Who Needs Life Insurance

If you're debating whether to get some life insurance, review these guidelines to determine your level of need. We'll explain how life insurance plays
a role in the various stages of life.

Singles

Most single people feel they can wait to get some life insurance, but they miss out on a major opportunity in doing so. Even if you are not married and don't have kids, it is never too early to begin planning for your future. If you're single, you might want to get some life insurance as part of your retirement planning. Additionally, if you are in good health and young, now is probably the best time to lock in low life insurance premiums.

Marriage

Getting married means that you now have someone else depending on you. Even if you don't earn an income, your spouse might still suffer financially upon losing you. Losing a spouse is hard enough without compounding it with financial woes. Get some life insurance to make sure your spouse would be able to sustain your present lifestyle in the event of your death.

Having Children

Did you know that it costs an average of $165,000 to raise a child just to the age of 18? And that's not including the cost of a college education! If you were to die, life insurance can provide for the costs of raising your children and even help send them to college. Don't let your death lower your family's standard of living or limit your children's opportunities. Having children is one of the most important reasons to get some life insurance.

Buying a House

Few families would be able to make mortgage payments if they were to lose a major wage earner. Life insurance can help your family make these payments to ensure they do not lose their home in the event of your death. If you have a mortgage or are about to take one out, make sure you get some life insurance.

Retirement

Life insurance can supplement your retirement income to make your golden years more comfortable. In addition, you can also pass on money to beneficiaries tax-free when you get some life insurance.