If you’ve never considered buying a life insurance policy, you’re probably not the only one. However, life insurance is an important safeguard for you and your loved ones, and it’s more affordable than you may realize. Here are six questions to ask yourself that can help you determine if you need life insurance.
Are you married or in a committed relationship?
Expenses like loans, mortgages, and living costs can be difficult with a single income. Life insurance can protect surviving partners or spouses from unmanageable debt.
Do you have children or dependents?
Planning for your children’s financial stability in the future is important for any parent. Life insurance can help cover immediate expenses as well as future costs, like college funds, should the unexpected happen.
Do you care for extended family members?
The continued financial support of family members like cousins, siblings, parents, or nieces and nephews is a great reason to purchase life insurance.
Do you have a mortgage or debt?
If you pass away unexpectedly, life insurance can help cover the cost of these expenses and other costly services.
Do you own a small business?
Life insurance can combine protection for your business and your heirs. Certain policies can provide funds for a buy-sell agreement so your interest in the company can be sold and provided to your surviving family.
Do you want additional income when you retire?
Certain types of life insurance policies can provide additional income after your retire, if you’ve planned ahead correctly. These lifelong policies can help guarantee you’ll have a higher monthly income in your golden years.