Wednesday, April 1, 2009

Do I Need Life Insurance?


By Yulun Hung

Life Insurance can be extremely beneficial to some people, but it is not necessary for many people. Life insurance can be expensive, and people have to consider his or her current financial position and loved ones as well before deciding to buy life insurance.
Here is a list of questions people should ask themselves before buying a life insurace:
How many people that I care about depend on my financial support?
How much money do people that depends on me need?
How long will it take for people that depends on me become self sufficient?

After deciding how many people and the amount of money for a life insurance, people should start figuring out the assets that will be avaliable for loved ones after they pass away. It is important to figure out an approximation of time these assets will transfer over to inheritors. Make sure these assets do not have substantial debts on them. Also, avoid probate and estate taxes as much as possible.

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1 comment:

  1. This is the question that everyone asks before considering the policy. There are many people who thinks its a waste and on the other side there are many who knows the value of having it. In my opinion it is must , this is the only policy that will provide protection for the family members when the insured person pass away.

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