Life Insurance Questions After You Pass 50

QuestionsWhat is life insurance? It is a way to provide income to your dependents if you die prematurely. Do you need life insurance? It depends on your situation. Here are a few examples:

  • If it takes two incomes to pay the mortgage and you have kids at home, then you may need life insurance so that the family doesn't have to move should one of the breadwinners die.
  • If you are the primary caregiver to dependents, you may need life insurance to ensure the ability to have a paid caregiver.
  • If you are single, then you probably don't need life insurance.
  • If your spouse has their own income and you have no dependents, then you probably don't need life insurance.

The need for life insurance changes with your life circumstances. Part of planning for the future includes reviewing your insurance policies to ensure that they still meet your needs. The following resources will be helpful in your review.

What You Should Know About Buying Life Insurance (pdf) prepared by the American Council of Life Insurers provides a primer on the types of life insurance and how to buy it.

Money Essentials: Life Insurance from CNN/Money. These 2 articles in the Money Essentials series describes the types of life insurance and choosing a policy.

Ultimate Guide to Retirement: Life Insurance from CNN/Money discusses the need for life insurance and types in a series of questions and answers.

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