We are in the 21st Century and yet life insurance is still sold not bought. There are very few people who would actually walk into a life insurance company office and ask for life insurance. In fact I think if anyone who does that is viewed with a great deal of suspicion.
The only people who seem to automatically get life insurance are those that work for corporations that offer life insurance as part of their benefits package.
Who Needs Life Insurance?
If you have people who depend on you for financial support or work at home providing your family with services like child care, cleaning and cooking, you need life insurance. Yes stay at home moms need life insurance.
Older folk who need to provide for a surviving partner in case retirement income is depleted by the rising medical costs need life insurance.
If you have a lot of assets, you need life insurance to protect against the effects of estate taxes and also to provide for future generations. Nothing is worse than a wealthy person who leaves his family in debt and poorer than when he was alive.
As you can see, if you are earning an income or have assets, you do need life insurance. In my view, as long as you are breathing and have dependants, life insurance is not an option, it is a necessity.
The only option or question you may have is what type of insurance you need and how much of it should you get? In a later insurance topic, we shall discuss this.