Jasz
VIP Contributor
Life insurance is a great way to protect your family and loved ones in case of an unexpected tragedy. While it might seem like a good idea to get life insurance, there are some people who shouldn't get it. Here's why.
It's important to remember that life insurance is designed to be used as a last resort. If you find yourself in need of a life insurance policy, it's probably because something has happened that is putting your financial security in jeopardy, such as a major illness or injury. The problem is that if you don't have the money for the deductible amount and other costs associated with purchasing coverage on your own, then the insurer won't pay out on it—even if you die before paying off the whole policy.
So what should you do instead? If you're uninsured or underinsured, consider taking advantage of Medicaid (or finding another affordable health care option) until your finances catch up with you again. And if you can afford it but still worry about having enough money for retirement or college savings accounts, consider investing in stocks and bonds instead of relying solely on life insurance payments when they're needed.
It's important to remember that life insurance is designed to be used as a last resort. If you find yourself in need of a life insurance policy, it's probably because something has happened that is putting your financial security in jeopardy, such as a major illness or injury. The problem is that if you don't have the money for the deductible amount and other costs associated with purchasing coverage on your own, then the insurer won't pay out on it—even if you die before paying off the whole policy.
So what should you do instead? If you're uninsured or underinsured, consider taking advantage of Medicaid (or finding another affordable health care option) until your finances catch up with you again. And if you can afford it but still worry about having enough money for retirement or college savings accounts, consider investing in stocks and bonds instead of relying solely on life insurance payments when they're needed.
