Why Do We Have Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLife insurance is a mortality product to protect against unexpected death for those who have financial responsibility for others such as family members, business associates and charities that depend on you. In our culture we have indebtedness, future financial obligations and charitable intent. Life insurance can ensure that those items are covered when an unexpected death occurs.Answered on August 13, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.We have life insurance as consumers because we want to be able to leave our dependents, businesses, lenders, and charities in good shape (at least, not in financial devastation) in the event of our death. We gave life insurance as a legal and valued product in our nation because it allows individuals to care for their own, rather than leave them impoverished and needing the government to support them.Answered on September 2, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaWe have life insurance because we love. If there is anyone that would suffer at your passing, life insurance could ease the pain and assist in the transition. We need life insurance because we borrow money. Lenders often ask customers to assign life insurance benefits to secure a loan. We need life insurance if we want to leave a lasting impression on society. If there is a charity that excites you, a gift at your passing might be a significant boost to their activities. If you don’t love anyone, don’t owe anything and could care less about society, you are probably not a candidate for life insurance.Answered on June 27, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! The simplest reason is to provide protection from debt for those that we leave behind. Whether that is the debt from our final expenses ( funeral, plot, headstone, etc.), from the loss of our income and the hardships that would create, or both, life insurance is a way to do that. It is a way to show love for those we leave behind. I hope that helps - thanks for asking!Answered on June 27, 2014flag this answer
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