subject: Identifying The Need For Life Insurance [print this page] More often than not we keep postponing when we come to taking up a life insurance policy. This is mainly because one can easily get confused because of the numerous options available in the market. But it is very important to go in for a life insurance scheme, more so if you are the primary contributor to your familys income.
Life insurance schemes are designed so as to protect the dependent family in the event of any loss of income or sudden demise of the breadwinner. There are some insurance schemes which are designed for different types of people in different stages in life. In this article we try to define the different insurance schemes available for the various segments so that one can easily make the right decision and choose the right
Couples who have just got married and are planning to start a family should go in for life insurance as there will lot of changes and dependencies in their lives. Moreover the rate would be far lesser when taken at young age than when taken as one grows older. Hence it is ideal that one should take life insurance now when they do not have too much expenses and the premium amount is low.
If you belong to that stage in life wherein you have a full fledged family depending on you, it is critical that one takes a life insurance policy if it has not been done earlier. Both the partners should go in for life insurance not necessarily the breadwinner alone. When one thinks about it the amount to be spent in case the homemaker suffers from some sickness is really high, particularly calculating the amount required for the upkeep of the house.
Single adults too require to go in for life insurance particularly as they would not be having anyone to take care of them in the later part or even to support their aging parents in case of their untimely demise. If one has planned for their own funeral and made their arrangements in advance and do not have any dependents, then there is no need for the single person to take life insurance.
Double income families with no children too would require life insurance. This is because more often than not the double income families are used to living in luxury which might be not possible in the event one of the two passes away. There are many life insurance policies directed at this segment specifically which would be good to go for.
There is no need to take a life insurance policy for children, though there are some specific policies directed at kids but in general they are not required. In case of the elderly, when there is no dependent, then it might not be a great idea to go in for a life insurance because the premium amount to be paid would be way too high to justify the policy.
Hence depending on the stage of life that one is in one should choose the right insurance policy to go for.
by: jacob hubert
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