Life insurance is a policy that some should absolutely consider while others may be able to forego, according to many financial advisers.
The primary earner in the family can benefit from taking out a term life insurance policy to cover the years he or she expects to work. This policy can act as income replacement for family members if the primary earner dies young or unexpectedly.
The parent of a special-needs child can take out a permanent life insurance policy that provides a payout no matter when the parent dies. This will ensure that the child has financial support for the future.
A homeowner with a mortgage can benefit from taking out a term life insurance policy timed to match the years of the mortgage. This will help secure the home for the family if the owner passes away.
Someone who has co-signed loans may want to take out a term life policy, which can be timed to end with the debt payments. This is helpful for student loans or credit card loans so loved ones are not left to pay the entire sum.
If you do not own a business or have dependents, you may be able to forego life insurance. Consult a financial adviser to discuss which, if any, policy is best for you.