Who Needs Life Insurance?

Did you know that not everyone needs life insurance? Life insurance is recommended when there is a need for income replacement when you pass away. Evaluating your financial relationships and your life circumstances will help you to decide if you need life insurance to ensure your loved ones are protected. 

The need for life insurance depends on your financial circumstances and relationships. The most common liability that creates a need for life insurance is kids. The money paid from the life insurance will allow the surviving family members to afford large bills like mortgages, important goals like college for the kids, and replace the loss of income from the person that died. Additionally, in many situations the person that passes is also the caregiver for kids and/or parents that loss of care needs to be replaced with financial resources. With the appropriate amount of life insurance families can pay off debt, care for themselves and reach the goals that were planned prior to the loss. 

It often takes big life moments to trigger the thought to buy life insurance. For example, getting married and anticipating starting a family, after buying your first home and needing to make sure you can afford the mortgage, or after you have a kid or more kids! 

There are many financial and situational circumstances to consider when it comes to life insurance. If you are questioning if life insurance is right for you, contact us directly for answers!