Is life insurance needed?

I don't know how to say this, but with the trusts that my wife and I inherited from our families, there was no need for any money for funeral expenses. We cashed in our policies years ago. However, if someone who will be needing money for final expenses, then maybe they should consider having at least a small policy to cover those expenses for when the the time comes.

My parents are in the same enviable place, though they started with nothing and earned everything they have. The are the classic "Millionaire Next Door" some money person wrote a book about, though they've gone well beyond the million. They no longer carry any insurance except health and long-term care they took out in their 40s which will ensure that they live out their last days with professional in-home care if needed.
 

Say someone never married, had no children or other dependents, and had a pre-paid funeral.
Doesn't sound like there is a need. But if wanting to be remembered a million dollar policy with the beneficiary being a scholarship for gifted students unable to afford college that might get you at least some remembrance.
 
Say someone never married, had no children or other dependents, and had a pre-paid funeral.

An interesting option.....there is a remote possibility of living forever.
I only mention this as a topic, I'm not involved in it.
You can use a life insurance policy as a way to fund a cryogenic preservation plan.
Google search "ALCOR"
It is also possible to use a life insurance policy to raise spendable money: you sign over the rights to collect on it
in exchange for up-front cash. I'm saying this is possible, not saying I advise it.
 


Back
Top