Do multi millionaires buy life or medical insurance??

Question

Show me some facts or paper cutting...

Answer 1

Certainly, their risks are the same;-{ expenses even higher.

Answer 2

Life insurance is a fantastic way to invest your money in a tax-sheltered environment, provided that there is a need for protection but if you are a multi-millionaire your money alone is enough to protect.

Plus life insurance (for relatively healthy people) is a sure-fire way to buy a dollar for cents.

Answer 3

Yes.  They buy life insurance to cover estate taxes and they buy medical insurance to also protect what they have.

Answer 4

Of course they do.  They protect themselves just like everyone else.  They probably take very high deductible which keep the premiums low.  

They buy life insurance to be used to benefit a charity or to pay inheritance taxes, legal fees etc.

Answer 5

Yes they do. Medical claims can be very expensive. Their life insurance needs are usually different  from most people, but they do exist.

Answer 6

Of course they buy health insurance.

Generally high deductible plans that keep premiums low and allow them the tax savings of a health savings account to go along with it.

Multimillionaires didn't get that way by being stupid financially (or at least they hire good financial advisors).  Why risk accumulating millions of dollars in medical bills if you or one of your family members gets sick, when you can accumulate money in an HSA with a high deductible health plan that will limit your financial risk?

Answer 7

Yep, do you think they would want to spend some of their hard earned money for medical or death? As a matter of fact, they would be more likely to buy it than your average joe....they can afford it!

Answer 8

They might also buy life insurance so that their family will not have to pay estate taxes. Meaning they will take out a policy with a face value close to what their estate taxes would be so that their family will not have to sell any businesses or land to pay the estate taxes associated with these properties. Life insurance pay-outs are usually tax-free. Talk to an accountant to be sure.