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I would say when you die its very necessary for the family/next of kin, so they can pay all your funeral cost and bills you have left.
ANSWER:
Today's life insurance will pay benefits not only at death, but also in the event of illness, accidents, job loss (see life insurance with mortgage protection feature, disability benefits, etc).
Talk to an experienced agent to help you choose the most comprehensive protection with living benefits, not just death benefits.
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Is life insurance necessary for a student loan?
No, its not necessary. However, it would probably be a good idea to have some life insurance regardless.
Where can one find information on life insurance for children?
The best way to find information on life insurance for children would be to speak to a life insurance specialist. They can discuss whether or not insurance on a child is necessary.
Is it bad not to have life insurance?
Life insurance is a necessity if you have a spouse and/or children that rely on you for their subsistence. If you have no dependents it is not necessary to create a windfall for someone else.
Is it necessary to have personal insurance?
No insurance is necessary, but personal insurance can be a good idea for your peace of mind, and that of your family. If you can afford it, protecting your income and your life is a sound investment that will almost always be worth it in the long run.
What are the requirements to file a life insurance claim?
To file a life insurance claim, a call can be made to the insurance agent of the policy who can help fill out any necessary forms. Certified copies of the death certificate should be submitted with the life insurance policy.
Is it necessary to purchase mortgage payment protection insurance when buying a home?
"Mortgage payment protection insurance is essentially a form of life insurance. If something happens to you, your mortgage payments will be covered under the terms of your insurance plan. This insurance is definitely not necessary, and, in fact, a more standard plan like term life insurance may get you a better value for your dollar."
Why is it necessary to own life insurance?
Insurance is a tool to prevent financial loss. If there are ones that would be put at a disadvantage because of your loss of income or if you have debts that would cause hardship then you need life insurance.
What are some features of Family Life insurance?
One of the benefits of Family Life insurance is that they offer a great deal of insurance for a small price. Also, no medical exam is necessary and they have a thirty day guarantee.
How do you get paid from life insurance after a death?
You would contact the insurance company and they will send you the necessary paperwork. They will require a copy of the death certificate also.
How can one get life insurance with no medical exam?
If one is interested in buying life insurance without medical exam, it is necessary to know that this type of insurance is more expensive and one would expected to pay an extra money to get it.
How soon does beneficiary get paid from a life insurance company?
The beneficiary may usually be paid within 10-21 days after the insurance company has determined there is no fraud and the insurance payment is due as per the terms and conditions of the life insurance policy, and all necessary paperwork is in to them. The life insurance company usually requires the death certificate when making your claim. Make sure to review the "How to Make a Claim" section of the life insurance policy and contact the insurance company regarding what is necessary and who to send all pertinent information to in order to make your claim. If the claim is not paid in a timely manner, contact the insurance company and your insurance agent to follow-up. Also, you may want to contact the Department of Insurance in your state if you do not receive the Life Insurance Proceeds.
Who do you contact to change your beneficiary on your life insurance?
You can contact the life insurance company. They should be able to send you the necessary paperwork to change the beneficiary. If you have an agent, they should be able to help assist in the process too.
