If you're single, buy life insurance only if someone is financially dependent on you and would suffer an undo financial hardship if your income were to suddenly disappear. Most singles have no reason to carry life insurance. - Cheapskate Monthly
OK, let's be frank: If you have no one depending on your income, you probably can do without a policy. There’s no need to buy while you’re young and insurable, despite what they say. And there are better ways to build up a tax-free nest egg if you’re young. (My favorite is to set up a 401-k or Roth IRA account.) And remember this: If you’re young and die suddenly, your job benefits will probably cover funeral costs. Your debts will die with you. And leaving life insurance proceeds to your parents will hardly compensate them for the loss of a child.
medical insurance... now there's another story! definitely a topic you should write about. MOST American bankrupcies involved medical debt.
ReplyDeleteVery true about single people having little need for life insurance. Conversely, most people with families tend to be underinsured. Remember, if the primary wage earner dies, the insurance must replace not only their income, but in many cases their medical insurance as well. This can be extremely expensive, and is only going to get more so.
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