We all need a quality insurance

Many people in certain stages of life think they do not need life insurance coverage. This blog posting attempts to dispel certain misconceptions about circumstances where consumers think they don't need protection, but actually may. If you're single or married with no children, or even if you're retired, you should absolutely consider shopping for Already Have Coverage Through Work? Employees pay premiums for employer-sponsored health coverage based on risk profiles that take into account factors such as the age and health of the entire group. That system can extend to life insurance as well. If you have a job, is your employer's life insurance program the best deal around? Not necessarily! Are You Single? If you are single and do not own a home, your life insurance needs are probably not as high as they are at other stages of your life. But, what you do need to consider is whether anyone relies on your income. If you are single, who would assume the burden of paying for your final costs if you were to pass away? This may fall to your parents, who have hopefully planned well for their retirement but are also likely to be living on a fixed income, one which does not take into account the possibility of you passing away before them. Single women, especially, often lack adequate life insurance coverage. Some studies show that as much as 64 percent of American women carry no life insurance. Many single women, especially those with children, may be on a tighter budget than dual-income couples, and as such, feel they can't afford life insurance. However, they may be surprised to find out that a 25 year old healthy woman can purchase a $200,000 10-year term life insurance policy for under $13.00 a month (even lower than their male counterparts, as women are more likely to live longer, which lowers their life insurance costs). If you are a healthy 45 year old, that does not mean it is too late to buy affordable life insurance; your cost for the same policy as above would only be about $19.00 a month. If you have kids, it is especially important to make sure they will be taken care of if anything were to happen to you. Especially since term life insurance is so affordable. Are You Married, But Have No Children? If you are married, but have no children, you may also think you don't need life insurance coverage. It is still important to think about whether your spouse would be able to cover all costs if you were to pass away, especially if you own property or have large debts to pay off. If you do eventually decide to have children, try to remember to reevaluate your life insurance needs before your children are born, that way the father is insured in case anything were to happen to the mother in childbirth, and you will both be covered if anything were to happen to either of you as your children grow up. Are You Retired Life insurance needs may not be as high as they are at other stages in life for those that are newly retired. But, it is also true that most new retirees do need to think about maintaining an adequate level of coverage. Consider your children or spouse you may leave behind. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa. If you are very ill before you pass away, you may incur significant health costs, many of which may be passed on to your spouse or children if you pass away. Many seniors may have to live with a child if they are on their own and need help, and this may put a financial burden on the affected family members. There are also funeral costs to consider. It is important to ensure that your family members can recoup any financial losses after you pass away.