Should I Buy Life Insurance?

I learned long ago there are 2 main reasons you should buy life insurance:

1) You love someone, or

2) You owe someone.  

Straightforward right, you love someone such as your wife, spouse, partner, kids, I even include charity organizations here if you want to leave a legacy.  The flip side, you owe someone.  Maybe you have debts that need to be paid and the responsible “you” doesn’t want to leave that mess to your family so you take a policy out to cover all your debts. 

We will look at a couple examples to put this into a real life perspective.  In our quick examples we have Person A and Person B.  Person A is married with 3 young kids, Person A is also the family breadwinner, and owns a home in the suburbs, but still carries the debt on house mortgage.  Person B is single, no dependents, no intention of having a family or dependents in the near future, rents a condo in a downtown neighborhood, and has no intention of leaving a legacy gift to any person or charity.

For Person A, there is a spouse and children dependent on their income, and lifestyle to support.  Life insurance is a simple solution in the event of Person A’s premature death.  Person B on the other hand, is not an ideal candidate to secure a life insurance policy at this time.  There are no dependents in the picture, no debts to pay, and no gifting intentions.  

With the different options and types of policies available in the marketplace you have many options to choose from that can be customized to your situation.  Life insurance is not a one size fits all program.  If that is what you have been told by a life insurance salesman I recommend you contact us and have a more in-depth conversation about your life insurance planning.  The policies today cover the most basic needs, to the most sophisticated situations, as well as, programs for business owners. If you don’t have a policy and think you are in the same boat as Person A, it’s time to get your life insurance coverage in order, schedule a meeting today or at least reviewed to make sure you have the coverage you want.