To answer your question on “Who Should Buy Life Insurance” you should know that life insurance grants financial aid to other beneficiaries or surviving dependents after the loss of an insured.
Now: Here are some cases of people who may require life insurance
Who Should Buy Life Insurance? #1 – Parents with Special-needs Adult Children
For children who need lifelong care and will never be self-sufficient, life insurance will make sure their requirements will be met after their parents died.
Who Should Buy Life Insurance? #2 – Young Adults Who Require to Secure in Low Rates
It’s simple, the healthier and younger you are, the cheaper your insurance premiums.
More to that,
A 20-something grown-up might buy an insurance policy even without having children if there is an expectation to have their eventuality.
Who Should Buy Life Insurance? #3 – Young Adults Whose Parents
Cosigned a Loan for Them or Acquired Private Student Loan Debt
In general young adults without dependents seldom need life insurance.
But, if a parent will be on the bill for a child’s debt after they pass away, the child may require to carry sufficient life insurance to clear off that debt.
Who Should Buy Life Insurance? #4 – Families Who Can’t Carry Funeral and Burial Expenses
Hence, a small life insurance plan can grant funds to honor a loved one’s passing.
Who Should Buy Life Insurance? #5 – Wealthy Families Who Require to Owe Estate Taxes
Life insurance can grant funds to embrace the taxes and keep the complete value of the estate intact.
Who Should Buy Life Insurance? #8 – Married Pensioners
Instead of picking between a pension payout that gives a spousal benefit and one that doesn’t.
Beneficiaries can choose to acquire their full payment and use some of the funds to buy life insurance to serve their spouse.
This approach is called pension maximization.
Who Should Buy Life Insurance? #9 – Businesses with Key Employees
If the loss of a key worker, like a CEO, would create a critical financial hardship for a firm, that firm may have an insurable investment that will allow it to buy a life insurance policy on that worker.
Who Should Buy Life Insurance? #10 – Adults Who Own Property Together
Married or not, if the loss of one adult would imply that the other could no longer manage upkeep, loan payments, and taxes on the business, life insurance may be a great idea.
An engaged couple brought out a joint mortgage to purchase their first residence.