Whats the point of life insurance if you have to be dead to get it ?

  • by Martin
  • Oct 28,2019
  • 6 answers

Whats the point of life insurance if you have to be dead to get it ?


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Insurance Answers (6)

Thomas 2 weeks ago

If you the importance of life insurance and how it will protect your family dependents financially in the absence of insured then you can get the answer from this. There is a legal proceeding that needs to face if there is any fraud occurs for wrong claims.

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RICK 2 weeks ago

Sure there have been such cases
When discovered the total amount received plus interest must be repayed, plus as it was obtained by fraud the insured person plus anyone else involved goes to prison

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DJC 2 weeks ago

You can't claim your own life insurance. The point of life insurance is to provide a benefit (money) to the family of the insured. This money helps to pay for final expenses (funeral, burial, headstone, etc.) and, if the insured dies young and has dependents, there is extra money to provide for basic expenses and bills in the absence of the deceased's paycheck.
That's the point of life insurance: it is for the living - the living members of the recently deceased insured. So that the insured's death doesn't cause them to into debt or go bankrupt.

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Steven S 2 weeks ago

And then arrested for fraud? Life insurance is not for you. It is for those you leave behind. A man earning an income to pay for a house, autos, clothing, etc., etc. all of a sudden dies. The family of that man loses everything because they no longer have that income. That is what insurance is for.

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StephenWeinstein 2 weeks ago

The point is so that your family can get it after you die.

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Casey Y 2 weeks ago

1. Life insurance isn't to help you...its for your family (or whatever beneficiaries).
2. People try, they always fail. Has it been done...maybe a handful of times. Is it often successful...nope.
3. They don't pay out for missing people nearly as quickly...so it would be way more than a year.

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