Do I need life insurance? An easy test.

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 propertyIf 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 businessIf 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 planIf 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

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