Thread: Do rich people need life insurance?
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Old 05-05-2008, 01:27 PM
choicearizona choicearizona is offline
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Default Re: Do rich people need life insurance?
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Originally Posted by pauvreprince View Post
I know that not all people need life insurance, for example those that do not have any dependants (those that depend on the person's income). Now how about rich people? Suppose I have $10 millions, good owned property, stocks and all. I have a wife + child. Should I be getting life insurance? I know that when I died, my wife and child will be well off with that money, without any compensation from life insurance.
Rich people do it for estate tax purposes. Those not fortunate enough to be wildly rich usually buy to replace income that will be lost.
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