Do You Need Life Insurance?
Youíre over insured if youíre worth more dead than alive
You donít need life insurance if you:
Have no heirs
Have a lot in liquid assets (non real estate or business)
Even then, some people get a life policy to leave money to their favorite charity. Also, if you donít have health and disability insurance, you should concentrate on getting those before life coverage.
Your mortgage may never get paid off. House payments
can run up to thirty years, and your spouse must have some place to live. Insurance can
pay off your mortgage if you have enough coverage
Your hard assets may be sold at fire sale prices. If
non-liquid assets such as real estate may be sold quickly at low prices. Insurance can
compensate heirs so they donít have to liquidate your estate.