Life Insurance Advice

The following guidelines can help you decide if life insurance is right for you:

Families, including single-parent households, generally need life insurance because children depend on their parents´ incomes. Typically, the younger a child, the greater the family's need for life insurance.

Single adults typically don't need life insurance, unless they are single parents or support someone such as an elderly parent.

Working couples without children or dependent parents typically don't need life insurance, particularly if the survivor would earn enough to meet expenses and pay debts without exhausting savings.

Young couples who plan to start a family may want to consider purchasing life insurance since life insurance can cost significantly less when purchased at a younger age.

Older people whose children are grown and independent are less likely to need life insurance. A well-planned savings program can decrease a family's need for life insurance as wage earners near retirement age.

Although life insurance is sometimes used to pay for prepaid funeral arrangements, it is often not the best funding source. Make sure you fully review your needs and all of your options to pay for funeral expenses.