Life is full of surprises, both good and bad. And an important part of planning for your financial future means considering something no one wants to talk about: what would happen if you or a loved one died unexpectedly? You may have people who depend on you and your income, or you may have debt and other obligations that will have to be taken care of if something happens. How do you plan for the unexpected? Life insurance; a financial tool that provides a death benefit (cash payment) to your named beneficiary if your death occurs during the policy period, in exchange for premium payments to the insurance company. To help you understand how life insurance may be an important part of your personal planning, here are 5 questions to start thinking about:
Do you have a spouse or partner?
Do you have children? Who will provide for them?
Do you have debt and future obligations?
Will your loved ones need help paying for your funeral?
Do you own a business?
If you answered yes to any of the above questions, you may need life insurance. To read more about each of these, login and view our full article here.