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Life Insurance ? Do You Need It?
By Vickie Scanlon


Many people are skittish about life insurance, because they feel that it is useless, or it makes them face their mortality, or they may arrogantly think that they won?t die. But let me reassure you, life insurance is not only useful, but also essential if you?re young or old, or have a young family. Life Insurance should definitely be one piece of your financial portfolio.

BENEFITS OF LIFE INSURANCE

1) Protects your family ? If you should die prematurely a life insurance policy will give your young family and spouse a financial buffer. The lost income can be devastating.

2) For children and young adults ? accidents are a leading cause of death.

3) As you get older ? it can help to defer funeral costs.

Life Insurance can help fill the gaps when you or someone you love passes away, as well as, helping to eliminate the stress and uncertainty of their future.

TYPES OF LIFE INSURANCE

There are different types of insurance, which can fit each individual?s needs and situations. The different types and explanation of each are as follows:

Term Life Insurance ? Term life gives you coverage for a particular period of time. (Builds No Cash Value)

Whole Life Insurance ? Whole Life can give you protection for your entire life at a fixed rate. Whole Life builds up cash values, and in some cases, paid dividends.

Universal Life Insurance ? Universal Life gives you more flexibility -- allowing you to adjust your premiums and to increase or decrease your death benefit.

Accident Insurance ? Accident Insurance gives your family an income in the event of your accidental death.

To conclude, when I was younger, I felt that life insurance was a waste of my money. But that changed when I seen the results of what happens when a father of three young children died unexpectedly. He had no insurance to care for his three children. Not only did his wife and children have to deal emotionally with their loss, but it also left them financially crippled. From that moment on, I realized the importance of Life Insurance and what it can bring to my family ? a financial safety net, and for me, peace of mind.

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