Get Affordable Life Insurance!


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Get Affordable

Life Insurance!

Male Female

Do I Need Life Insurance?

A discussion about life insurance needs to be an integral part of any conversation about the financial future. As a result, you need to ask yourself a number of hard questions. First, how many people depend on your earning power? If your answer to this question is "none," then you probably don't need life insurance. However, if you are the primary wage earner, then you probably want to make sure that your family can continue to maintain their standard of living after you are gone. Towards this end, will your spouse have the money to pay or repay the mortgage once you are gone? Will your spouse have the means necessary to afford childcare if it is necessary? Will your spouse have the money to afford to send your children to college later down the line? If your answer to these questions is "no," then it is probably a good idea to look into getting life insurance.

Another way to assess whether you need life insurance is to evaluate your spouse's long and term needs in the event of your death. If your spouse would not be able to cover his or her living expenses, then life insurance is a good bet. It is also advisable in instances where you have young children that will need some time before they become financially self-sufficient. As far as short-term needs, you have to ask yourself how much money will be quickly turned over to your dependents. If it's an insufficient to meet their immediate needs, then life insurance is a good thing to have. Likewise, if your estate will owe substantial taxes after your death, then life insurance is also advisable. In sum, there are a number of factors involved in making the decision whether or not to buy life insurance. They all need to be addressed and evaluated in order to make the best choice for you.