People Who Need Life Insurance

Life insurance

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Life insurance is important for most except for a few groups of people. In case of your untimely death, your family will be left without a bread winner and this can put them in a serious financial crunch. Hence, purchasing life insurance would be a wise choice. However, you may still wish to purchase insurance even if you have no kids or are single.  Here is some insight into whether or not you need life insurance and why:

Starting a Family:

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You are usually young when you are just starting a family and therefore you can take advantage of lower rates that are often offered to the young. Premiums for older people are higher than those of the young. Also, it is smart to purchase insurance before you have kids and not until the mom-to-be is pregnant.  This is because most insurance companies might anticipate the potential for medical complications and will only sell after the baby is born.

Family with Kids:

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You should definitely consider purchasing life insurance because you have people depending on you for financial support. This is important even if your spouse is earning – will his/her income be enough to maintain the standard of living that you have now?

Young and Single Adults:

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If you are young and single, you can purchase an insurance policy to take advantage of the lower rates of premium. Premiums are cheaper for the young and healthy compared to those who are old and a victim of illness or disease.

Elderly:

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It is always wiser to get insured while you are younger as insurance at this age will be costly. In this stage of your life, if you have a family depending on you or you want to be able to pay for your own funeral, you should purchase insurance.