Are you ambivalent whether you should own a life insurance policy or not? Contrary to what proponents of life insurance will tell you, not everyone needs life insurance. Life insurance is not oxygen that you cannot do without. And you should not bother to own a life insurance policy:
If you have no beneficiary
Your beneficiary is someone whom you love and trust, someone who is always there for you during difficult periods, or an institution whom you want to provide financial support for when you are gone. And if you don’t have children, relatives, families, or anyone worthy of receiving your death benefits when you are no more, you don’t need life insurance.
If you, your loved ones and your beneficiary are financially independent
Granted, there are only a few people out there. But if you are wealthy and your loved ones and your beneficiary have the financial resources to survive comfortably for a century, you can ignore the idea of purchasing a life insurance policy.
If you are a single person with no dependents
In a world where people are getting poorer day after day, it is almost difficult to find anyone who is single and rich and has no dependents who need financial support. If you are single and you feel you owe no dependents a dime, you can decide not to buy a life insurance.
If you don’t have the financial means
You don’t need life insurance if you are still struggling to meet end meets or if you are still struggling to provide food, clothing, and shelter for yourself.