Do You Need Life Insurance

Leave your question for lorne marr lorne marr is the founder of lsm insurance an independent canadian life insurance brokerage company. If you own a home have debt have kids or own a business you should seriously consider life.

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I cant just cancel it.

Do you need life insurance. Do you really need life insurance. Life insurance is scary thing to think about but it is an essential part of financial planning. Just because youre retired doesnt mean its too late for life insurance if you need it.

Youd only need to think about life insurance if you wanted to organise your affairs and leave your property to a friend or charity. The older you get the more expensive life insurance becomes and you risk being refused if there are problems with the life insurance medical exam. But if your children partner or other relatives depend on your income to cover the mortgage or other living expenses then the answer is yes you probably do want life insurance since it will help provide for your family in the event of your death.

If you rent or own a home and cant answer the question where would my family be living 1 year from today if i suddenly died you need life insurance. Not everyone needs life insurance also known as life cover and death cover. Ask an insurance expert.

Life insurance has long been a part of estate planning in the united states. When you tell someone they no longer need to carry a life insurance policy they often give you a befuddled lookthen they say something like but ive paid into it all this time. If you have no dependants you probably dont need to worry about life insurance when you buy a home.

You may also consider purchasing life insurance while you are young so that by the time you need it you do not have to pay more due to your age. Your mortgage would be settled by the proceeds of sale of the property following your death. Although life insurance does not need to be a part of every persons estate plan it can be useful especially for parents of young children and those who support a spouse or a disabled adult or child.

You do not need life insurance. You need some life insurance to protect that income of yours. The short answer is most likely yes.

The untimely death of you or your spouse could leave the other with debt and thats the last thing either of you want the other to face heading into retirement. The answer should be in the exact same place they are living now. Life insurance can fill a wide variety of needs including covering the finite years of a mortgage and protecting the interests of a special needs child who will need financial support after you.

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