That is a great question! You might wish to have life insurance if there is a chance that your loved ones will not be able to live comfortably without the income that you provide. You might also wish to have it if covering your funeral expenses might prove to be a problem. If you can afford to cover your expenses and your loved ones won't suffer from your missed income, then you might not need any. I hope that helps, thanks for asking!
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes. There is always a need whether you may realize it or not.
The need for coverage can be anything from estate planning to transfer your estate to your children at the lowest possible cost, having just your burial and final expenses covered so your family members are not burdened with the expense, to paying off debts such as mortgages, cars, credit card debt, medical bills, etc. so your surviving spouse doesn't have to be responsible for paying it off, to replacing lost retirement income for the living spouse (e.g. social security income, pensions, etc.), to leaving a legacy to your family (e.g. as a gift to your kids), and others.
There's many reasons to keep your coverage going. We often find people regret having not purchased coverage sooner or they let their old policies lapse because they needed it when they got to their 70's and 80's.
If you're unsure about what to do with your own specific situation, you can always consult with an experienced broker who can help you determine what is suitable for your needs.
I hope the information is helpful - please feel free to contact me for help or if you have any other questions. Thanks very much.
Absolutely, if the individual owns a large estate that is subject to estate taxes; desires to leave a financial legacy to heirs, etc. In fact, permanent life insurance should be paid up by retirement and is an asset with multifaceted uses. It can be used to cover critical illness expenses, retirement income and so much more while an individual is still alive. These options make life insurance a smart buy at all life stages!
More then likelyca person weill alsways have a need for some amount of life insurance coverage. Coverage may be needed for estate planning purposes, final expenses, medical expenses, or other debt.
Every individuals situation is different, so there isn't a one size fits all amount of coverage to recommend. It's a good idea to think about these things while at a younger age, to lock in a life insurance rate while younger/healthier.
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The need for coverage can be anything from estate planning to transfer your estate to your children at the lowest possible cost, having just your burial and final expenses covered so your family members are not burdened with the expense, to paying off debts such as mortgages, cars, credit card debt, medical bills, etc. so your surviving spouse doesn't have to be responsible for paying it off, to replacing lost retirement income for the living spouse (e.g. social security income, pensions, etc.), to leaving a legacy to your family (e.g. as a gift to your kids), and others.
There's many reasons to keep your coverage going. We often find people regret having not purchased coverage sooner or they let their old policies lapse because they needed it when they got to their 70's and 80's.
If you're unsure about what to do with your own specific situation, you can always consult with an experienced broker who can help you determine what is suitable for your needs.
I hope the information is helpful - please feel free to contact me for help or if you have any other questions. Thanks very much.
Every individuals situation is different, so there isn't a one size fits all amount of coverage to recommend. It's a good idea to think about these things while at a younger age, to lock in a life insurance rate while younger/healthier.