subject: Life Insurance- Do I Really Need Coverage? [print this page] Life Insurance- Do I Really Need Coverage?
So many people don't shop for life insurance because they don't think that they need it. The reality of the situation is that no matter how young or healthy you are, or whether you have anything to your name or dependents who need your financial support, life insurance is always something to consider investing in. Having life insurance can do many things, and everyone can benefit from coverage. If you are not certain whether or not you need life coverage, here are some things to think about.
-Do you have money to pay for your funeral and burial? If you don't have these funds set aside, you will at least want to purchase life coverage to take care of those costs. Otherwise, your family will be left with the financial burden and you don't want that.
-Do you have a family? Even if you live in a dual-earner family and your spouse has a job, who will take care of your children if you both pass away? You need life insurance to guarantee the financial security of your family.
-Do you have debt? Mortgages, car loans, and final bills will need to be paid after your death. Unless you have some type of money set aside or don't mind leaving your family with the burden, you need to get life coverage so that you can get these things taken care of.
-Do you have money for retirement? Even if you are only in your 20s, this is something to think about. A whole life insurance policy can give you financial security and accumulate cash value over the years so that you can have extra cash in the event that you need it later in your life.
-Are you psychic? This might sound like a stupid question, but unless you can predict the future and guarantee that you will never need extra cash for anything or protection in the event of your death, you really need to consider buying life insurance. Life is unpredictable, which is what makes this coverage such an asset to have.
When considering life insurance, never think about the expense or the hassle of getting coverage. Instead, think about what you can get for your money, the peace of mind that it brings, and how your future is more secure because you have coverage. Everyone needs life insurance, even if they don't know it yet.
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