Do You Really Need Life Insurance Coverage?
Most people assume that they should have some form of life insurance. This may or may not be the case, depending on your specific life situation. Not everyone needs life insurance coverage. The fact that life insurance costs a certain amount of money each month and that these payments will go on for years should make you carefully consider whether or not you actually need such coverage. So, do you really need life insurance coverage?
People Who Don’t Need Life Insurance
Not everyone needs life insurance. If you do not have any people who rely on you for their financial security then you probably don’t need to purchase expensive life insurance coverage. For example, young people, college students or recently graduated working professionals without families probably don’t have to get life insurance. Sure it may be great to leave some benefits behind after you die to help your family pay for your funeral, but it is probably not worth the cost you would pay each month. Children also do not need life insurance. Single adults or adults who do not have to contribute their income to support others also don’t need life insurance.
People Who Do Need Life Insurance
Anyone who has someone else depend on them to provide income to pay bills, pay the mortgage, put food on the table and provide educational and health expenses should definitely have life insurance. Anyone whose income is a large percent of a household’s incoming money should also have life insurance coverage. Basically, if the money that you bring in on a yearly basis is a major source of income for anyone else to survive on, then you need to ensure that this income will still be there after you die. Businesses who rely heavily on the talents of a single employee or owner will also want to purchase life insurance. This way, if the employee or owner dies, the company will have enough money to remain afloat until they can replace them. This may also be the case for disability life insurance. If you are disabled and are unable to continue bringing in money, then who will support your dependants?
Everyone should take a few minutes to carefully consider whether or not they actually need to pay for life insurance. Anyone who does need such insurance should get it without delay.