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Life Insurance is vital if your loved ones depend on your income

Should I have Life Insurance?

Although life insurance does not need to be included in every person’s estate plan, it can be valuable, especially for parents of young children and those who support a spouse.

In addition to helping to support dependents, life insurance can help provide instant cash at death. Insurance proceeds provides cash to pay the deceased’s debts, funeral expenses, and taxes.

People who have no minor children or financial dependents may not need life insurance.

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Adequate Life Insurance will provide for the care and financial support of your family

Questions to ask to help evaluate your life insurance needs

When you decide to purchase Life insurance, it should be for an exact purpose. Choose the best type of policy for your needs. Don’t buy any more than you need.

How many people depend on your income? 

If the answer is “none,” you probably don’t need life insurance.

How much money would your dependents need for living expenses? 

From the income you earn and bring to your dependents regularly, subtract the worth of property they would inherit from you and any amounts that will be available from public sources or private insurance plans that already provide coverage.

You may also be covered by union or management pensions, or a group life insurance plan.

How long would it take for your dependents to become independent? 

If your children are nearly finished studying, they may not need much additional income, as younger children do. Remember that a dependent spouses can usually return to work at some stage.

You may find that your dependents need little or no additional income from life insurance. Having young children, it possibly makes sense to buy an affordable amount of life insurance.

More valuable information:

TOP 6 Life Insurance Myths

Life Insurance: If you do it well, your dependants won’t suffer financially after your death!