The short answer is – everyone who has someone that depends on them. No matter what age you are or where you are at in life, it is always a good idea to have a life insurance policy in place in case something unexpected befalls you. However, it is more important for some than it is for others.
If you have a chronic condition
If you have a chronic health condition, then you may have already considered the financial implications on your loved ones if something were to happen to you. Life insurance policies will cost more if you have a chronic illness or health condition. For example, life insurance with diabetes may incur a higher premium than it would for someone with no medical conditions because it is a higher risk for the insurance company. Regardless, it is important that you make the investment in order to protect your family’s future.
If you have a mortgage
Purchasing a property is a significant financial responsibility and if you pass away before it is paid off then someone else will have to keep up with the payments in your absence. Can your partner afford the mortgage on their own? Is your next of kin in a position to take on your mortgage after you are gone? Life insurance can be a massive help to whoever is left to take on the responsibility after you are gone.
If you have children
If you have children or other dependents then you will need to have a plan to care for them after you are gone, both financially and physically. You should take out a life insurance policy and make a will to make your wishes clear. The payout can go to their guardian to help with childcare costs, help your partner pay for their expenses in your absence, or as a gift to your children for their future.
If you are in a long-term relationship
If you are in a long-term relationship but not married, then you might not have considered getting life insurance. However, even if you are not married, a couple often depends on each other’s finances to afford the lifestyle they live and the home they rent. Take a look at your joint finances and assess whether it is worth it to take out life insurance – you could consider a joint policy to save money.
Who does not need life insurance?
There are some instances where you may decide that you do not need life insurance. A young, single person with no dependents may not have a need for life insurance because there is no one else relying on them financially. Homeowners may not want to continue paying for life insurance if their mortgage is fully paid off – although life insurance can still help your family with other expenses such as household bills or funeral costs. If you have a death-in-service benefit through your employer, then that might provide your loved ones with enough money to help them get by if you were to pass away whilst still in employment.
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