If someone will suffer financially when you die, then you need life insurance!

No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. There are many different scenarios where a person may need life insurance. These are the ones that really stick out.

You’re Married

If you and your spouse have no children, but you both work and contribute to pay the bills, you need life insurance to cover the cost of living, rent, utility bills and pay off debts if one of you should die. Some spouses may want – or need – to take an extended break from working following the death of their loved one. Life insurance affords that chance to grieve or readjust to new life circumstances.

You’re Married With Kids

Most families depend on two incomes to make ends meet. If you died suddenly, could your family continue meet all their financial obligations? Could your family continue their standard of living on your spouse’s income alone? Would their plans for the future—like college stay intact? Life insurance makes sure that your plans for the future don’t die when you do.

You’re a Single Parent

As a single parent, you’re the only breadwinner. With so much responsibility resting on your shoulders, you need to make sure that you have enough life insurance to safeguard your children’s financial future.

You’re a Stay-At-Home Parent

Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks. To pay someone to do everything the stay-at-home parent did will cost a lot. With life insurance, your family can afford to make the choice that best preserves their quality of life.

You’re Retired

Depending on the size of your estate, your heirs could be hit with an estate-tax payment of up to 25% after you die. The proceeds of a life insurance policy are payable immediately, allowing heirs to take care of these taxes, funeral costs and other debts without having to liquidate other assets.

You’re a Small-Business Owner

Besides taking care of your family, life insurance can also protect your business. What would happen to your business if you, one of your fellow owners or a key employee died tomorrow? Having employee life insurance provides the owners with the financial flexibility needed to either hire a replacement or work out an alternative arrangement.

You’re Single

Most single people don’t need life insurance because no one depends on them financially. But there are exceptions. For instance, some single people provide financial support for aging parents or a sibling with special needs. Others may be carrying significant debt that they wouldn’t want to pass on to family members who survive them. You may also want to think about funeral costs. Your parents already spent money to raise you, should they also spend money just to bury you. Insurability is another reason to consider life insurance when you’re single. If you’re young, healthy, and have a good family health history, your insurability is at its peak and you’ll be rewarded with the best rates on life insurance. The older you wait, the less healthy you will be which means higher premium rates.

Are you in any of these situations above? If yes, my advice to you is, look for a good financial advisor to avail of an insurance plan and determine how much you actually need.