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Why do I Need Life Insurance?

Life insurance is designed to pay for an individual’s funeral costs, debts, taxes and other expenses after his or her death. It is particularly beneficial for young families with children, individuals with dependents or those who want to ensure that they are able to provide for their loved ones even after they are gone. Many people purchase life insurance with an eye on both immediate and long-term monetary needs.

Life Insurance Can Provide Immediate Financial Support

Short-term financial needs are often quite pressing after a death in the family. Funds that are in joint bank accounts or that are payable on death will generally be accessible to beneficiaries, but they may not be sufficient to provide for the often excessive costs that confront families who are facing an unexpected loss. Although many estates move quickly through probate court, having ready access to insurance funds can provide an appreciated, extra layer of security to families during a difficult time.

Life Insurance Can Provide Long-Term Financial Support

A parent with minor children or an individual with dependents who rely on his or her earning capacity will be more likely to consider life insurance as a way to provide for long-term needs. Long-term needs may not be as great as short-term needs, particularly if children or dependents are likely to become self-sufficient soon. Families with younger children may need more life insurance while families with older or adult children will often need less. The life insurance funds then become a valuable safety net that continues to provide a layer of support over time to the deceased individual’s loved ones and ensure they have their financial needs met.


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Liran Hirschkorn

Liran Hirschkorn is the founder of His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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