“You don’t need life insurance, unless you have dependents.”Familiar with this line? What do Suze Orman really mean about her insurance advice? If you are still wondering until today why life insurance is very important, feel free to read the explanation about Suze Orman advice.
Assuming John Doe has a spouse and has 2 kids. John Doe really love and care for his family. He used to be a good provider.
What do you think John Doe would do to ensure he will provide his family’s needs even if he will get sick and died?
Now you have a clue. A life insurance is not beneficial for policy holders but for qualified dependents and beneficiaries. A man and woman is not obliged to get life insurance but he/she should protect his family for financial struggles in case he/she dies.
You Don’t Need Life Insurance Unless You have Dependents
Even though you are not obliged to buy life insurance, but you should. The advice of Suze Orman is very clear. “You don’t need life insurance unless you have dependents.” If there are people who rely and depends on you, buy life insurance. Your spouse and your kids are your dependents.
If you have someone you feel you are responsible for, then buy life insurance. You will never know what would be the consequences if you don’t prepare their financial needs in case you die.
Do I Need Life Insurance if I am Single?
According to what Suze Orman advice, you don’t need life insurance unless you have no dependents. If you are single and have no dependents and there’s no reasons why you should buy a life insurance.
When you are single, who should be your beneficiaries? The beneficiaries are the one who has the right to claim the “benefits”, the coverage of your life insurance policy.
Why we need life insurance? Life insurance is very important. We don’t know what would happen today, tomorrow or next week. Life insurance can help protect the family (beneficiaries) to survive financially in case the breadwinner dies. The breadwinner should have his/her life insurance.
Does this make sense to you? Suze Orman is right. It is clear and understandable that you absolutely need a life insurance if you have dependents.