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.
Go to term life is best.
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