Seven People Who Should Purchase Life Insurance Immediately

by edralyn on August 29, 2013

ParentsIf you are considering whether or not to purchase a life insurance policy, ask yourself this one question: If I die, will someone suffer financially? If the answer to that question is yes, you need to purchase a life insurance policy immediately. A site like can help you determine which policy is right for you. Here are seven people that should start shopping now:

1.Married Men and Women

Married people tend to share everything. Don’t make the mistake of thinking that your spouse will be able to take care of him- or herself if you die. It doesn’t matter if your spouse is employed; when you depend on two incomes, one just won’t cut it. Never wait to purchase an insurance policy until you’re ready to start a family. Your spouse will need to pay off your debts and take care of bills with or without kids.

2.Married Parents

If you’ve already started a family but have neglected to purchase life insurance, what are you waiting for? Try to imagine your spouse taking care of the entire family without your income to rely on. By purchasing a life insurance policy, you will essentially be able to support your family even after you’ve passed on.

3.Single Parents

As a single parent, you know how difficult it can be to make ends meet. If you should die tomorrow, will your children be taken care of? What about your funeral? Your children should never have to bear the burden of paying for you to be laid to rest. Your kids also shouldn’t have to worry about their financial security. Even if you have people in place that will step in to raise your children, you should still purchase life insurance. After all, whoever takes custody of your kids will instantly see an increase in their household debt.

4.Older Adults

If you have reached middle-age and have yet to purchase a life insurance policy, you have made a grave error in judgment. Is your house paid off? Do you have car payments? It’s not unusual for today’s older adults to be carrying a tremendous amount of debt. Do not rely on Social Security to keep your spouse afloat after you die. Additionally, you and your spouse have grown accustomed to a certain way of life. Make sure that your spouse doesn’t fall from the lap of luxury into destitution when you die.


5.The Retired

Did you know that the people in your life could face large estate taxes after you’ve passed? You don’t want your heirs to have to worry about paying Uncle Sam. With the right life insurance policy, the people that you love can use the money you leave to pay for your funeral, your debts and the taxes on your estate without having to liquidate assets.

6.Small Business Owners

If you have a small business, you absolutely need to carry life insurance. You can structure the policy in such a way that the remaining owners of your business can buy out your shares. If your co-owners don’t want to buy your shares, they can hire a replacement should they choose to do so. Not only will a life insurance policy take care of your fellow owners, but it will ensure that the family that depends on your income isn’t left in the lurch.

7.Some Single People

If you’re single, debt-free and have no dependents, you don’t need to rush to purchase life insurance. On the other hand, if you’re single, have debt, take care of aging parents or younger siblings; you’ll want to fit life insurance into your budget. You may also want to consider purchasing life insurance now in order to keep your premiums affordable. The longer you wait to purchase a policy, the more expensive your monthly premiums will be.

It’s not imperitive for everyone to purchase life insurance, but it makes good sense for the majority. All but those who are completely independent and debt-free can benefit in some way from the right life insurance policy. If you have any questions, a licensed agent can help you come to the best decision for yourself and your situation.

Daniel Watson is an avid blogger. You can follow him at @daniel_w2012.

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