If something happened to you tomorrow, would your spouse and/or children be taken care of? Would they be left drowning in debt? Would they be able to pay for your funeral expenses? This isn’t a subject anyone wants to discuss, but the truth is it happens and you should be prepared.
Most people don’t think about Life Insurance, because you don’t think about the idea that you could get in a car accident and leave your loved ones in a financial hardship.
Here are a few tips on life insurance. The purpose of life insurance is to provide financial support for your dependents; dependents could mean your spouse, your children or someone you do or feel the need to financially support once you are no longer here to do so.
People often wonder how much your life insurance policy needs to be. That varies for people, some want to make sure their loved ones can pay off vehicles and houses, others just want to make sure their expenses are covered. If you have children, you need to think about how long they need to be supported before they become financially independent. The amount that an individual’s life insurance policy needs to be varies depending on each person’s situation.