Can you really skip
life insurance?
Life insurance is tricky. There are scenarios
in which it’s vital to your family, but there
are also instances when it may no longer
be needed. If you have term life insurance,
there may be a time when having it no
longer makes sense. Cash-value policies,
on the other hand, accumulate value and
provide coverage you won’t outlive – as
long as you keep up the premiums. Whole
life, variable life and universal life are three
of the flavours you can choose.
Couples
Whether you’re just married, domestic
partners or celebrating your 20thanniversary,
you and your significant other have planned
a life based on a certain income level. Unless
each of you is able to maintain that income
level on his/her own, it’s important to have
life insurance to prevent a drastic change of
lifestyle when one of you dies.
Not everyone needs life insurance. Those
who’ve accumulated enough wealth and
assets to care for their own and their loved
one’s needs independently in the event
of their death can forgo paying for life
insurance, especially if it’s a term policy.
On the other hand, there are people whom
experts say should never be without a life
insurance.
This is true even when you’re both still
employed, if both partners hold jobs.
Some spouses or partners 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.