Do I Really Need Life Insurance?

We’ve all heard about the importance of having life insurance but is it really necessary? Usually, the answer is “yes,” but it depends on your specific situation. If you have a family who relies on your income, then it is imperative to have life insurance protection. If you’re single and have no children and have no major assets to protect then you probably don’t need it. But if you are planning on those things in the future it may be wise to go ahead and get it.  As the younger you are, the cheaper it is.

In the event of your untimely death, your family can use funds from a life insurance policy for funeral and burial expenses, probate, estate taxes, day care, and any number of everyday expenses. Funds can be used to pay for your children’s college education and take care of debts or a mortgage that hasn’t been paid off. Life insurance funds can be used to give your spouse additional income, when you pass, as well as adding to their retirement savings. 

If your dependents will not require the proceeds from a life insurance policy for these types of expenses, you may wish to name a favorite charity as the beneficiary of your policy. (Have you even wondered why churches, colleges, hospital have someone’s name on them???  (IE... Walter Douglas Memorial Hall).

When considering what type of insurance to purchase and how much you need, ask yourself some very important questions…

-What would happen to your family without you?

-What type of legacy would you like to leave behind?

-Does your spouse rely on your income? Can they survive without it?

-Do you want to ensure that your children’s college expenses will be taken care of if you're not here?

-Would you like to leave a sizable donation to your favorite charity?

-Do you want to ensure that the funds will be sufficient to pay off the mortgage as well as achieve other goals?

Life insurance can enable you to meet these objectives and give you the peace of mind that your family will be taken care of financially.  It can be affordable and customized to meet your needs, without breaking your bank.