Do I Need Life Insurance?

If you have ever asked yourself; do I need life insurance? Or, why would a person need or want life insurance? To answer these questions lets look at who life insurance really benefits.

Life Insurance is a good idea if…

  • you are a young parent or married and want to be sure your loved ones are cared for in the event of your death.
  • life insurance can be the difference between your relatives being able to afford taking care of your children or them going into the child welfare system. (being adopted by a stranger)
  • you are married and working full time and cannot pay off your debts with your savings.
  • you rely on your income to pay your debts
  • you have a good relationship with your spouse
  • you have debt
  • you have substantial loans
  • you want your loved ones to live comfortably in your absence.
  • you want your children’s education to be paid for whether you are living or not.
  • you want your spouse to be able to take 6 months off work to mourn.
  • you want to be remembered not for the burden you created but for leaving a legacy.
  • you want to be remembered for being thoughtful of others needs before your own.

If none of these really matter to you, then I don’t think life insurance is a good fit. There are other reasons that life insurance may not be necessary. You do not need life insurance if;

Since there are very few people who have the finances, most of us fall into the first category where life insurance has substantial merit.

Do I need Life Insurance?

This is by no means an exhaustive list. These are just some things
that I think about as a father. I want my loved ones to be unworried
about finances if I were to pass away unexpectedly. They will have
plenty of other things to be concerned with. Death is a horrible enough
thing to deal with let alone financial issues.  I can’t imagine leaving my wife and kids in a negative situation financially.


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