Why Do You Need Life Insurance?
I would say most everyone needs life insurance for one reason or another. Sometimes people think that they do not need life insurance but if they gave it some thought they may agree that they do need life insurance.
As a married couple without children, you might need life insurance. One of the reasons is that as a couple, you both have financial obligations together that may be taken care of by two incomes. If something were to happen to one of the spouses, perhaps the surviving spouse won’t be able to handle these obligations without the two incomes coming in. Married couples with children and with only one income (as maybe one parent is a stay at home parent) even though there is no income for one of the spouses are at risk. There are many obligations that the stay at home parent takes care of that they do not get paid to do and if something were to happen to the stay at home parent, the surviving spouse may not be able to handle all the activities that the stay at home parent took care of such as childcare, housework, cooking etc. Having life insurance on the stay at home parent would help the surviving spouse to take care of child care and maybe hire someone to clean and cook for the family, if need be.
If you are a single parent this may be even more important, as possibly all of the financial obligations fall on your shoulders. Having life insurance would ensure that the person you would entrust your children to if something were to happen to you would have the means to able to take care of them and to help educate them.
As you can see, there are many valid reasons to have life insurance. Perhaps getting an estimate on life insurance could get you on the path to peace of mind.
About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or PFortier@Pivot.com.