Why do I need Life Insurance?
Answer:
Life insurance seems like a misnomer;
after all, what good will a big death benefit do for you if you’re dead? Life insurance isn’t for you; it’s for your survivors.

For example, if you provide the only source of income for your family, how will they survive if you die unexpectedly? Without life insurance, your spouse will be left with a huge financial burden. Life insurance can replace your income and allow your survivors to maintain their current lifestyle. It can also help pay off your debts and funeral expenses.
 
Not everyone needs life insurance. If you don’t have a spouse or children who depend on your income, you may not need a life insurance policy at all other than a small one to cover your funeral expenses. If you have enough savings, you may not even need that much.

One of the best ways to decide if you need life insurance is to ask yourself who depends on your income. If anyone relies on your income, you will need life insurance to ensure that they are able to continue financially should you pass away. If the answer is no one, you may not need life insurance.

The exception to this is the stay-at-home spouse. For example, if you are a stay-at-home mom who is raising the children, you do not have an income. However, if you were to die, life insurance can help pay for childcare. Even though you don’t earn an income, your loss would affect your family financially because someone will need to watch the children while your husband works.
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