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1. Who needs life insurance?
2. Which other people should consider life insurance?
3. Childless couples:
4. Couples in divorce proceedings:
5. Retired individuals:
6. Medically impaired people:
7. Business partners:
8. What about life insurance for children?
1. First and foremost, families with small children need life insurance. Typically, parents with small children are young and their income is limited. Yet, their current and future financial needs are are at their maximum. Life insurance protects the wage earners' income so that these needs can be met.
2. Anyone with dependents should consider life insurance. Special considerations apply to childless couples, couples in divorce proceedings, retired individuals, medically impaired people, and business partners. Let's consider these one at a time.
3. If one of the couple has little or no income, life insurance should be considered to provide for that person. If the couple's lifestyle requires both incomes, consider whether downsizing is an option. If not, then again life insurance should be considered.
4. Divorce proceedings often inlude a provision for life insurance. This is to provide for continuance of child support and/or alimony. If you are in this situation, you should consult with your divorce attorney for guidance.
5. People with a substantial retirement account have less need for life insurance. However, married retirees should consider whether losing a spouse's pension or social security will be un undue burden. Also, some people choose to leave a gift for their beneficiaries with a universal life insurance policy.
6. Depending on the medical condition, traditional life insurance for impaired people may be expensive, limited in amount, or not available. The severely impaired can consider a "guaranteed issue" product for up to $20,000. Anyone can be issued a "final expense" product for up to $10,000.
7. Business partners face a unique problem, if one of the partners should die. Specifically, the surviving partner may want to buy out the deceased partner's share. A "buy/sell agreement" is the legal mechanism to provide for this. Life insurance provides the funds to execute the agreement.
8. Keep in mind that life insurance does not benefit the insured, i.e. the child. It benefits the beneficiaries, i.e. the parents. To provide support for a child, you might consider a trust fund, such as a "529 College Education Fund".

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Brother Life - P.O. Box 248 - Chandler, AZ 85244