Quote:
Originally Posted by sweeps
If a single person dies with lots of debt, then the creditors have to eat the cost. Having a small (term!) life insurance policy to cover funeral costs usually isn't a bad idea..
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This is my point exactly. It is the creditors left hanging the "bag". Then they pass this cost to "consumers" in the form of higher cost (higher rates, fees, etc ). That's not chump change. Even young adult has some financial responsibility (of course not all) to secure "all" debts be repaid no matter how little amount it might be. The amount of coverage is not as important but the financial aspects that isn't covered by savings must be insured. For example, if you owed 30K student loans, $30K car note, no savings, you need at least $60K of death protection + burial cost. This is a more strong compelling arguments to have this protection. It protects the family and consumers. But for someone with no job and debt, I would agree insurance wouldn't make sense.
In many ways, Employers already offers group life insurance protections to many of its employees at very little cost and don't even realize they have it.