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What are some of the reasons that individuals should buy life insurance ?
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Hmmmm....so if you die, your family will get money. That's the number 1 reason that comes to my mind.Rock climber, ultrarunner, and credit expert at Creditnet.com -
Life insurance is to replace your income for the benefit of those who are financially dependent on you. That might be your spouse, your children, perhaps even elderly parents. If you have no dependents, you don't need insurance in most cases.
Rule of thumb is to get 8-10 times your income in coverage but you can adjust that amount up or down based on your situation. Does your spouse work? How much debt do you have? How old are your children? Stuff like that.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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If you have an emergency fund to cover funeral expenses and you are debt free and you are SINGLE or no dependents (like DS mentioned), you don't need life insurance.Comment
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