Life insurance: What type and how much?
Striking a balance between being "insurance poor" and unprotected, assess the real needs and choosing products that are affordable. This article presents the different types of insurance products and the role they can play in a personal financial plan.
Life insurance
Conventional wisdom says that life insurance is sold, not bought. In other words, some people are reluctant to talk about the importance of owning life insurance, and others are simply not aware of the need for life insurance. While many large companies provide life insurance as part of their benefits package, this coverage may be insufficient.
Who needs life insurance? If there are people who depend on you for financial support, or working at home providing your family with services such as childcare, cooking and cleaning, you need life insurance. Older couples may need life insurance to protect a surviving spouse against the possibility of retirement savings of the couple being depleted by unexpected medical expenses. And people with substantial assets may need life insurance to help reduce the effects of taxes and transfer wealth to future generations.
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