All Life Insurance Tips

Should I keep term life insurance on myself after the spouse has passed away?

I have no kids or any benficiaries at this moment.

Public Comments

1. No - you do not need any life insurance if you have no one you want to leave money to.
2. If you don't expect to have any beneficiaries in the future, then it makes little sense to keep the insurance. If you are of working age and may be getting married again, it may be cheaper to keep the plan you have now versus getting another a few years down the road.
3. I always have to cover debts or funeral expenses and remember those who I would like to handle my estate after death. I have inherited items I would like to keep in the family and will need someone to handle the distribution and close my estate.
4. You never know what can happen in the future. You might marry again and have children. Also, a term life policy can be used to pay for your funeral and any bills you may owe. If you drop the policy, and then later have a heart problem or become disabled, it will be difficult to get a new policy later. It might be best for you to keep the policy if it is a good one and not too costly. I would write a will and appoint someone to manage your funeral and pay your debts and keep that policy.
5. i would keep at least a term life insurance policy to cover all the costs associated with my death and funeral expenses so that the heirs of your estate do not have to borrow against their best interest to do whatever you want with your remains. i hope, i really do, that you have written a will--even those that think they have nothing have what they have, if only the clothing on their backs, which is their estate. if you have not written a will as to how you want your estate disbursed, the government, i.e., the taxists, will assume that you died intestate. that means that the taxists will appoint paid humans to be the executors of your estate. the fees assessed against your estate are very high when the taxists get their hands on your business. so, write a will. cover your own funeral and so on. please remember me in your will, LOL!
6. There is no reason to keep the insurance if there is nobody you need to protect financially if something were to happen to you. You are wasting those premium dollars when you could be saving them or spending them.
7. I love all these "definite" answers you get here. The answer should be - well, it depends. For example: Is your policy a permanent or term one? If permanent (IUL, VUL, etc.) are you growing money within the tax advantaged section of that policy and, if so, are you planning to access it later for retirement or trips, etc? If you are and you cancel the policy are you ready to deal with any possible tax consequences now. If you have only a term policy presently, how much longer is it going to run. You say you have no kids or beneficiaries at the moment. Does that mean you may in the future? If so, then is your policy convertible to permanent? If you're insured now and you can keep the insurance, then it might be better to simply keep it going in case your health get worse later on and you can't qualify. How is your cash flow presently? There are more questions that need to be answered before I'd even attempt to say yes/no to you. Please give yourself the benefit of sitting with someone in your area who could help you explore those questions before you make any decision, especially if it's fairly soon after losing a spouse.