Why You Need Life Insurance
We've all heard about the importance of having life insurance, but is it really necessary? Often, the answer is "yes," but it depends on your specific situation.
In general, you should consider life insurance protection if any of the following applies to you:
You are married and your spouse depends on your income
You have children
You have an aging parent or disabled relative who depends on you for support
Your retirement savings and income won't be enough for your spouse to live on
Your estate may be subject to federal or state estate taxes
You own a business, especially if you have a partner
You have a substantial financial obligation such as a personal loan for which another person would be legally responsible after your death
In these cases, the proceeds from a life insurance policy can help the people you leave behind after your death.