Life insurance can be used for many purposes: business succession, estate planning, charitable giving, key person coverage, etc. Because it has so many great features, life insurance works well for many financial endeavors.
But those who really need life insurance are those who have people who need them, who they would leave behind. Unless they have been able to save up hundreds of thousands of dollars in a short period of time, most people with spouses and/or children need life insurance.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Many people need life insurance. Studies show that many people know that they need life insurance. People who love someone else need life insurance to ease the pain of a premature death. People who owe money need life insurance to fulfill their obligations. People who are looking to the future need life insurance to protect their ability to obtain coverage. My favorite though, is wives need life insurance. They are so very important in a family and widowers have such a difficult time when they lose their wife.
That is a great question! There are some people that don't need life insurance, and it is quicker to list them than it is to list everybody else. You do not need life insurance if you can provide for your funeral expenses ( or aren't going to have any), leave no debts, and support your surviving family and/or business with money and estate planning that you've already provided. If that is you, and you have a large cash balance set aside for your passing, then you do not need life insurance. If you are like the rest of us, and have a desire to provide for those we leave behind, or may have difficulty leaving a legacy, paying off our debts, or paying for our funeral expenses, then life insurance is a blessing. Thank you for asking!
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Who "needs" life insurance coverage? Anyone who has someone who would be financially adversely affected by their demise. That would include anyone upon whom the burden of final expenses would fall. This would also include creditors who would bear the unpaid balances on loans. A person who wants to leave a donation or legacy to a person or organization, but whose estate would fall short of the amount desired to be passed on would also fall into the category of one who needs life insurance coverage.
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But those who really need life insurance are those who have people who need them, who they would leave behind. Unless they have been able to save up hundreds of thousands of dollars in a short period of time, most people with spouses and/or children need life insurance.