Life insurance not something to skimp on, analyst says

Feb 01, 2011

Don't pinch pennies on life insurance

Consumers looking for ways to save money should find something besides life insurance in their budget to get rid of, according to a report from FOX Business.

The serious risk people run by not having life insurance or having an insufficient amount, the news network says, is that their deaths could leave dependent spouses and children in an impossible financial situation. Without the income provided by a breadwinner, money woes could quickly compound the grief of losing a family member.

Other types of insurance are just as important - and could prove just as noticeable in their absence, FOX Business says. If, say, someone is injured on a consumer's property, that consumer could be out thousands of dollars in a liability suit if they don't have sufficient liability coverage in their homeowners policy.

Beyond simply providing a death benefit, experts say some types of life insurance policy can be used to grow and preserve older consumers' retirement funds by retaining their cash value. Given the possibility of changes to Social Security benefits, this could be a good option for securing one's nest egg.

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