Life insurance is not a mandatory reuirement. There are several situations when you can skip life insurance policy quite easily & comfortably.
Life insurance is also known as life assurance or final expense insurance. Itis significantly essential for parents of young children. It is also important for those who support a non-working spouse or partner or a disabled adult or child.
It can be a handy source of real cash to pay off deceased debts, funeral expenses, income or estate taxes. But, it is not something that needs to be a part of everyone’s future planning.
Sometimes, it is wise to actually skip life insurance policy. Here are 6 situations when you can skip life assurance policy comfortably:
(1) Single Persons Without Dependent Family Members
It is one of the most common situations when you can skip life insurance policy. Generally, the beneficiaries of life insurance coverage are spouse, children, & parents of the insured person.
So, if you are a person who is not married & your parents are also not dependent on you then in such situation buying life insurance policy should not be a topmost priority for you.
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