Is life insurance worth it or not worth it? Why or why not?

[Anonymous]

Not seeking financial advice, nor advice. I've seen smart comments in Reddit who like to say "it's like a scam because you pay the premiums and bills for a service that may or may not never be needed aka unexpected premature death or unexpected premature illness aka cancers, organ diseases, etc

Thoughts y'all? You Strangers lol

Updates

1 y

Sighs - yes this is for informational purposes only or for entertainment lol aka it's GAG and I'm curious what you folks do or don't do about having life insurance, previously having had life insurance.
Obviously it's differing from having health or contents or home insurances hahahahahahaha

[WindAtMyBack]

I have never understood enough about life insurance to consider getting it. What I do know is that there are different kinds and some MIGHT be OK investments, while others are probably ripoffs.

You mentioned premature death, etc. That is not the kind of insurance I would ever consider. That is typical insurance that takes advantage of peoples' fears. You pay a lot of money to reduce the fear that something bad might happen. Just remember that the odds are against you.

You also need to understand it, like what constitutes "accidental" death or dismemberment. My father had a few of those policies. He didn't pay for them, they were freebees, like when he opened a bank account they gave him a $5000 policy. When he died, I didn't even bother with those. I knew there was no way they were going to pay out.

I'm not sure what kind of insurance it was, but I did get a little money from an old policy from when my father was in the military. He paid into it for a few years during WW2. It was cheap and the army pushed it. It sat for 60 years without him paying anything else into it. I got some money out of it. Not a lot, but I won't complain.

The only insurance I have is auto insurance which is required to drive. If it wasn't required I wouldn't have that either. I also don't have home owners insurance. I did the math and it's a total ripoff. I'm not going to be conned out of my money by fear.

[Anonymous]

I have it but I'm dying anyway so it's better than a pension

[Asker]

Do you mean you took out life insurance years ago ("Phil do you have life insurance, Bing, Groundhog Day?" Lol or sadly do you have life insurance and you've been recently diagnosed? 🏥 😢

[Opinion Owner]

Took it out when I turned 18 and had one life limiting condition, now I have two

[Nikki1989]

If you have children, a spouse, or other family members who rely on your income, life insurance can provide financial security if you die unexpectedly. However, if you're single and have no financial obligations to others, life insurance may not be a top priority.

[Asker]

The other irony is decades spent paying premium and what if a person lives to 100 or even 100 plus or long since "ended or cancelled the policy back when they were, 70, paying since 35 lol" 😞❌

[Agape93]

Depends on the company and policies but yeap

[Anonymous]

Yes and No.

[Asker]

And how so? I wanted to join in with your banter lol 😆