Weekend Insurance Tip: Determine if You Need Life Insurance
Saturday February 9, 2008
Do children need life insurance? How about singles, the elderly? Life insurance is designed to protect your family and other people who may depend on you for financial support. If you die and lose your income, the people that are dependent on your financial support will lose that income, so life insurance can help cover some or all of that loss depending on the policy you choose. But there are instances where life insurance can be beneficial even if you have no dependents, such as your desire to cover your own funeral expenses. Check out Who Needs Life Insurance? for some guidelines to help you decide if life insurance is the right choice for you.
Unless you have thousands saved for a funeral, always have some life insurance on your children. Why be grief-stricken and then get caught in a financial bind, causing more stress. We pay .90 cents per month for $10,000 coverage that covers all three of our children.
Even if sinle with no dependents, you should have some basic coverage so you don’t stick a bill to your relatives, don’t be a debtor in death!