Cheri asked in Business & FinanceInsurance · 1 month ago

Should I have life insurance?

Update:

I'd turned 60 last February (still have 7 years to go before I retire). My parents died in the 80's and my half sister died in May.  I only have cousins now in NY and NC (where my sister and parents were born)

So with no beneficiaries do I still need life insurance?  I'm planning on cashing in one and getting one my union is offering.  Or would it be better to pre pay the funeral expenses?  Get one and have the NC funeral home be beneficiary?  (Since I 'll end up resting there with my family)

Update 2:

More information: I 'm single and as I said above the only family is cousins now, in NY and NC.

11 Answers

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  • DON W
    Lv 7
    1 month ago
    Favorite Answer

    Sounds like you don't need regular life insurance, but should consider a pre-paid funeral and burial plan with your local funeral home, and a small $10K final expenses policy to help the survivors take care of final bills, etc.  Make sure that a trusted cousin is aware of your coverage and has the numbers to call when needed.  In return, that cousin can keep any money left over from the final expenses policy.

    Also consider who will be executor of your estate.  If you haven't met with a lawyer to do estate planning, you should do so.  The lawyer can probably give you good advice on insurance.

    • ...Show all comments
    • Cheri1 month agoReport

      Apartment actually (Which I have to down grade to a one bedroom in the future).  There's always a chance I might end up buying a house to retire in.  But it's doubtful.  (Not worth the effort to upkeep.  Apartment is simpler)

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  • 1 month ago

    Life insurance is a tool, a financial tool.  Do you have a job you need that tool to do for you?   Is it the most effecient tool, for that job?  

    Those are the two most important questions. 

    You don't go to Home Depot and buy a circular saw, just to buy it.  It's a tool, for a job. 

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  • 1 month ago

    Pre-pay with the funeral home and call it a day, I cannot imagine you need any life insurance. 

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  • Anonymous
    1 month ago

    No. I don't have it either. Prepaying your burial expenses can save your relatives the trouble.  Id rather be cremated but I have not told anyone.

    • Cheri1 month agoReport

      My sister was cremated only because the family plot was lost.  Someone didn't keep up payments and the cemetery is now a forest brought by lumber company.  On bucket list to relocate my parents vaults to the NC church graveyard when I retired.

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  • DEBS
    Lv 7
    1 month ago

    If nobody other than you is dependent on your income, then there is no reason for life insurance.  

    • Anonymous
      Lv 7
      1 month agoReport

      Unless he want to be buried in a certain manner and insurance makes more sense than prepaying.

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  • Anonymous
    1 month ago

    IMO you don't need life insurance.

    Long term care insurance may be another ball of wax.

    ETA:   Medicaid won't take care of that unless someone is broke.   If this person has a home or any assets, they will have to sell EVERYTHING before Medicaid kicks in.   One buys long term care insurance so that one can protect their home/assets and so that they have more options/better care if needed.

    If this person is 60 and has no money, then there is no point to long term care insurance because there are no assets to protect. 

    • Cheri1 month agoReport

      I would think Medicare/Medicaid would take care of that.  That what paid for my late sister brief time in the NH

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  • 1 month ago

    If you have to ask the question, then probably not. If there was a reason to have it, you'd probably know. And if there's no reason to have it, then you probably shouldn't.

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  • 1 month ago

    Why don't you find out what the funeral expenses are and see which way is cheaper. Remember that someone actually has to pull all these triggers when you're gone.  And, making a person a beneficiary does NOT obligate them to use the money for the funeral.

    • Cheri1 month agoReport

      True.  At least with the NC funeral home..., well it handled my parents and sister funeral and been in business for 30+ years.  I'm sure most of my NC family had used it's service.

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  • Barry
    Lv 4
    1 month ago

    Generally speaking life insurance is a waste of premiums. It can be handy to cover mortgage payments. But other than that what's the point as nothing compensates for the loss?

    • Anonymous
      Lv 7
      1 month agoReport

      It does compensate for the loss.

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  • Anonymous
    1 month ago

    If you have a wife and children. The obvious answer is yes. In the event of your death, they would be compensated for the amount of the insurance.

    • Cheri1 month agoReport

      Single, no husband and kids.  At age 60 it's unlikely to happen now.

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