Reply to s/o living on $25k or $36k a year

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Why do you not need home insurance and life insurance?[/quote]

Not PP, but I think the answers to these are straightforward.

Home insurance is a requirement levied by your mortgage lender. If you don't have a mortgage, you don't really need homeowner's insurance. You may choose to, but that's up to you.

Life insurance is intended to replace your income or provide your family with financial stability in the event of your death. If your family is not dependent upon your income to make ends meet then you don't really need it. There is no mandate to have life insurance, and a lot of people who would like to have life insurance are rejected and can't get it.[/quote]

Yep that's my thinking[/quote]

It's not a legal requirement to have home insurance, obviously.  But it is stupid not to, unless you have a huge pot of money to replace your house if it burns down.  And if you are living on $25,000 per year, you obviously don't have a huge pot of money.

Same with life insurance.  There is obviously no requirement that you have it.  But if you have a family and do not have a huge pile of savings, it is incredibly irresponsible not to have life insurance.

If the point is that you can life on $25,000 if you shirk important responsibilities to your family, I suppose that is true.  But should that the be the point?[/quote]

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