Who doesn’t need life insurance?
Life insurance needs change based on your age and income. There are some (very little) instances where you may not need life insurance.
You do not make enough
If you have a low income, you may find it hard to make life insurance a necessity in your life. But, there are options, like term life insurance, that are very affordable. A healthy thirty year old can pay as little as $21 a month for a 20 year policy.
If you are still young and building savings, focus on that and then purchase a quality life insurance plan in the future.
You are a young single individual
If you ask yourself the question, “Does anyone rely on my income to live?” and you say no, then you probably do not need a life insurance plan. If you do not have a partner or kids, you do have the option of purchasing a term life insurance policy. Purchasing life insurance when you are young and healthy means that the price of your policy will be low.
Your spouse has a life insurance policy
If you and your spouse do not have kids, then your spouse having life insurance may be enough for both of you. It all depends on your incomes and savings.
Of course, if you and your spouse have children, then both of you should have a policy because if one of you passes on, then one income is lost.
You have workplace coverage
Workplace life insurance is not always enough for people. Additionally, if you change jobs, your policy does not follow you.
Always check with a benefits administrator to see what your coverage is like and if you should purchase additional coverage.
You are self-insured
If you have the luxury of a bountiful savings and income,then you may not need to worry about purchasing a life insurance.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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