One of the most commonly asked questions people have when it comes to life insurance is, “do I really need to have it?” Although arguments can be made on both sides, here is a look at a few circumstances where having a policy can be very beneficial.
Do you have a mortgage?
This is a common area of concern if you are a parent who has a home mortgage. What happens if you suddenly pass away? Life insurance can provide for a free and clear mortgage so that your wife and children to not have to worry about making future payments. That alone is one of the most important reasons to have a policy.
Do you have a wife and family?
This is one of the biggest arguments for life insurance. If you have dependents that look to you for financial support, then you need a policy that can provide for them for years to come in the event something tragic happens to you. This is an area that I’ve seen firsthand effects from.
Many years ago a relative of ours suffered a heart attack at a very young age. Unfortunately, he didn’t come through it. He never believed in having insurance other than the small amount of coverage he had through his employer. It simply was not enough for what his family needed.
Having something to give to your children in the event you pass can be a solid reason for getting a policy. Proceeds from a life insurance settlement can set up your children for the rest of their lives. It could also be split between grandchildren to leave behind a lasting legacy.
These are just three major reasons for needing life insurance coverage. If you find yourself in one of these categories, do you have a policy in place that will take care of their needs?
By Alexis Dean