Do we need Insurance?

If there is someone who would undergo economic adversity if you died, then the answer is yes. you need life insurance! Families with young children have a obvious need for life insurance. If both spouses work, the loss of one income will cause the family immediate economic adversity and make it harder for them to realize future goals, like paying for the children's' education. But even if one spouse works "inside the home" and doesn't bring in a formal income, his or her death will require the surviving spouse to hire housekeepers, child care and other professionals to help run the household - and that can be a significant new expense.

If you are married without children or single, then you may need life insurance to protect your partner or surviving family members against the costs coupled with your death. Funeral expenses, probate and administrative fees, special obligations to charities, outstanding debts, and central and state taxes are cost thatmost of us. And, they can add up quickly. Unless you already have sufficient financial resources, your survivors will most likely need life insurance to cover these expenses.