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When do you no longer need life insurance?
Posted on 8/14/22 at 3:49 pm
Posted on 8/14/22 at 3:49 pm
What is your threshold? I know everyone may have different thoughts on this.
14
Posted on 8/14/22 at 4:07 pm to Daygo85
Great question.
I guess you could make a case for not having life insurance IF your assets generate enough income to cover things you want covered after you are gone.
I guess you could make a case for not having life insurance IF your assets generate enough income to cover things you want covered after you are gone.
Posted on 8/14/22 at 4:35 pm to Daygo85
When your funeral is paid for and you no longer have dependents.
Posted on 8/14/22 at 5:02 pm to Daygo85
When you no longer have dependents that require your income.
Posted on 8/14/22 at 5:30 pm to UltimaParadox
When the house and all other debt are paid off if you live in a two income family. If your the sole income not until you retire
Posted on 8/14/22 at 6:10 pm to Daygo85
When the premiums get too high and your spouse can afford to live without your income.
Posted on 8/14/22 at 7:03 pm to Daygo85
quote:
When do you no longer need life insurance?
The day you die
Posted on 8/14/22 at 7:11 pm to Daygo85
(no message)
This post was edited on 10/26/22 at 9:23 am
Posted on 8/14/22 at 7:51 pm to Daygo85
quote:When (sans insurance) your loved ones would be financially secure to your satisfaction after your death.
When do you no longer need life insurance?
What is your threshold?
Posted on 8/14/22 at 7:52 pm to Daygo85
When you retire. Have an income? You need life insurance.
If you have disabled children to take care of, you actually need whole life insurance because your need will extend to beyond your lifetime.
Have an estate valued over $12 million? You’re family will pay estate taxes when you die - you probably should look into whole life.
Healthy and working? Buy term and save/invest the rest each month until you retire. When you retire, let the term life cancel and use your funds you’ve saved/invested to pay funeral costs. 99% of people don’t need whole life.
If you have disabled children to take care of, you actually need whole life insurance because your need will extend to beyond your lifetime.
Have an estate valued over $12 million? You’re family will pay estate taxes when you die - you probably should look into whole life.
Healthy and working? Buy term and save/invest the rest each month until you retire. When you retire, let the term life cancel and use your funds you’ve saved/invested to pay funeral costs. 99% of people don’t need whole life.
Posted on 8/14/22 at 8:20 pm to Daygo85
I don’t ever need it unless someone is paying it for me. So far haven’t had a job that will, I’m not paying for it though.
This post was edited on 8/14/22 at 8:22 pm
Posted on 8/14/22 at 9:41 pm to Simplemaaan
quote:
When your funeral is paid for and you no longer have dependents.
It is as simple as this.
The question circled around need. Not want.
Posted on 8/14/22 at 11:13 pm to TDsngumbo
quote:
When you retire. Have an income? You need life insurance.
Not necessarily, my family would have been perfectly fine with the assets I had available many years before I decided to retire. I am sure many that have invested adequately for retirement would be in the same situation. Many are just working because they choose to, or penalties for early withdrawal of retirement funds prevent their early retirement.
Posted on 8/14/22 at 11:26 pm to Daygo85
So many factors to consider.
If your spouse has equal earning potential as you and has quit work to raise kids….kids are grown and all things are paid for (home and cars and college, etc) then what is actually being “insured”? Your spouses freedom to stay at home? I’m that case, I cancel the term life insurance.
Now if you are a millionaire financial advisor and your spouse is a “retired KG teacher”.. things may be different. I would have several million in protection.
If your spouse has equal earning potential as you and has quit work to raise kids….kids are grown and all things are paid for (home and cars and college, etc) then what is actually being “insured”? Your spouses freedom to stay at home? I’m that case, I cancel the term life insurance.
Now if you are a millionaire financial advisor and your spouse is a “retired KG teacher”.. things may be different. I would have several million in protection.
Posted on 8/14/22 at 11:31 pm to Daygo85
When you think you are going to live too long.
Posted on 8/14/22 at 11:36 pm to SECdragonmaster
The day you no longer need an income to cover cost if you are hurt or die.
If your estate is such that if you died, everything would be paid off, nobody burdened with your debts, the income you were making, now that it would be gone, wouldn't put dependents into any additional undue financial strain and your spouse wouldn't have to change anything in order to keep on keeping on and not miss a beat, you are good.
I'm not paying for life insurance so my kids can be wealthy, lol. My kids know that the house we have, the things we poses will be divided up between them.....but they aren't sitting around waiting for some financial windfall from our demise, because that will never happen.
If your estate is such that if you died, everything would be paid off, nobody burdened with your debts, the income you were making, now that it would be gone, wouldn't put dependents into any additional undue financial strain and your spouse wouldn't have to change anything in order to keep on keeping on and not miss a beat, you are good.
I'm not paying for life insurance so my kids can be wealthy, lol. My kids know that the house we have, the things we poses will be divided up between them.....but they aren't sitting around waiting for some financial windfall from our demise, because that will never happen.
Posted on 8/15/22 at 2:10 pm to Daygo85
Nobody needs life insurance.
Do you want it is different.
Do you want it is different.
Posted on 8/15/22 at 6:29 pm to BestBanker
quote:
Nobody needs life insurance.
I’m not sure I’d go that far.
Posted on 8/15/22 at 10:40 pm to Daygo85
When you are debt free, your children are self supporting, and your assets will allow them an inheritance you are ok with. I say this as a single dad of grown kids, and I've been there a while.
With a spouse, it would be different. If I were to marry a non-wealthy woman, I would have insurance to set her up well.
With a spouse, it would be different. If I were to marry a non-wealthy woman, I would have insurance to set her up well.
Posted on 8/16/22 at 8:31 am to slackster
quote:
I’m not sure I’d go that far.
There is no need for life insurance.
People survive. There is no life prerequisite to own coverage on anyone.
Needs vs wants.
Good ole sales tactics.
Now, an example of a potential need could be a bank requiring the borrower to purchase insurance as a qualifier for a loan. That's the bank's desire to protect themselves from a certain financial risk. The borrower would not have to comply, deny the request, and then the decision would be made. Do they want the loan? Is there another lender available?
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