Who Needs Life Insurance The Most?
Life insurance is a means to ensure your financial obligations are covered and your loved ones are taken care of should the worst happen. However, whether you need life insurance depends on your financial goals. If any of the following scenarios fit your situation, you may want to look into it.
| Situation | Reason for Life Insurance |
|---|---|
| Children have grown up and moved away from home | Create a legacy of money to pass on to heirs or pay for college tuition |
| Spouse may need income after you are gone | Help maintain the current standard of living you and your spouse have established |
| Care for a parent or special needs sibling | Ensure their financial needs are taken care of if you were to pass away |
| Entrepreneur with a team depending on you | Loss would impact your partners and employees |
| Business partnership | Covering key persons or backing a buy-sell agreement |
| Retiree | Protect heirs, pay for estate taxes and funeral expenses, and a monetary gift for children |
| Stay-at-home parent | Childcare, cooking and food costs, transportation and cleaning can add up |
There are several ways to calculate how much life insurance you need, based on the reason you’re buying it. Bankrate’s life insurance calculator can help. In general, you may want to calculate the amount of lost income you’d need to replace if you passed away. A licensed insurance agent or financial advisor can help you decide how much life insurance you need.
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