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Posted on May 27, 2009 by Denise | Posted under Insurance
Who Needs Life Insurance?
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Who Needs a Life Insurance Policy? In its simplest form, life insurance is financial protection for your family in the event of the untimely death of the policy holder. Life insurance needs vary depending on your personal situation. You may want to consider purchasing a life insurance policy if you are… A Student If you are a student, who has an educational loan, you may want to take out a life policy to cover your educational debts. Students have an added advantage as premiums are really cheap and if you choose a level term life policy for say 30 years, you will be able to take advantage of those cheap premiums for a long time! Married If you’re married, especially with a growing family and debts to cover, a life insurance policy can provide financial relief for your surviving spouse. It is advisable that you take out two separate policies for husband and wife. Most couples make the mistake of taking out a combined policy which leaves the surviving spouse without a life policy, if he or she were to die. The death benefits should, ideally, factor in your children’s college education, mortgage, other liabilities and enough coverage to sustain your family till it is able to support itself. A Single Parent: If you’re a single parent it becomes even more of an imperative issue for you to get insured to safeguard your child’s future. If your beneficiaries are minors, you may want to talk to your lawyer about keeping your life insurance in a trust to avail tax benefits. A Work-at-Home Parent: Not earning a salary doesn't mean you don't need insurance. After all, you are still making a financial contribution to your family. Think of all the services that you provide your family--cooking, cleaning, healthcare, babysitting, etc. If you were to die, these services would require the employment of professional services. Insuring yourself can provide your family with the means to maintain the same standard of living. A Business Owner Not only does life insurance protect your family, it also protects your business. Take for instance, what happens if a key member of your company dies? You can protect your business in such cases through “key person insurance", which provides the owners with the financial flexibility required to either hire a replacement or work out an alternative arrangement. Single In an ideal situation, single people don't need life insurance because no one depends on them financially. However, in unusual cases, some single people do provide financial support for aging parents or siblings. Or some others might be under debt such as education, personal expense, etc. If you're in these types of situations, you should own life insurance to protect your loved ones from being burdened financially in the event of your death. Elderly The elderly may want to take out a life insurance policy to pay their estate taxes or to cover a short term loan. Estate taxes can become a huge liability to anyone inheriting an estate. Death benefits can help offset such expenses for the beneficiary and inheritor. The aged may want to take out a policy to cover their funeral expenses, not wanting to burden family members. If an elderly person enjoys good health, there are insurance companies who offer special policies for senior people at competitive rates. Conclusion: To figure out exactly whether you need life insurance or not, you need to apply the worst-case scenario. If you die tomorrow, how would your loved ones fare financially? The death of a loved one is an intensely emotional grief. However, not having a life insurance policy in place at such crucial times can compound the grief and insecurity for your family. A life insurance policy can safely cover the financial aspects of your demise and the implications it has for your family. There are many online insurance providers that have access to hundreds of reliable life insurance companies. They can filter your specific data through their databases and recommend the best insurance options for you at the most affordable rates. Online insurance quote providers make purchasing a life insurance policy easy and quick. It also provides you with opportunities to compare various quotes from multiple insurance companies. For your safety, use sites that are certified by the Better Business Bureau. About The Author: About AccuQuote: AccuQuote is a leader in providing term life quotes to people across the United States. In 1986 it began operating with a single goal: to make the process of buying term life insurance as easy as possible for its customers. Their experienced professionals consistently deliver the most affordable term life insurance rates by comparing thousands of life insurance policies from dozens of top-rated carriers. |
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