Who has life insurance?

Answer 1

Just about anyone with the premium. If you are asking who you can buy it for and be benificiary, contact your agent, some states have laws pertaining to who's life you can insure. There is no stopping anyone from buying life insurance. From children to senior citizens, from those in the pink of health to those with chronic health issues, there is a policy out there to suit everyone. Rather than ask who can buy life insurance, you should ask yourself if you need life insurance. And the answer will always be a resounding yes. Life insurance can help plan for the future and prepare for any untoward tragedy in your family. Life insurance can be used as a replacement of income, to pay for funeral expenses, pay off debts and mortgages and look after your family when you are no more. There is no reason for anyone not to opt for an insurance policy and secure his or her future.

Answer 2

A life insurance policy is a contract between the insurer and the person purchasing the policy. The latter may be the insured or some third party who has an insurable interest in the life of the person who is insured.

Essentially, an insurable interest means that the person who purchases the policy has a "stake" in the continued life of the person insured. That "stake" may be financial (for example, a child's or spouse's financial dependence upon the insured's earnings), "love and affection", and various relationships in between as recognized by state law. A person always has an insurable interest in his/her own life, so the beneficiary of the policy may always be the estate of the insured.

Barring unforeseen circumstances, then, a life insurance policy is payable to the person named in the policy as the beneficiary. If that person predeceases the insured and no contingent beneficiary has been named, the proceeds normally are paid to the estate of the insured upon his/her death. If that happens, the proceeds become a part of his/her estate and are distributed according to the directives of the Will, or in the absence of a Will, according to laws of descent and distribution of the state in which the insured died.

Answer 3

Mostly families who have dependent kids have life insurance. And also people who been tricked into buying cash value life insurance. People don't buy life insurance. They are sold on it.