How Much Life Insurance Do I Need?

Who needs a life insurance
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What is Life Insurance?

A confusing over-abundance of insurance choices can leave us wondering what insurance we really need. Ask any insurance agent, and they’ll tell you that life insurance is the most important, yet most overlooked insurance of them all.

Why is life insurance neglected by so many families if it’s so important?

Who needs a life insurance

The principle is actually quite simple. As the policyholder, you pay the insurance company a monthly premium to guarantee payments of benefits in the unfortunate event of your death. The beneficiary can be anyone of your choice, usually a parent, child, or spouse.

Despite the benefits of life insurance, most families don’t take the time to think about solutions for such tragic circumstances.

Who Needs Life Insurance?

Everyone can benefit from life insurance, regardless of age or marital status. Most life insurance customers have families and want to protect the financial stability of their children and spouse in the event of an untimely death.

Life insurance enables your family to continue to work towards their goals, without the financial burden a death can bring.

Life insurance is even highly recommended to single adults. Imagine, you’re involved in a fatal accident that results in your unexpected death. The costs of a funeral could lie in the hands of your parents or legal guardians. This could leave them without a retirement fund in addition to dealing with emotional losses.

What are the Different Types of Life Insurance?

There are two main types of life insurance. Whole life insurance covers policyholders for their entire life, until the day they die. Term life insurance covers insurance holders for a predetermined amount of time, for example 10, 20, or 30 years.

Who Can I Sign Up for a Life Insurance Policy?

Due to past insurance fraud attempts, life insurance can only be taken out for yourself or a person of insurable interest. A person of insurable interest could be one of the following:

  • Child
  • Parent
  • Spouse
  • Sibling
  • Grandchild
  • Aunt or uncle

Where Can I Find Life Insurance Quotes?

Finding life insurance quotes is just one Google search away. You’ll find hundreds of sites offering quotes and other sites offering comparisons. Take the time to pick out a few of the policies you think would best benefit your family. Then weigh up the advantages and disadvantages of each one.

When is the Best Time to Purchase Life Insurance?

The absolute best time to get life insurance is right now, while you’re still alive!

Everyone can benefit from having life insurance, even single adults. Breadwinners with families to support, have an even more urgent need to purchase life insurance. This is one of many important steps you can take to ensure your family’s future safety and well-being.

If you don’t already have life insurance, this could be the most significant step you take to determine the outcome of the lives of those you love.

How to Choose Between Whole Life of Term Life insurance

Whole life insurance can be more expensive than term life insurance because it is maintenance free and valid your entire life. If you’re young and can afford it, whole life insurance is the best way to go.  Those who can’t afford whole life insurance can still enjoy the benefits of term life insurance at more affordable rates. Also, older policyholders may not need coverage for more than 30 years.

Some factors to consider when deciding between whole and term life insurance are: age, homeownership, number of children and family members, the presence of debt, and the ability to pay premiums.

No matter where you are in life and what you’re doing, take the time to think about all the people that matter in your life. Life insurance is the best thing you can do while you’re still alive, to care for those you love when you die.

About the Author

Maurice Draine is a licensed insurance copywriter at Mastermind Insurance Copywriting.


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