Who Needs Life Insurance

If you are an older American, then odds are you have probably thought about life insurance. Well, do you need it? Life insurance is very helpful and should not be rushed into. So you need to assess your current situation and see how life insurance will fit into your plans. Here are some scenarios and how life insurance might fit into the plans of each person.

What’s Your Scenario?

Single Parents - A lot of single parents do not realize that it is important for them to have life insurance. You are the sole provider for your child(ren). So what if something were to happen to you? You need to make sure that your offspring are protected in case something happens.

Married - If you are married, then you realize that if something were to happen to you, your spouse would still be able to earn money for the family. But life insurance is helpful because it can make the transition for your spouse a lot easier. It does not leave them in a hole right off the bat.

Retired - Since you are retired you probably have some sort of pension/401k. So the income is there and you will still be able to pay bills. But if you were to pass away, you may leave behind bills to your family. That may include a real estate tax that can get quite high. Life insurance will help pay off these bills.

Small Business Owner - How does life insurance help in this situation? Well, it can actually protect your business. If you have other owners, then this money can help with your part of the payments until the other owners have enough to actually buy your shares out. There are always options that can help your company train a replacement for you.

Single - But no one depends on your financially. Well, is that true? Are you helping a parent? Are you helping a brother or sister? Also, you may debt. You do not want that debt to pass on to your family. That can be very troubling for your loved ones, and you probably don’t want to put them through that.

Each Scenario Has Different Needs

Life insurance should not look the same for every one. It is important that you know what life insurance your situation demands. You may need more if you have a family then if you are single. That is why you need to do your homework and know how each policy will fit into your life.

Additional Resources:

• Lack of Insurance Costing Lives