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.

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