Why do I need Life Insurance?

Life insurance has been a key component of estate planning. It can be very useful for financial planning, especially for parents of young children and those who support a spouse or a disabled adult or child. Alternatively, life insurance does not need to be a part of every person's estate plan. For example, people who do not have minor children or financially strapped dependents may not need life insurance.

In addition to helping to supporting dependents, a life insurance policy can provide immediate cash at death to pay the deceased's debts, funeral expenses, and income or estate taxes. Below are some key considerations to help evaluate your life insurance needs.

If you decide to purchase insurance, you should know exactly why you are buying it and choose the best type of policy to meet your needs. You should consider your financial situation and obligations when selecting the type and length of policy. Of course, you should buy no more than you need.

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