What's the point of life insurance?

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therandomperson
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#1
Report Thread starter 1 year ago
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I'm 18 so forgive my ignorance, but what is the point of life insurance? In many cases you don't get out the amount you paid in so why can't people just have a bank account where they save their money and direct this money to be paid to the family in their will?

I am aware that Money relating to debt can be collected from a bank account and not collected from life insurance but if this was the case why isn't life insurance primarily targeted towards people in debt?
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999tigger
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(Original post by therandomperson)
I'm 18 so forgive my ignorance, but what is the point of life insurance? In many cases you don't get out the amount you paid in so why can't people just have a bank account where they save their money and direct this money to be paid to the family in their will?

I am aware that Money relating to debt can be collected from a bank account and not collected from life insurance but if this was the case why isn't life insurance primarily targeted towards people in debt?
Like all insurance it gives peace of mind in the event something unexpected happens then you know your family are taken care of. That has utility for a lot of people because their family can pay off the mortgage and wont be flung into debt.

If you died really quickly you could get much more than you ever put in and in many cases life insurance comes as a job benefit so you pay nothing.
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AlexanderOgden
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In my opinion life insurance is important for the people. I have one and I am pleased to have it.
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Pro11pse
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I completely agree with you. Moreover, I can say that it can be a good save for your family if you die because my father was a builder and he had life insurance and when he died we received a good amount of money which helped us a lot. I was in search of good life insurance some months ago and I came across lifeinsurancehelpdesk.com. It was a good guide which helped me to choose good insurance. Now I have one on the best conditions at the best price.
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