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You should eventually ask yourself if you need life insurance. The answer is usually “yes”, as people believe that there should be some sort of compensation to their loved ones if one were to pass away unexpectedly. But the truth is that not everyone should opt for life insurance, as the costs that lie alongside the policy many times surpass the compensation that one would expect.
The main reason behind buying life insurance is to support your family. But as a matter of fact, it is not always necessary. If your kids are grown up or if you have enough money or financial assets to prove as a financial support, then perhaps you do not need life insurance at all. You need life insurance basically if your passing would leave your spouse and children without financial support. Not everyone needs life insurance throughout their entire lives, as the most common case is that one outlives the term in which the life insurance would prove to be useful.
You can think of it just like car insurance. If you do not drive your car, or if you just use it once a month, then why should you pay for car insurance? Life insurance behaves the same way; for it to be effective, you must have some sort of financial responsibility to account for. Life insurance allows you to secure that monetary support of your loved ones so they can account for education, health and upkeep. Then there’s the subject of term and whole life insurance. Most people buy term life insurance, which usually lasts about 30 years; this type of insurance is cheaper and most of the times it covers the needs of the applicants without too much trouble. Whole life insurances offer coverage until you die, but the policy premium is usually way more expensive than the one of a term life insurance. The main reason to buy life insurance is to cover up the possibility of the absence of someone who brings financial stability. If you’re married with children and your partner stays at home to take care of the kids, then that leaves you as the financial support of the family. It would be a smart decision to get life insurance for yourself and your partner, as the death of one of you would bring a heavy burden on the raising of your children.