 What if i bought a used car and didnt get insurance? ? |
what would happen if i got into a wreck?
Additional Details
stupid? how am i stupid..im ASKING a question..retard.... |
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| I currently rent property and have a dispute with the owner of the property over who pays for Buildings insurance. I have taken out & pay for myself Contents insurance to cover my belongings but ... |
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Ask Mike | Does it make sense to buy life insurance if you have no dependents? |
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Zarnev
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Generally, no.
By dependents I assume you mean family. Life insurance is meant to help people who are dependent upon you for their support.
However, if you have a partner in a business the partner may be dependent upon your share of the work or your expertise. If you pass away there will be money to continue the business. Also, if you have non-dependent children they will possibly inherit your share of the business. I would guess your partner would not want to be in business with your children. A life policy can provide the money for your partner to buy them out.
Also, many people do get a life policy to leave a legacy. They will get a policy with a non-profit organization or a charity as a beneficiary. |
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Apollo
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Yes it does make sense to buy life insurance if you do not yet have any dependents.
For one, the non-dependent status could change at any time. Generally, your premiums are going to go up as you get older. In many life insurance policies you can avail of Disability Insurance. As a former professional athlete this is something I thought I would never need.
As of this year I have been suffering from Multiple Sclerosis for ten years. Bally was very good to me as far as accommodating this progressive and/or aggressive illness. But, I knew a day would come where I wouldn't be able to edit training manuals in the back office anymore. You can not count on the government as a safety net. Keep in mind that according to the Social Security Administration, "Studies show that a 20-year-old worker has a 3 in 10 chance of becoming disabled before reaching retirement age." http://www.ssa.gov/pubs/10029.html
What does this have to do with life insurance? For one, after you have been diagnosed with a serious illness, no reputable insurance company will underwrite a policy for you. A serious accident could put you in the same boat. As some have already stated, getting buried is not as cheap as it used to be. Death comes for everyone and the last thing you want to leave behind is debt for your loved ones. Most people carry some debt, and that will be paid before your burial. It is not uncommon in these times for debt collectors to "find errors" in the amount you owe to them. Who would be around to dispute their claim? A good insurance company will do just that, and they employ some of the best investigators on the planet.
I would also highly recommend the buying power of a large company if you happen to work for one. An individual, single male will have the highest rates, based on risk analysis. But group rates can save as much as 90% as opposed to a single policy holder.
In my opinion buying into 2 types of life insurance would be ideal. Term Life carries a low premium, and primarily known for the death benefit. Whole Life offers you a return on your investment. The premium is slightly higher, but usually after only 12 months you begin to earn equity. You can either roll the equity over, or take out a tax free loan from the policy, or receive direct cash benefits. (Policies may vary in both language and benefits.)
This is something that can be automatically taken out of your paycheck each month without wrecking your household budget..
When I first bought into the insurance policies I have mentioned. I was very healthy, single, with 25% of my annual income earning interest in a savings account. Most people are not lucky enough to die quickly. Realistically, a person can exhaust their medical insurance and savings, with only a few months in the hospital. The cost of our last days on the planet will be the most expensive.
The only time you really can buy insurance at a reasonable rate is when you don't really need it. Take advantage of your independence, as the one thing we all have in common is that we all are going to die. This period of of your life is going to flash by before you know it, and you might not have the same opportunities that you do now. |
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♥☺ bratiskim∞! ☺♥
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Yes. The money from the insurance can pay for your memorial and other expenses that you've racked up in this world. If there's some left over, you can designate who gets what. I have life insurance myself and made my siblings my beneficiaries. (This made my mom made but she's already been thru college! LOL) You could start off with a $50k policy thru your employer. |
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greybeads
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To buy life insurance one my have what is known as an insurable interest, some sort of relationship family, friend, and business. This is why we cannot buy life insurance as a bet on daredevils or other high-risk groups. It is problematic to buy a life insurance policy for just your estate. Life insurance should not be used as a “savings vehicle†or a means to get an easy loan at a cheap rate in the future, despite what your salesperson says. You could do a modified endowment contract which is very esoteric and may be useful in retirement; however this comes with an incredible amount of IRA scrutiny, something I like to avoid. |
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Spiritualseeker
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That feeling of sense of security, would lengthen the quality of life, and afford some luxury with the residual paltry amount(savings-linked-insurance) given on maturity (if any) |
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Margarita D
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It depends upon your goals and your current age. If you are young, you might want to go ahead and purchase it now for several reasons, the younger you are the lower the cost, you might become uninsurable at any point (i.e. if you develop cancer or any other very serious disease you might not be able to find any company to insure you), you will have the time to be able to build up the cash reserves in the policy, etc..
Some of the other advantages of having a policy that builds up a cash reserve, you can use your policy as collateral for loans, you can borrow against the value directly from the insurance company without having to get approved, you can use the policy to fund your retirement, etc.
In terms of the beneficiary one of the other contributors suggestions are on point, i.e. a favorite charity, another family member, etc.
If you cannot afford a policy that builds up a cash reserve, I would still considering purchasing a term policy with a conversion privilege, i.e. to lock in your lower rate, assure your insurability, etc. |
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Why?
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yes. only if you're going to put me as a dependent. :) kidding aside, I don't think it's useful to buy life insurance if you don't have any dependents at all. |
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Kevin
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Yes it does make sense. A single person with no dependents will need to pay off for funeral expenses, medical bills, debts, such as credit cards or student loans, elderly parents who may be dependent upon you for support. Buying life insurance at a young age is cheaper. As you get older or possibly incur a serious health condition, it will be more expensive or difficult to buy a policy. |
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Yo' Mama
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I'm assuming you're referring to life insurance? If you die, who is going to pay to have your buried? Will you have bills that will need to be paid? If you have family who cares about you, I'm sure you wouldn't want to saddle them with the expense of burying you so that would be justification in itself. Also, if you buy life insurance now, your premiums will be lower in the future, when your circumstances could be different and you could have one or more dependents. Then, all you would need to do would be to switch beneficiaries. |
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Brenda Z
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If you are single and have around $10K saved for your funeral expenses, you may not need life insurance. Of course you may want to save more than this amount since the price of everything is going up, including funerals. If you own a home and other assets, are these paid for? Do you have a relative you would like to leave as your beneficiary? If so, you may want to have enough life insurance to pay all your debts when you pass away. My husband sells mortgage life insurance and I am glad we have it! |
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Mark B
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Yes! It can be used to cover all burial expenses. Plus, some banks make you get it if you have an unpaid loan or mortgage. |
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Shrikant K
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yes if you met with accident it helps, if one dies it helps in performing rituals. if money is more you may ask Govt. to establish library in your name.
Shrikant S. K. |
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ajnbf
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yes, you could either use it to donate to a charity or pay for any funerals fees (someone has to bury you!) Also, you could make it payaable to a mother, friend, anyone you want, kinda a nice "parting" gift! Sometimes you can cash it in if you ever get in some serious financial troubles too. |
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DONNA L B
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Should you have life insurance if you have no dependents? Hopefully you have relatives (i.e.), brothers, sisters, Mother or Father, Aunts or Uncles or Cousins. When you expire from this world did you just want to be thrown out with the trash or treated with respect and have someone give you a proper burial or cremation? Whichever the case might be..... there must be someone you love that would want to honor you and leaving "some" money to see that you are well taken care of would be the adult thing to do. Wish you well!! |
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Good♥Gyrl
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People always ask this question and get so many answers, many of them the cut and dry "no" answer. Well, it might, depending on your circumstances. If your only concern is someone burying you in the way that you've requested, and you do NOT have enough money in your checking/savings accounts to cover this, then yes, get a small policy. Remember, anything else, unless there is a named beneficiary, will still go to probate. Furthermore, the proceeds of life insurance are not taxed to the beneficiary, but a life policy does create an "instant estate", and thus, the amount is included in your estate. Of course, unless you're making 2 mil or more, you're not worried about taxes, but you should be worried about creditors going after any assets in the estate if you intended for someone else to have that money.
That being said, another reason you might want to have a life policy--a variable or variable universal policy--is to take advantage of an additional way to save. Life insurance policies are generally not the best way to invest, but if you've maxed out all of your other allowable contributions, look for something else where your money can grow at much better rates (even fixed!) than savings or money market accounts, and then you can typically take tax-free loans from. The loans don't have to be paid back, they just come off the death benefit/cash value if you croak, so make sure you're leaving enough to fund a death benefit requirement.
Now, you see? It's not always a simple yes or no answer that people try to put down here. Believe me. |
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10-T3
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YES. TAKE A LITTLE TIME AND THINK ABOUT YOUR QUESTION. AND THE RAMIFICATIONS OF NOT HAVING IT. GOOD LUCK. |
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mbrcatz
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NO idea. What's the GOAL of the life insurance? If you have a dog you want to provide for, then yes. If you don't have a GOAL you want the insurance to accomplish, then no. |
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sexmagnet
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Yes.
Somebody has to dispose of your rotting carcass ya know.
Your beneficiary doesn't have to be a family member.
It could be a friend, a church, a charity, a scholarship, an animal shelter, a homeless shelter, whatever you want.
Not naming a beneficiary would be a crime in my book. I mean giving all that money to an insurance company and not being able to help someone with all the profit they made off of you over the years is just what they would like best. |
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Babs
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If you have zero assets & zero liabilities, then you would not need life insurance. Just make sure that you have enough $$ in the bank to cover the expense of your final arrangements.
Having said all that, if you have *any* debt at all, get enough life insurance to pay that debt off from your estate. I would also recommend that you have a will drawn up & designate who you want to assign the task of clearing your estate. |
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Linda C
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Yes, it makes sense for your family and friends you leave behind so they will not have to pay your expenses. |
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andyfromokee
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It does if you want a headstone. |
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Sal
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yes i got when i was young and has been very helpful -ihad to borrow from it it;s great security |
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Al Mac Wheel
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Yes
several reasons
No one lives forever, we all at some point have to face retirement, and we need to have funds saved up using a diverstity of financial mechnanisms because there's all kinds of problems could happen with the economy ... we do not want to put all our long term financial plans into an assumption that
* the stock market will go in one direction for the long term
* our investments will turn out to be wise
* our 401 k plan will always be managed by competent people who never get burned
* our real estate won't get hit by an earthquake or weather disaster
* our banks will either be blue chip, or government insurance never fails
You may have no dependents now, but later you may fall in love and get married |
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Pak Asians !!
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Foolishness ! |
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TONY A
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no |
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thejokker
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No.
The point of life insurance is to help your dependants make up for the lost income or extra costs associated with you being gone. This would be things like, paying for college, daycare, car bills, house bills.
If no one depends on your income on a daily basis you would be better off taking the money you would use for life insurance and investing it in something with a better rate of return. The older you are, and therefor closer the end of your life, the more insurance will cost you. Instead of paying for high insurance try investing in stocks.
I would only recommend insurance for married couples who dont have enough money for retirement and for adults with children who have not finished college. |
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LifeInsuranceAgent
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No, unless you are looking to help an insurance agent make a commission. |
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Issy L
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it depends on what you have left to give |
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Basset on the 'Net
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No, don't waste your money. |
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♥Ashley K.
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I would say no.
I don't have dependants so I don't have life insurance.
Should have a will, though.
When I die, there is a house that would go to any family, and they could use that to help pay for the funeral, if neccessary.
As far as debts go--that dies with you. If you don't have insurance and I'm dead, I really don't care if they send me to collections. |
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