DO I REALLY NEED LIFE INSURANCE?

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Do I need life insurance? It is a safety net to provide your loved ones with financial security should the unexpected happen you. It is also smart investment to make for many. However, it can come with hefty premium payments that can add up over time.

There are two groups of people: those that don’t necessarily need life insurance at the moment, and those that do need it.

Below we analyze both of these types of individuals to help you decide which category you fall into.

People That Don’t Need Life Insurance

These are the people that are generally young and are reasonably expected to live for a long time. They also don’t have much debt to their name, and if they do, their assets can more than cover those debts. They are single, without anyone depending on them for financial support now or in the future.

You can also be older, with dependents, and still not need life insurance. If your debts are small.  You have accumulated a large number of assets.  Life insurance may not be a necessity.

People That Do Need Life Insurance

 If you are in your later years, have a family that depends on you, or carry a significant amount of debt compared to assets, life insurance is crucial to securing a stable financial future for your family once you are gone. Without being covered, your family could be stuck trying to pay for your death expenses along with supporting themselves.

There are two different types of life insurance to consider if you want coverage. You can either buy a term policy to cover you for a period of time, or you can choose whole life insurance that will keep you covered for life.

Whichever you choose, you can be confident your family will be financially secure.