8 Instances Where Insurance Is NOT Worth the Investment

Count 8 Instances Where Insurance Is NOT Worth the Investment

Despite being an essential factor in many people’s lives, life insurance is not for everyone. Here are eight well-defined instances where life insurance is not worth the investment:

  1. You have no dependents, friends, or family to protect upon your untimely demise. In this case, disability and critical illness insurance are your best forms of insurance.
  2. You do not plan to get married and therefore you have no reason to lock in cheaper life insurance while you are young and healthy.
  3. You are incapable of being honest while filling out your insurance application. In this case, hiding your true medical/risk profile will likely nullify your agreement – so why bother paying premiums?
  4. You are wealthy and do not care how much income tax the government will collect when you pass.
  5. You are terminally ill with less than two years to live, the period before you can collect life insurance for seriously ill people.
  6. You have existing medical issues and guaranteed issue life insurance is too expensive to purchase.
  7. You possess a true indifference to human relationships. What happens after you go is none of your concern.
  8. You have no intention of dying.

In most cases, reasons to forgo life insurance is related to wealth, budget limitations, and pre-existing medical complications. As everyone’s personal situation is unique, it is important to speak with a professional to get an accurate assessment of the benefits of a life insurance policy.

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