This is a type of insurance that many people do not give any thought to at any point. But i guess it depends on your personal life situation as to whether it is something you should consider. We ask – do you need life insurance?
Do You Need Life Insurance? Relationship Status Is Key
If you are single, and do not feel that others are dependent on you, then there is little need for life insurance. After all, its purpose is to provide for others when you no longer can provide for them yourself. If you are not currently providing for someone, then there is no need to take out such insurance. That’s the key question -would your death cause financial hardship for someone?
Do you have children?
You can be single and still have dependants. If you have children , you’ve got someone who is dependent on you financially. Unless you’re in a really specific circumstance, if you have kids, you will be better off with life insurance. There are no other questions to ask, you should just get it if you are financially comfortable in doing so.
Is your Partner Reliant On Your Income?
If your partner could cope easily enough should you die, then life insurance is not a necessity. You may still want to get it, but it is not urgent to do so. And the reverse applies for your partner as to whether they should get it also. If this is not the case, you should consider getting it as soon as possible. In a single income household, especially one with children, insurance becomes even more important.
Do You Need Life Insurance? Are you Wealthy?
I’m guessing most reading this are not, so it is something of a redundant question, but if the death of you or a loved one would not devastate you financially because of existing wealth, then insurance is not as important. Again you can still get it, but those who are financially comfortable have less of a need for it. They do not require that safety mat should the unthinkable happen.
What To Do Should You Need Life Insurance
See what’s out there. Do your research, shop around, get some quotes. Decide what level of insurance you require, and what you can afford to pay for the insurance. There are plenty of comparison sites out there that will let you fill in simple criteria and give you an example quote in minutes. They do not send them to you with an obligation to proceed, and your credit score will not be affected. Life insurance is the type of thing that tends to languish in the important-but-I’ll-do-it-later task list, so you need to change that approach right now.
