Would you go without any life insurance?

Not for me. I plan on being budget cremated. Cheapest box available and then consumed by fire. lol Now I have toyed with the idea of taking out a policy that includes compensation for digits and other body parts. I have thought that I might just have an accident and cut off my bad thumb, which could be worth as much as 300k. haha

If the family is financially secure and you do not have outstanding debt I would not bother.
You are betting against yourself while benefiting the insurance companies. Look at the salaries their top dogs take home. That money comes from customers like you.

I will add two caveats:
1)Get it if you think you are at a higher risk than the average person in your socio-economic group.
2) Get it if you somehow get a fantastic, subsidized deal because you were in the service or your work offers it as a benefit.

Back in the days of old, some cowboys would roll up a 5 dollar bill and put it in the required empty chamber under the hammer of their revolver. It was used to pay for their burial.

I can’t envision coughing up for it. I am unlikely to ever have dependents and it’s not like I’m going to be able to support a spouse with my income. Health insurance, though, I can’t fathom living without.

I did a quick search and found this sumary in Bloomberg Business Week. Average compensation for CEOs and Executives in Insurance Industry.

Salary 710.8K
Bonus 858.4K
Total Short Term Compensation 1.2M
Total Value of Options 3.7M

Your monthly payment pays for this.

Probably. I’m of the ‘better safe than sorry’ section of society and these days everyone can use the money. I bought all the additional supplemental’s as well.

You know your family and their needs. You can decide. I know this sounds whatever, but my ex husbands wife got paid 5M immediately. So far none of the kids got anything. I really wish they had at this point I am worried sick about my boy. (The estate will take ages).

Plus of course, a life cover policy covers any CGT.

I only got life insurance after my daughter was born.

Under your circumstances – no. If there were children involved or joint debts – yes.

The primary purpose of life insurance is to protect / replace a primary income stream if the income earner should expire. So if you have a relatively high income and have grown to depend on that – which is pretty normal, after all – then you probably have a fairly high debt level, and the loss of income would cause devastating, unwanted and unplanned lifestyle changes. In that case, you’d want to have life insurance for the survivors so they could continue “in the style to which they had become accustomed”, and make less drastic changes and more slowly.

On the other hand, if you have no family or dependents, or children are grown and earning their own livelihoods, then there is absolutely no “need” for life insurance. If you’re close to retirement age and have most debt paid off, then again there’s less need to protect the income stream, since savings, investment, home equity (if any) and retirement income (social security and pension / IRA) income will accrue to the survivor/s. In that case also there’s less need for insurance.

i was just reviewing my life insurance policy with Metlife and decided to cancel it. The payment times my chance of dying is 3 times the payout. A poor investment – unless i die early.
Plus we are financially secure and do not need a payout to survive.