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While both of these statements are true, odds are that you'll be paying premiums needlessly if you follow this line of reasoning. If you truly don't need life insurance now, then why pay for it?
And what are the chances that your health will take a significant turn for the worse before you reach the point when you do need life insurance? It's your money, but if you want to hang on to as much of it as possible, don't buy insurance before you can demonstrate a real need for it. The following are some circumstances in which you would most likely not need life insurance.- If you are retired and have no dependents. At this time in your life, you most likely don't have large debts (such as a big mortgage) or dependents relying on your income. If there is no one who will be financially harmed when you pass away, you probably don't need life insurance. Plus, premiums for people over age 65 are very high and may even be unaffordable. An exception to this logic may apply if you are using life insurance as an estate-planning tool for tax purposes.
- If you are retired and have no dependents, and if your spouse has a high enough income. Life insurance should be purchased to replace the income or services you're currently providing for your family. However, if your family has other means of resources besides you, then it doesn't make sense to spend money on life insurance (unless for estate-planning reasons).
- If you are considering a policy for a minor child. The child probably does not need life insurance unless you would need the money to cover basic funeral expenses. Undoubtedly the loss of a child would be terribly tragic. Financially speaking, however, you would not experience a loss of income provided by the child. Therefore, life insurance does not make sense for minor children except as insurance against the cost of funeral expenses.
| Top 10 Individual Life Insurers* | ||||
| Company | State | Rating | Ind. Life Prem. to Total Prem. |
Ind. Life Prem. ($ million) |
| Primerica Life Insurance | MA | A- | 99.80% | 1,181 |
| Nationwide Life Insurance | PA | B+ | 97.40% | 268 |
| Alfa Life Insurance | AL | A | 97.60% | 117 |
| Reliable Life Insurance | MO | A- | 93.50% | 108 |
| Union National Life Insurance | LA | A | 90.50% | 79 |
| MML Bay State Life Insurance | CT | A- | 92.40% | 61 |
| Tennessee Farmers Life Reassurance | TN | A- | 92.30% | 40 |
| Acacia Life Insurance | DC | A- | 90.10% | 34 |
| Penn Insurance and Annuity | DE | B+ | 93.60% | 28 |
| Keystone State Life Insurance | PA | B+ | 99.90% | 4 |
| *By percentage premium to total premium Source: TheStreet.com Ratings | ||||
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
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DOWN
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2.99 |
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10.02 |
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0.44 |
10 Yr
1.58%
SPDR Gold
151.62
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-0.21%
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