Do I need life insurance?

If you are asking yourself this question, you are probably thinking about taking out a life insurance policy. Let us help you decide if you would benefit from this type of investment. Here is a direct answer on if you would need life insurance.

What is life insurance for?

The main reason why people would opt for life insurance is to be able to safeguard their family from a financial problem after their death. It would enable you to have savings that would be set aside for your family. Some insurance policies will also allow the money you have saved to be brought toward the tuition fees of your children. 

Starting a family. If you have a family that needs you, you will also need a life insurance policy to protect them in the long run. If you get life insurance when your family will still be young, you can stand to get more out of the policy because it would be cheaper.

Life insurance should not only be restricted to the spouse that works outside the home. Even the spouse that does housework also needs life insurance. There are many financial problems that can affect a family, and life insurance can cover all of that.

Do I need life insurance if I am single and have no children?

All of these situations would talk about family, the next question probably lined up in your mind would be “Should I still get life insurance even if I do not have any children?”. While life insurance is designed to give protection to family members and other dependents who depend on you for financial support, you can also get it even if you do not have any children. 

Life insurance can be beneficial to those who do not have dependents too.

It can help pay for your own funeral expenses.

Even if you do not have a plan to ever have any children, life insurance can give you peace of mind that when you are older, you will not have to set aside money for the grim and depressing task of planning your own funeral.

Young single people can benefit too.

If you do not have children, you might have parents that you care for financially. The younger you buy in, you will not have to worry about being declined due to age and health problems. If you are older when you invest, you will have to pay a bigger premium because of your age.

You can also use your life insurance policy to pay any debts when you pass away. If you are paying for a housing loan, car loan, your policy will ensure that all these debts are fully paid off. This way, your assets will not have to be liquidated just to pay off those debts. Those assests can still be passed on to someone you care about.

Couples with no children

If you belong to a relationship like this, you can take out a life insurance policy that has a “first to die” policy, where the spouse that outlives the other can get the benefit of the one who dies first.

See? Life insurance is not only for people who have children. Even if you do not plan to have any children, there are still many reasons why you should get life insurance for yourself. To give yourself peace of mind.