Who Needs Life Insurance in the First Place?
Life insurance can help everyone, from singles with debt to breadwinner parents to retirees with sizable estates.
A life insurance policy can cover anything from a funeral to the estate taxes on a $50 million estate.
Here are some considerations to assist you to decide whether or not you require life insurance:
Do those around you rely on your paycheck for things like food, utilities, childcare, and so on?
Repayment of Debt
Do you have a mortgage dividend, joint credit cards, or cosigned loans?
Do you want to ensure that your children will be able to attend college if they die?
Would you prefer to leave an inheritance to your descendants or donate to a charity?
Did you know that high-income breadwinners' families may be subject to estate or inheritance taxes?
How long would your company last if you or a key partner died?
Have you depleted all of your retirement accounts but still want to put money into something?
Do you have enough money saved to pay for your funeral at the very least?
You're probably safe to put off buying a policy if you're debt-free, don't have anyone depending on you, and have enough money to cover your final costs.
Life insurance, on the other hand, is necessary.