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Who Needs Life Insurance?

Wondering if you really need life insurance? Here’s a breakdown of who should get covered.

Wondering if you really need life insurance? Here’s a breakdown of who should get covered.

Do I Need Life Insurance?

Life insurance is there to help protect the people you love. Ask yourself: Is there anyone depending on you who would struggle financially without your support? If so, you need to be covered. But while life insurance is a must for many people, there are some situations where buying life insurance may not be required.

If any of these situations applies to you, it’s time to start thinking about coverage.

Someone depends on your income

Typically, this would include kids or a spouse, but can be any dependents, such as aging parents or siblings. Life insurance coverage helps replace your income so they can cover day-to-day expenses if you’re not around, maintain their quality of life, and pay for any debts.

You have young kids

Coverage is essential if you have kids, even if you don’t work outside the home. Stay-at-home parents may think they don’t need life insurance, but if you weren’t there, your family would likely have to hire help to manage everything you do for free. According to one estimate, the salary for a stay-at-home parent’s typical tasks would add up to over $160,00 a year.  By getting covered, you can make sure your family can carry on and even give your partner the flexibility to take some time off work if needed.

You have outstanding debts

If you have a mortgage, credit card balances, school loans, or other debt, life insurance helps ensure your loved ones could take care of it if you weren’t there. This is especially important for any co-signed debt, since your loved ones could be liable for any payments once you’re gone. By covering your mortgage, you can also make sure your family doesn’t have to move if you pass away.

You want to cover end-of-life expenses

The average funeral costs around $10,000. Add in medical bills and other end-of-life expenses, and that number can creep even higher. Life insurance will help you plan ahead for those expenses, making sure the money is there without burdening your family.

You want to leave a legacy

Want to pass on something to the next generation? Life insurance can help make sure there’s money to leave behind to relatives or even your favorite charity. If you’re looking for an extra cash cushion that’s guaranteed no matter how long you live, permanent insurance is a great way to go.

You’re a business owner or partner

As an entrepreneur, you may be responsible for running a business, possibly with a partner as well. If you plan for the business to keep running after you’re gone, a life insurance policy can help. By naming your business partner as a beneficiary, they can take control of the finances or use the funds to buy out remaining shares.

Who Doesn’t Need Life Insurance?

You may not need life insurance if:

  • You don’t have children or other dependents counting on you financially
  • You don’t have a mortgage, school loans, credit cards, or other debts
  • You and your partner have enough income and assets to care for yourselves independently

Even if you think you don’t need it, make sure to consider all the expenses that could crop up over time, like medical bills for your partner in their later years or end-of-life expenses. A life insurance agent can help walk you through your needs and options.

Life Insurance at Every Age

  • Single adults

    Single adults

  • Just married

    Just married

  • Starting a family

    Starting a family

  • Planning for retirement

    Planning for retirement

  • Leaving a legacy

    Leaving a legacy

Life Insurance Quotes with eFinancial

At eFinancial, we’re committed to helping you find high-quality, affordable life insurance that meets your needs. We offer top life insurance products from more than 20 nationally recognized insurance companies and compassionate guidance from our agents. We’re here to support you personally at every step in the process, so you can get covered as quickly and easily as possible – often by the end of one phone call.

To get started, request a free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.