Who Needs Life Insurance? You Do
We all have people who depend on us, whether it be children, elderly parents, spouses or significant others. And no one like to think about the worst, we like to think that we are going to live forever and nothing bad is going to happen. But, sometimes, you need to ask yourself: what would happen if I died? Do I need life insurance?
Could those that depend on you survive if you passed? Yes. But what about the way they are living now: the mortgage, homeowners insurance, college tuition, car insurance. Losing you would be terribly painful, why compound that pain by putting their livelihood in jeopardy as well?
Even if you're wealthy and think you don't need coverage, think again. If your estate doesn't have enough liquid assets to pay estate taxes, you need more insurance. The Internal Revenue Service will want cash from your estate within nine months, and you might have to invest in a life insurance policy to swing this.
Decide if you need life insurance after reading this brief guide:
Young single adults: The reason a single adult would typically need life insurance would be to pay for their own funeral costs or to pay off any bills they might leave behind.
Non-child working couples: In some instances one working spouse contributes more to the household income or wants to leave their significant other in a better financial position. In this case, life insurance is a good way to go.
Young families: You can get cheaper rates now if you buy life insurance than if you wait until you have already started a family, buy property or age.
Established families: Both parents should have life insurance even if only one is working outside the home. The cost of replacing all the things a stay-at-home parent does during the course of the week is high, and if something happens to them, you need to be able to cover that work.
Caretakers for the elderly: Caring for an elderly parent is just the same as caring for a child, in so many ways. If you are in this position, you need to be sure that the person you are charged with caring for will be okay if you were to suddenly not be there.
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