Who Should Buy Life Insurance?

By Author: Easy policy
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One of the common ways that people buy life insurance is not when they make up their mind and go shopping; rather, it happens to be through people being introduced to this insurance through a contact or a friend who works for an insurance company. However, the fact is that there is much more involved when you evaluate your decision in terms of their actual implications on real life. And the implications would become clearer when you understand who should buy life insurance.

Are you married? Your primary responsibility, when you are married, happens to be towards your spouse. Both you and your spouse could be earning, or it is quite possible that you are the sole breadwinner of your family. Whichever the case may be, it becomes imperative that you ensure smooth living and comfortable living standards for your spouse even when you are not around.

You may consider this question: if your spouse were to be on their own tomorrow, would they be able to sustain their current lifestyle? Have you secured their future in an uncertain environment, when the security provided by you and your earnings may not be around anymore? ...
... If you are in doubt, you know you are in the list of those who should buy life insurance.

Do you have kids? If your progeny is looking forward to the future with aspiration and hope, you have one more reason in your kitty. We all work based on what we plan for the future. However, if you would want to ensure a safe and secure future for your kids, you would be better off and be able to gain complete peace of mind with a simple, purposeful decision. Again, give it some serious thought if you have kids whose future may be dependent on you.

Even those who may not have kids of growing age and whose sons or daughters have become independent and earning, would still want to consider this tool for securing a prosperous future. For instance, those who are nearing retirement or have already retired could well have their sons or daughters settled in their lives. However, if they would prefer their independence to their having to depend on their sons or daughters for their end-of-life expenses, they would buy insurance.

As a general rule, the answer to the question, “who should buy life insurance depends on your outlook to life, your personal circumstances, on how you would want your kith and kin to fare in your absence, and on what kind of expenses they may incur, or the lifestyle you would want them to carry out when you are not there to secure their future. It is an absolute necessity for most people – it is just a question of knowing the sum assured that would be sufficient enough to ensure safe passage for their dependants.

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