standard of living, will not be destitute if the breadwinner passes away after a costly illness or disability.
Life insurance is a tax friendly, personal, and comparatively hassle free way of passing an estate to heirs, paying estate taxes, or providing for final expense needs. Indexed Universal Life is a method of distributing wealth into tax free or tax deferred retirement income, while still providing a death benefit.
So, while some people "need" life insurance less than others, statistics show that those persons actually buy it more often than others due to the other financial benefits of having life insurance.
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No one knows the future, and life insurance is a way of ensuring that families that are used to a certain standard of living, will not be destitute if the breadwinner passes away after a costly illness or disability.
Life insurance is a tax friendly, personal, and comparatively hassle free way of passing an estate to heirs, paying estate taxes, or providing for final expense needs. Indexed Universal Life is a method of distributing wealth into tax free or tax deferred retirement income, while still providing a death benefit.
So, while some people "need" life insurance less than others, statistics show that those persons actually buy it more often than others due to the other financial benefits of having life insurance.