Looking for life insurance?
Compare Life Insurance
Quotes and Rates!
Life Insurance Group > Life insurance FAQs > Life insurance types » Do you really need life insurance coverage?...

Do you really need life insurance coverage?

Tuesday, March 6th, 2012

Before you decide to purchase a life insurance policy, it is important to know some basic facts about life insurance. Most of us purchase life insurance due to various reasons. Regardless of whether you are married, single, student, parent, or a senior citizen, you would have surely contemplated about purchasing a life insurance policy at some point in time. Investing in life insurance is a good idea, but you have to get your basics right.

Some people may have debts to cover in the event anything happens to them. There may be some people, who may only be able to afford their funeral expenses in the event of death. In some families, the bread winner may want to ensure that their loved ones are not put through financial hardships in the event of their death, so they might want to purchase a policy. So, there are a number of reasons for purchasing a policy and you must arrive at what you want the policy to cover.

Very often, people think of purchasing life insurance when they have a family or only when the spouse needs life insurance etc. However, that is not the right way to go about it. instead, you must try and ask some pertinent questions in order to check to see if you require life insurance and the amount of coverage you will need etc. If you are single and if you have large debts and if you have a co-signer then you should certainly consider purchasing life insurance. However, even if you don’t have a co-signer you may still want to purchase insurance to cover the debts and also take care of the funeral expenses, just to be on the safe side. Once you are sure that the debts are covered, the remaining assets could be left behind for your siblings or heirs.

In case you own a business and you have a large stake, then life insurance could be a great idea. Under such circumstances, you may want to purchase separate policies for your business and for your family as well. The money that is in the policy (business) may be used to pay off debts or even to help your partners remain in the business. Married couples with or without children should consider buying life insurance policies. This will ensure that your spouse can continue leading a normal life with or without their life partner, in the event of something unfortunate.

OTHER LIFE INSURANCE TYPES FAQs

March 25th, 2012

How to decide on a policy from the various life insurance types available?

The reason anyone gets a life insurance policy is for the very simple need of providing for the family in case of death. Especially in cases where the death is unexpected or if it occurs post retirement then the sum received from the policy will help the family to manage for some time.  Investing in […]

March 2nd, 2012

How do you know which life insurance you should purchase?

The concept of any type of life insurance is a common one- to provide benefits in case of death of the insurer. Though this basic aim is realized through any life insurance, the size of the benefits, the size of the premiums to be paid and the benefits of the policy vary from one insurance […]

February 27th, 2012

How will life insurance benefit your family long after you are gone?

Life insurance is certainly a basic necessity especially if you are married and have dependents. Very often people tend to put off the decision to purchase a life insurance policy. This could really lead to serious problems, should anything happen to you. This is all the more important if you are the sole breadwinner of […]

Life insurance types news

January 15, 2015

It’s a new year, and a new beginning as people say goodbye to 2014. We hope it was a prosperous and sound year for all. There is a lot of optimism for 2015, and this is the best time for some introspection of achievements made over the past twelve months of 2014, a...

October 30, 2014

We're all well aware of the importance of life insurance policy. We buy them from various reasons, we have a neighbor who passed away in his 30's and left his family with too many bills to pay, we have purchased a house and need to cover for mortgage, maybe one of our r...

More news >>

Life insurance guides

February 16, 2014

Life Insurance policies are bought so that members of the family have strong financial footing, even after the death of the insured. Insurance Po...

Continue reading
More posts
© 2019 LifeInsuranceGroup.com
Life Insurance Quotes for All Occasions. All Rights Reserved.