Life insurance is designed to protect your loved ones and your family in the form of financial support.
If you pass away, your dependents that are your family will lose the
income that runs the household – if you are the main bread earner.
Hence, purchasing life insurance would be a wise choice. However, you
may still wish to purchase insurance even if you have no kids or are single.
Here is some insight into whether or not you need life insurance and why:
1) Starting a family – If you are recently married and starting a family, it would be wise to purchase life insurance now. This is because while you are young and healthy, you can take advantage of lower rates. These will progressively increase with time. Also, it is smart to purchase insurance before you have kids and not until the mom-to-be is pregnant. This is because most insurance companies might anticipate the potential for medical complications and will only sell after the baby is born.
2) Established family – People who fit into this category need life insurance immediately. This is because you have a number of dependents and the surviving family will need all the financial support they can get. This is important even if your spouse is earning – will his/her income be enough to maintain the standard of living that you have now?
3) Young, single adults – if you're a young, single adult, you should get insurance if you support an elderly family member or if you want to pay for your own funeral arrangements. Insurance is not a necessity for you otherwise.4) Working couples with no children – such couples need to discuss the best options for them. If both people are working, and after the death of one, if the other can still survive comfortably on his/her own income, then life insurance isn't necessary. However, it may be possible that one spouse may want to leave their significant other in a better and stronger financial position and hence may decide to get insurance or at least look into getting a life insurance quote.
5) Elderly – with the elderly, again, if you have people depending on you or you want to pay for your own funeral arrangements, only then should you purchase insurance. Otherwise, you don't require insurance at this age. It is important to remember that insurance at this age will also be very expensive.
Children – Children do not require life insurance simple because they do not have anyone depending on them for financial support.
Here is some insight into whether or not you need life insurance and why:
1) Starting a family – If you are recently married and starting a family, it would be wise to purchase life insurance now. This is because while you are young and healthy, you can take advantage of lower rates. These will progressively increase with time. Also, it is smart to purchase insurance before you have kids and not until the mom-to-be is pregnant. This is because most insurance companies might anticipate the potential for medical complications and will only sell after the baby is born.
2) Established family – People who fit into this category need life insurance immediately. This is because you have a number of dependents and the surviving family will need all the financial support they can get. This is important even if your spouse is earning – will his/her income be enough to maintain the standard of living that you have now?
3) Young, single adults – if you're a young, single adult, you should get insurance if you support an elderly family member or if you want to pay for your own funeral arrangements. Insurance is not a necessity for you otherwise.4) Working couples with no children – such couples need to discuss the best options for them. If both people are working, and after the death of one, if the other can still survive comfortably on his/her own income, then life insurance isn't necessary. However, it may be possible that one spouse may want to leave their significant other in a better and stronger financial position and hence may decide to get insurance or at least look into getting a life insurance quote.
5) Elderly – with the elderly, again, if you have people depending on you or you want to pay for your own funeral arrangements, only then should you purchase insurance. Otherwise, you don't require insurance at this age. It is important to remember that insurance at this age will also be very expensive.
Children – Children do not require life insurance simple because they do not have anyone depending on them for financial support.
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