1. Your spouse: When you add another person into the relationship, your life changes. Especially if that spouse doesn’t work outside the home or makes a salary that less than yours.Life insurance will assure your spouse that no matter what happens, their financial needs are met. But even if you’re the one who stays at home with the kids while your spouse works, you have value you might not have realized. For example, how much would child care cost if you’re not there?2. Your children: Kids might not require a lot of money for their expenses when they're small, but that changes as they get older. Also, they might want to go to college someday. How are they going to pay for that if you’re not there? Financial security for your whole family is one of the primary reasons why life insurance is a good idea. This becomes even more necessary if you have special needs kids, or child care payments to make.
3. Your home: That mortgage needs to be paid whether you’re there or not. If this isn’t already worked into your mortgage, then a term lifepolicy can help pay off that mortgage, so your family doesn’t have to worry about where they will live.
4. Your business: Life insurance will keep your business partner from having to shoulder the full financial responsibility of the company you’d worked so hard to create.All of these factors become important when considering your life insurance needs. But more than any of these, is the peace of mind that comes with having life insurance, and the knowledge that no matter what happens, your loved ones will be taken care of after you’re gone.