From time to time people will tell me "Jim, I don't need any Life Insurance". My response is always the same ...
"Of course you don't need any Life Insurance. At the time a claim is made, you'll be dead". This may seem like a cold and rude response however, people who say "I don't need Life Insurance" do not understand the purpose of it. My response is to be perfectly clear and set the tone for an explanation of why you would buy Life Insurance, if "you" don't need it.
So if you don't need it, why would you buy it? I had a mentor when I first began in the Insurance industry, who explained the only reasons you buy life insurance is if you owe somebody or love somebody. That's it!
As adults, we are responsible for our actions (or should be). If we incur debt for the betterment of our lifestyle, we must be responsible for paying that debt. Death does not remove that responsibility. Life insurance is the very best and most inexpensive way to ensure your debts are paid at death, and even sometimes while your alive.
Purchasing Life Insurance on yourself is a way to ensure your debts are not passed on to a loved one (spouse, child, parent etc). Life Insurance also helps ensure your loved ones will be able to continue on with their lives, when you are no longer there to provide for them. Life without you will take on a new meaning and be difficult. Providing income replacement, debt repayment, money for final expenses and future education needs through Life Insurance, will make life without you a little bit easier.
So, do YOU need Life Insurance? No, you don't!
However, if you owe someone or love someone, you should consider purchasing a Life Insurance policy on yourself.