Life Insurance

Life Insurance

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Do I Need Life Insurance

Before deciding WHICH type of life insurance you need, it is important to ask whether you need life insurance at all.  Of course, those that are interested in selling you a policy will most likely say yes, but the truth of the matter is that many people have life insurance when they don’t really need it.

First off, when we say “need it” we are talking about life insurance playing a vital role in the financial well being of the family should a primary breadwinner pass away.  That is important, because we are clearly making a distinction between needing and wanting life insurance.  If you, or your family, just “wants” life insurance then by all means purchase however much life insurance will make you happy.  The purpose of this article is more to answer the “need” aspect of life insurance.

Needing life insurance specifically means that if the insured person where to pass away, there would be financial responsibilities that the family would not have the ability to handle.  Examples include mortgages, other debt, funeral costs, tuition expenses for children, or even day to day living expenses if the remaining members of the family would be unable, or unwilling, to earn enough to cover them.

Usually, the “need” for life insurance is greatest for couples in their twenties and thirties, and begins to drop substantially after that.  Remember, while you want to have adequate coverage so the family is taken care of should something happen, money you spend on life insurance is money that cannot be spent on something else.  That seems obvious, but even a couple of hundred dollars a year spent on unnecessary insurance could certainly be enjoyed in many other ways.  So, just remember to ask yourself how much life insurance you really “need” before you make the final decision on how much to buy.

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Life Insurance Resources

Important: although the information presented on this page was provided by the experienced insurance specialists at, it's use is strictly limited to educational and informational purposes. This information is not to be used in place of the consultation provided by a licensed insurance representative or legal advice of an attorney.