Old woman,

There are many good reasons for buying life insurance, regardless of who you buy it through or from, and regardless of patens pending or approved.

1. To Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of dollars, and I don’t want my wife, parents, or children to suffer financially in addition to emotionally at my death.

2. To Cover Children’s Expenses
Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while my kids are still at home.

3. To Replace the Spouse’s Income
If my wife had passed away while the kids were young, I would’ve needed to replace her income, which was essential to our lifestyle. I also would’ve needed to hire help for domestic tasks we’d shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctor’s visits.

4. To Pay Off Debts
In addition to providing income to cover everyday living expenses, my family would need insurance to cover debts like the mortgage so they wouldn’t have to sell the house to stay solvent.

5. To Buy a Business Partner’s Shares
Since I’m involved in a business partnership, I need insurance on my partner’s life. The reason is so if he dies, I will have enough cash to buy his interest from his heirs and pay his share of the company’s obligations without having to sell the company itself. He has the same needs (due to the risk that I might die), and he simultaneously purchased insurance on my life.

6. To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.

There are some people that do not buy insurance, but those people are actually being inconsiderate of their surviving family members. Also, when considering life insurance, one should buy it when they are young because it is only pennies on a dollar. As people age, get old, they may not qualify for insurances due to the natural aging process.

Absolutely. Life is cheap. A young person is worth $25,000, according to DoD. We'll spend Millions of dollars to ensure a death row inmate is killed legitimately, but GM won't spend $10 to keep drivers safe. The country spends 10's of millions every year on inmate health, and whines about Medicaid for poor people.

Hospitals spend more money trying to cover up fatal errors than they do trying to prevent them. Corporations are the same. The only time peoples lives have value, is when you insure that life, and even then, it only has value when the person dies. Here's a goody. Flight 370 crashes in the ocean, millions are/will be spent to find it. A $75 device could have been installed that causes a beacon to float when submerged more than 20 feet. Boeing knows this, has the devices, but doesn't put them on aircraft. There were, however, floatation devices under every seat. Go figure.

Huh? Where did you get your $25,000 figure?

Servicemembers' Group Life Insurance (SGLI), mandatory for service members, unless they opt out or choose a lower amount, has been $400,000 since just after 9/11. The Death Gratuity paid out by DOD for every active duty death increased from $6,000 to $100,000 after 9/11. Tax-free. On top of that are tax-free VA benefits worth a few hundred thousand. All tolled, surviving spouses and family members of service members who die on active duty receive in the neighborhood of $1 million.

For some, I don't think that's nearly enough. For others, like the 20-yr-old widows who married their service member husbands just before they went off to war, it's a bit much. I know of one young widow in her 20's, no kids, who blew through her $500K in a matter of 6 months, then tried to get me (the company I work for) to help her get more!