The conventional wisdom says that you need to have life insurance in order to make sure that your loved ones are protected in case something happens to you. The fact of the matter is that the life insurance companies want you to believe this. While it’s true for many folks that having some life insurance can bring the peace of mind that your family will be taken care of if you die, before you go out looking for online insurance quotes you might take a couple of extra minutes to reflect on your individual situation.
There are some specific reasons why you may not actually need life insurance:
- You don’t have any family or friends. If you’re alone in the world, chances are pretty good that no one you care about is going to financially be impacted by your death. However, if you have even one relative or friend that cares about you, life insurance is probably a good idea.
- You hate your family and friends. Having them doesn’t mean loving them, does it? If you want to really show them some spite, try dying in such a way that you create additional financial debt for them. We suggest pancreatic cancer, if you can handle the pain.
- Your agent wants you to buy whole life. OK, we get that whole life policies let you make investments all while buying peace of mind. Most experts agree (at least, those that aren’t insurance agents) that you are better off keeping your investments and your insurance separate.
- You’re filthy stinking rich already. If you’ve got $50 million in the bank, you probably don’t need to worry about a life insurance policy. Just make sure to design your estate in such a way that the government doesn’t get to keep most of it when you do pass away.
- You’re immortal. Ancient Greek gods and Dick Clark probably don’t need to worry about dying anytime soon. The rest of you should at least get some online insurance quotes and make an informed decision about how to provide for your loved ones once you’re gone.
