I will be 33-years old next month. I have no life insurance, no dependents and I do not anticipate ever getting married. How much life insurance coverage do I need to pay for my final burial expenses? Please give me a range. I don’t need an exact figure. Thanks.
Best How much life insurance coverage should a life-long bachelor w/ no children buy? Answers
Answer by bouchon d’élite
just enough to bury/cremate you
Answer by Judy
NONE.
Open up a saving account.
Accumulate at least 6 to 9 months worth of living expenses in it.
Open up a 401K account at work and max it out.
Open up a roth and put away 5K a year.
Make the person that will burry you the beneficiary in all those accounts.
Seriously – forget about life insurance…..
When you die – your debts die with you.
Pay off any loans such as mortgage or car loans, so the creditors won’t come after your estate when you die.
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3 responses to Question How much life insurance coverage should a life-long bachelor w/ no children buy?
Do NOT buy any life insurance whatsoever unless you have someone who is dependent on your income. E.g. aging parents, not just spouse &/or child. Save & invest the money you would be paying on life insurance for your retirement, etc. Ensure some of the proceeds would pay your final expenses and your funeral, burial, cremation, or whatever your personal choice is.
You do need a will. You do need your own Future Fund, Opportunity Fund, Retirement, or whatever you want to call it. Without life insurance, you can put away a great deal in your reserves & investments – much better, much more lucrative, than life insurance!
Question How much life insurance coverage should a life-long bachelor w/ no children buy?
No more than $ 10,000…enough to bury you, unless you want to leave more to a charity.
None.
Life insurance is a financial tool. If you have no dependents, and no goal you need the insurance to accomplish, you don’t need insurance.
You can buy a prepaid funeral, or otherwise “self insure” for it by putting $ 5K in your bank account. Life insurance is NOT the most cost effective way to finance your funeral.
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