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You should have life insurance if someone will have any kind of financial burden when you passed away. A college student with no wife or kids probably doesn't need any insurance, and many companies won't even give them a policy.
Only to take care of small final expenses and if you have assets that ar burdened by debts that you would want to pass on to someone else.
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∙ 11y ago
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How do you know what you need in life insurance?
If you are looking to get life insurance you should consider if you have any dependents and if you don't you won't need life insurance. You could get life insurance if you are a sole owner of a company and you need to decide how much money your company will need after you die.
Is life insurance mandatory?
No. Not unless you have been instructed by a court order to have life insurance in place (i.e. for your dependents)
Life insurance is effective?
Life Insurance chiefly is a risk management tool meant to offer financial protection to your dependents in the unfortunate event of your death. If you are adequately insured, your life insurance should enable your dependents (spouse, children, parents( to maintain their current life style and pursue the life goals-till such a time as they are in a position to set up an alternative income stream by themselves. That's the basic purpose of life insurance.
Does a life insurance calculator provide a benefit for dependents?
Yes, the dependents of the policy holder play a major part in the life insurance calculator process. One of the main things calculated is how much your dependents would have, and what they would need if your death were to happen now.
What can we be insured for?
A life insurance policy can go a long way toward helping dependents who have experienced the death of a loved one. If the breadwinner of the family dies, his dependents can be left with nowhere to turn. If he has a life insurance policy, however, then his dependents will have a safety net until they can fend for themselves.
Is it bad not to have life insurance?
Life insurance is a necessity if you have a spouse and/or children that rely on you for their subsistence. If you have no dependents it is not necessary to create a windfall for someone else.
What part of a comprehensive financial plan is intended to protect wealth and dependents?
Life insurance planning
Need of life insurance in urban and rural areas?
The need of life insurance is based on each individual's specific situation and desire to protect their dependents. Life Foundation has needs calculators to find out your particular life insurance needs.
When would an individual want to purchase family life insurance?
Family life insurance is a more simple to get complete coverage for the whole family under a single policy and rate instead of several different ones. One should purchase family life insurance when they have dependents that would be financial effected by their premature death.
Is it wrong to have life insurance?
No, it is the correct thing to do and it takes character and love to buy insurance. It is not wrong to have life insurance. In fact, it is a loving way to provide financial protection for your family, even after you have died. It is advisable to have a life insurance especially if you have dependents and debts to cover. A life insurance policy could make a significant difference in the life of your family.
Do children need life insurance?
Children don't normally need a life insurance policy for the simple fact that they rarely have any debt. They also do not have any dependents, such as a spouse or children, who depend on their income.
How long should you carry insurance to protect your children?
You should carry insurance on your children until they are old enough to get insurance on their own. This is usually when your child graduates college. As long as your child is a full-time student and one of your dependents, then you should be able to carry insurance on them.
