Do I need life insurance? You ask, Everyone is always telling you, "you need life insurance".
If you have been getting this advice over and over from your spouse, family and friends, you may be starting to to wonder if it's a conspiracy to get into your wallet.
The truth is , the conspiracy is one of concern for the people you care about.
The answer to this age old question is pretty straight forward: You can't reliably predict the future....
...And because you can't predict the future, you want to protect the people care about should you not be around.
If your spouse and/or children are dependent on your income to live, what happens to them if you die with no insurance? Sell the house? Skip college?Government assistance?
" If a child, a spouse, a life partner, or a parent depends on you and your income, you need life insurance."
If this line of argument feels like a guilt tactic it is because it is.
When protecting your family against your untimely demise cost less than pizza on friday night, then there is no reason to leave your family unprotected. You can’t really say you love them but would rather have the pizza….(This is true even though pizza is good!!!)
If your on a tight budget we can work with you by lowering the face amount or shortening the term of the policy.
If this is the situation you find yourself in, ask yourself, if things are tough now, what would they be like without your pay check?
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The answers to this timeless question will provide the basis for how much coverage you will want under ideal circumstances.
Because budgets and health conditions vary greatly what is ideal and what is real may not be the same thing. However, knowing what you want to happen should tragedy strike, whether it’s keeping the house or your kids going to college, is the best place to start.
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Jim Tobin is the owner of Life Insurance Help Desk, a Fairfield County, CT. life insurance agency. You can find him on LinkedIn and Facebook. Over the past 10 years, Jim has used his CFP-financial planning designation to help individuals with their life insurance needs. In addition to working with life insurance clients, Jim teaches ESL classes in his spare time. He resides with his beautiful wife Nicole and the 3 cats that rule their lives..
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