Are you wondering whether or not you should get life insurance? Here are 4 scenarios to help you figure out whether life insurance might be helpful for you:
1) People depend on me financially: If I die unexpectedly, I want to provide funds for the people who depend on me financially—money to cover the mortgage payments for a surviving spouse, pay for college for our children, or provide financial support for parents or other family members who depend on me.
2) I own property: If I am leaving behind a large property or a family farm, I might take out a life insurance policy so that my heirs don’t have to sell up after I’ve passed away.
3) I own a business: If I have a business partner or partners, a life insurance policy can fund the buyout of my share in the business after I am gone.
4) I have or want to create an estate plan: If I am working with a professional to manage estate taxes, I might use life insurance as part of my estate plan.
If you fall into one of the categories, you might consider looking into a life insurance plan. See our post on the types of life insurance to learn more.
-Amy Witherbee, Revolution Capital