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Do I Need Life Insurance?

Although it feels secured to have a life insurance, it is not for everybody. If you belong to one of the following groups, you might actually need a life insurance.

You’re Single

While it is true that one of the determinants of getting a life insurance is having dependents who would likely suffer if you are gone, being single doesn’t necessarily mean that you are free from any obligations. You could have aging parents who might struggle financially after your death. In addition, you don’t want them to shoulder any debts you left or any medical bills and funeral costs. It could also be a great way to leave money to your favorite charity.

You’re Married

If you’re married with children, you are in definite need of life insurance. However, even if you don’t have kids, you should also consider life insurance to protect your spouse if something were to happen to you. If your children have grown older and have become more financially stable, a life insurance may also be useful in order for your partner to maintain the standard or living he/she has grown accustomed to.

If you’re married and planning to buy insurance, the best time to get it is before you even have kids. During pregnancy, it might be impossible to buy insurance because of the associated health risks. Furthermore, purchasing insurance before a baby is even born would be cheaper.

You’re a Single Parent

The earnings of two working parents aren’t even sufficient sometimes. If you are a single parent, this makes it even harder to provide for your family, and your children will have no one else to care for them if you are to die early. Having a life insurance helps ensure that they can still achieve a bright future even after you are gone.

You’re a Stay-at-Home Spouse

A wrong and sad notion about homemakers is that they do not contribute financially to the family because they have no paycheck to bring home every month. However, if you count everything that they do, starting from the chores, maintenance, to raising a child and sometimes even occasional tutoring, and you compute for how much these services would cost if you pay someone else to do them, then you’ll realize how costly it would be to lose a stay-at-home partner.

You’re a Business Owner

The worth of a life insurance may also be seen in the business. You can use the funds of an insurance policy to buy out shares of an owner who died. If you purchased a permanent life insurance, you can also borrow the cash-value in your policy and use it for business expansion.

You’re a Retiree

Once you retire, only your income stops, but not your financial obligations. You may be left with some debts to pay that you certainly don’t want your family to acquire. In addition, if you have properties, they may be subjected to huge state taxes, which an insurance can help cover.

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