When Do I Need it?
You need life insurance when others depend on you financially or otherwise. So, if no one depends on your income or labor to support them, you probably don't need life insurance. However, if there is someone that depends on you to support them (financially or otherwise), you need life insurance to provide for that some in the event of your death.
We find that in most families, both parents (or caretakers) will need life insurance because each parent (or caretaker) is either providing income or vital services that the family depends on. However, as your children (or dependents) mature and become financially independent, there is less need for life insurance to protect them. Of course, special considerations are needed for families with long-term needs.
On the other hand, if you family's wealth is great enough that the death wouldn't effect your family's financial security (or if no one is depending on your income or other labor for their support), then life insurance may not be needed. Likewise, few minor children need life insurance because they usually are not providing income or vital services that the family depends on.
To learn more about how much life insurance you need click here. When you are ready to have one of our Network members contact you to discuss your life insurance needs please click here.