• 05
  Mar
  2010

• Do I Need Term Life Insurance?

  
  Filed Under: Blogging

As you take on more responsibility in your life, you'll find yourself considering purchase decisions you hadn't previously anticipated. These may be something tangible like new appliances when you buy your first home, or something like term life insurance. If you're wondering whether term life insurance coverage is right for you, you can figure it out bu asking yourself two straightforward questions.

Do I have debt? If you have any kind of debt, whether it's a mortgage, a credit card, or an auto loan, someone will have to pay the balance of it if you pass away unexpectedly. With term life insurance, you can buy enough coverage to pay for all of your outstanding debt, and you can designate a beneficiary who can take care of these expenses in the event something happens to you. So no loved ones will be stuck with debt they're unprepared to pay.

Do you have a family? If you have a spouse and/or children, they will have enough to worry about in terms of grieving and moving forward psychologically after losing you. Don't leave them to figure out how to address financial problems too. Purchase a term life insurance policy that will help pay off your largest debts and preferably account for the lost income of your salary as well, so that your spouse doesn't suddenly have to worry about stretching their salary wide enough to cover all of your family's weekly or monthly expenses.

It sounds almost too simple, but it's true. If you are at the stage of your life where you have debt, a family, or both, then you're at the stage where you should be considering the purchase of term life insurance. It's a product you hope you'll never have to use, but you don't want to be without.

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