Should I Buy Life Insurance?
Does life insurance make sense for you?
If you're wondering about whether or not to buy life insurance, ask yourself a few questions about your personal situation. Are you married or single? Do you have any children? Do you own your house? Questions like these will help you figure out if you should take out a policy, and also how much coverage you should get.
As a young adult
Like most in this stage, your sudden death wouldn't create financial hardships for others so having coverage isn't a huge priority. However, if you have debts or are supporting a family member, a life policy would ensure that your dependents are provided for should you die.
Saying "I do"
If you and your spouse own a house, the burden of a mortgage may be more than your spouse can afford on one income should you pass away. Other debts, including credit cards and car loans, can also add to this burden. For peace of mind, both of you can buy enough insurance to cover your debts should anything happen.
Growing your family
Life insurance needs climax when you start having children. Whether you're a dual or single-income family, the death of one spouse could have disastrous financial consequences. Both you and your spouse should carry enough life insurance to cover all expenses in the event of either's death.
Moving up that ladder
As you develop your career, changing jobs often means changing companies. It's always important to review your life insurance coverage when you leave a company. You may not be able to keep your coverage with your former employer, so you should try to receive a comparable policy from any new company that you join.
If you're going into business for yourself, consider buying a policy. Make sure that your coverage is up-to-date, and includes all debt incurred from your business, and your personal situation.
Divorce raises beneficiary and coverage issues. If you and your spouse do not have children, you can change your beneficiary and adjust coverage amounts to reflect your single status.
If you have kids, you'll want to make sure that they are still provided for in the event of your death. Purchasing a new policy and naming them as the beneficiaries is an option.
Looking at your financial situation at the time of your retirement is recommended. Coverage is expensive at this stage, so you should understand what the financial impact would be if you decide to get a policy.
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