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Sean H.
No family or friends to leave anything to so is life insurance worthwhile?
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No family or friends to leave anything to so is life insurance worthwhile?
Yes I think you should still get it to pay for your funeral expenses. But if you're already taken care of all those details, then just donate the money to a couple good charities. That way you will be helping others in need and doing one final good deed.
It's a personal decision, but consider what the intent of the life insurance is. Generally, people use life insurance to replace lost income or cover major financial obligations in the event of their untimely demise. Aside from family and friends, might you have some financial obligations that could be a burden on them? My wife and I don't have life insurance. We don't have any children, and we have the assets to cover the balance of our mortgage. We're essentially self-insuring.
It depends. If you will have a spouse or children in the future, that may be a reason to consider life insurance.
Life insurance is a useful IF there is something you wish to accomplish financially after your death. Otherwise it serves little purpose. Saving for your own financial health in later years however is a very good idea.
Life insurance is meant to leave your family with income to pay the bills that you did while you were alive, and for your children to go to college. If you have nobody to leave your money then it's useless to have one, unless you want to use the money for your funeral expenses and/or to donate to a cause you believe in and are very close to.
If single i think not
nope
no
That would be a personal choice then
What are the benefits of getting life insurance while you are single without dependents?
Are you hoping to someday have a family?
Will you get a better rate for future life insurance if you purchase it now?
If you are not going to have people to whom your life insurance will be the benefit it was intended to be, maybe there are wiser things to invest your money in now?
I do not know the answers, but this could be a very interesting discussion.
Wouldn't you want to have it to cover costs of a funeral etc?
Awesome info
Yes because after a few years having paid a decent amount of premiums you can pull out money to use as you will before it’s dispersed. You can also leave the money to a non- profit organization.