Are you considering purchasing life insurance, but you aren't sure if you really need to have a policy put into place? While it is true that life insurance policies are not for everyone, there are certain people and certain situations that truly warrant having a policy.
Perhaps the most important reason to have a life insurance policy in place is because you are a parent with dependent children. If your children are not adults yet or if they have not finished their education, it will be difficult for them to take care of themselves when you are gone. Therefore, you will want to be sure to have a life insurance policy in place that will provide them with the financial assistance they need to grow into self-sufficient adults.
If your children are still young or if they suffer from a disability, it is time for you to seriously consider getting a life insurance policy in place. Even if they are older and generally able to care for themselves, however, you might still want to purchase a life insurance policy if they are attending college or are otherwise financially dependent upon you. By having a life insurance policy in place, you can be certain your children will be able to finish their education even if you pass away.
If you have a stay-at-home spouse or if your spouse works a part time job or is simply unable to work, getting a life insurance policy is a way to ensure he or she will be able to handle the bills after you are gone. Without a policy in place, your spouse may end up losing the house you worked so hard to buy or may face even worse financial troubles. At the minimum, you should seek out a policy that will provide your spouse with the money necessary to seek out a job that will pay for the regular household expenses.
If you are in debt, the last thing you want to do is leave this debt with your estate for your loved ones to handle after you are gone. By taking out a life insurance policy, you can make certain your unpaid healthcare expenses, mortgage expenses and other debts are paid off after you pass.
With the help of a life insurance policy, you can potentially avoid estate and probate taxes. By naming your dependents as your beneficiary, you can help them receive money more quickly than they would have to when dealing with a traditional estate transfer.
The bottom line is that there are many reasons to have a life insurance policy in place. So, if you want to make certain your loved ones are taken care of even after you are gone, it just might be time for you to take a closer look at life insurance policies and what they can do for you.