How important is life insurance?

[ZandraJoi]

Do you feel we should or even must have life insurance? Do you think the older we get, we should up our policy plans so our family can have some extra financial support if something were to happen to you? How important is it?
This is the way it is for us. We are older & my husband has upped it as we have gotten older. Not just the cost of living that has increased but just to be sure the other will have some money in the case of one of us passing away. I honestly feel it's important but I also feel we need to weigh pros & cons.

[Ravenfreak]

I definitely think everyone should have life insurance. Accidents can happen at any time in your life, and unfortunately sometimes these accidents can be fatal. If you have life insurance, your loved ones are guaranteed to get money to cover any end of life costs. Of course saving money can definitely help too, but it's nice to have life insurance on top of any money saved.

[Jason]

Even a person without a life partner needs life insurance, well, that is if they want a normal funeral. Of course, that's all tradition and the accepted routine, not required. Do you feel it is? However, if you don't want a funeral, you should put that in your will.

[Shortie]

I am someone that feels that life insurance is very important and I think it is a shame that so many different companies tend to charge so much for it.

You can never predict when you are going to pass and when you do, the costs of the funeral and also if your country does not offer free healthcare the healthcare fees can also make the amount that needs to be paid so much higher.

Having health insurance does not always help with things like healthcare costs but it can also make it easier when it comes to paying fo the funeral as well which can be very costly.

[saoussen5765]

@ZandraJoi life insurance is mandatory these days because without life insurance you cannot do anything especially if you are owning and running a company.

[The Raven]

To be fair, it all depends on what you are doing in your daily life. If you are a construction worker then it is super important, but if you are another regular person who works in an office and walks to work for 20-30 minutes, what can happen to you in such short period of time? It is all about the job you are performing.

However, life is not predictable and even if you think nothing will happen, it still can. Look at the 9/11 incident. They are office workers, who could even imagine the possibility of that happening? But yet it did. In the end, none of us can know when will we die and how

[Debashis]

Life insurance can be a valuable financial tool for individuals and their families. It provides a safety net in the event of the policyholder's death, offering financial support to cover expenses such as funeral costs, outstanding debts, and ongoing living expenses. Whether or not someone should have life insurance depends on their specific circumstances, including their financial obligations, dependents, and long-term goals. As individuals age, their policy needs may change, and it could be beneficial to reevaluate and potentially increase coverage to ensure adequate support for their family. Ultimately, the importance of life insurance varies from person to person, but it can offer peace of mind and financial security to those who have it.

[freelancermaria]

Well, it depends on your financial capability. Some people want to acquire life insurance but they can't afford it. I do not have one since I have a medical condition. So, it will be tough for me, for sure. Having life insurance will give financial support to your dependents in the event of your passing. Also, it can cover funeral expenses and manage some risks.

[Jane]

Life insurance is crucial for financial security, especially for dependents. For instance, if a breadwinner dies, life insurance ensures their family's financial stability, covering expenses like mortgage, education, and daily living. It also helps settle debts, preventing the burden from falling on loved ones. It provides a safety net for business owners, ensuring the continuity of operations in case of their demise. Life insurance safeguards against unforeseen circumstances, offering peace of mind and stability to beneficiaries.

[Bizdustry]

I do think life insurance is important especially if you have family. It's something which I'm considering to ascertain in the near future. It offers a sense of financial security. It would also help to pay for any costs for your wishes on afterlife, i.e being buried, burnt, or frozen.