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Who should buy life insurance?

Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured. here are some examples of people who may need life insurance:

Parents with minor children – if a parent dies, the loss of his or her income or caregiving skills could create a financial hardship. Life insurance can make sure the kids will have the financial resources they need until they can support themselves.

Parents with special-needs adult children – for children who require lifelong care and will never be self-sufficient, life insurance can make sure their needs will be met after their parents pass away. The death benefit can be used to fund a special needs trust that a fiduciary will manage for the adult child’s benefit.

Adults who own property together – married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea. An example would be an engaged couple who took out a joint mortgage to buy their first house.

Elderly parents who want to leave money to adult children who provide their care – many adult children sacrifice by taking time off work to care for an elderly parent who needs help. This help may also include direct financial support. Life insurance can help reimburse the adult child’s costs when the parent passes away.

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