Life insurance is typically needed when someone relies on your income or support financially. Here are some common scenarios when life insurance is necessary:
You have dependents: If you have children or other dependents who rely on your income, life insurance can provide financial support for them in case of your untimely death.
You have a mortgage or other debts: If you have a mortgage, car loans, or other debts, life insurance can provide financial assistance to pay off these debts in case of your death, so your loved ones don’t have to bear the financial burden.
You own a business: If you own a business, life insurance can provide funds to keep the business running or to buy out a partner’s share in case of their death.
You want to leave an inheritance: Life insurance can be used as a way to leave an inheritance to your loved ones or a charitable organization.
You want to cover final expenses: Life insurance can help cover the costs of your funeral and other end-of-life expenses, so your loved ones don’t have to pay for them.
In summary, life insurance is necessary when someone relies on your income or support financially. If you have dependents, a mortgage or other debts, own a business, want to leave an inheritance, or want to cover final expenses, you should consider getting life insurance to protect your loved ones financially.
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