How Do I Know If I Need Life Insurance?

If someone will suffer financially when you die; such as a relative or spouse, chances are you need life insurance.

Ask yourself, if you died tomorrow, how would it affect your loved ones financially, and how would they get by without you?

Life insurance provides a tax-free cash payment to your beneficiaries after your death. They can use this money as they see fit.

If you are older, your focus might be providing money so your funeral and burial costs, medical and credit card bills, taxes, debts, lawyers’ fees and other final expenses won’t be a burden left to your family.

If you are in your working years, you’ll also want to consider how your family would meet ongoing living expenses without your income. Where would the money come from to pay for the rent or your home mortgage, food, clothing, utilities, transportation, healthcare, etc.? Without your financial contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

The fact is, the death of a loved one is tragic enough, without being compounded by financial difficulties. Life insurance helps make sure the people you care about will be provided for financially, if you are no longer there to care for them yourself.

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