Is life insurance required by law?

  • by Destiny
  • Nov 17,2015
  • 16 answers

Is life insurance required by law?


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Insurance Answers (16)

supremacy04 6 months ago

My employer requires me to have Insurance..some do some don't....

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sophieb 6 months ago

Life insurance is NOT required, nor required by law. Some people who have children feel that if they pass away then they want their kids to have some money, and their spouse to have money for their burial. But they also buy a house, and there's additional insurance you can have on that house with regard to it being totally paid off if the breadwinner dies. But years ago people used to get the kind of life insurance that you could borrow against that policy if you get into dire straits, but I'm not sure if that kind of insurance still exists today. I don't know if it does it it has interest (since savings accounts have super low interest today) but I haven't heard about it in a long time.
when I was a kid my dad invested in a life insurance policy for me and paid on it for me till I was 18 and thought it was gaining interest, and round about age 35 he gave it to me to cash it out. He said it would have about $5,000 in it, when in reality I got only around $300 out of it. Other than them stopping that insurance company years before we don't know what went wrong.

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Hailey 6 months ago

No, Life insurance has long been a part of estate planning in the United States. Although life insurance does not need to be a part of every person's estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child.

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oconnor 6 months ago

Generally no.

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StephenWeinstein 6 months ago

Generally, no. In some cases, as part of a divorce, a person becomes required to get it.

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Judy 6 months ago

no

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Raymond L. 6 months ago

No.
and unless you have a family with small children it's an ablsolute waste of money too.

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Flower 6 months ago

No, it is not. Most people dont have it.

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Casey Y 6 months ago

Only in very specific situations where the individual is a corporate officer of a publically traded entity.

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R P 6 months ago

Not in the US

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babyboomer1001 6 months ago

No.

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jmm2112 6 months ago

Not in the U.S.

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Biff 6 months ago

not at all

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lakelady 6 months ago

Not in America anyway.

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anonimitie 6 months ago

No. Responsible parents get it but, it is not a legal requirement to do so.

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Dan 6 months ago

It isn't required by law, but certain companies might require you to buy life insurance as part of a contract you make with them. For instance, an investor in a company might insist on life insurance on the founder, because if the founder dies, the company will likely collapse. But that's a contract, not criminal law. There are no laws requiring anyone to buy life insurance.

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