Does Everyone Need Life Insurance?

It's easy for anyone to think twice about how much they're paying for life insurance and about whether or not everyone in the family needs it. Sure, the main breadwinner (or breadwinners) should have some insurance as the family will need to be provided for if something should happen to him or her, but what about everyone else? Should you continue to spend money on a life insurance policy for someone that doesn't work outside the home, or just works part-time? What about for the children; should you have a policy for them?

Talking about life insurance is very unpleasant for many people and all the more so when you start talking about children, since no one likes to think that they themselves may die and certainly no one wants to think about their child dying. But the bottom line is that tragedies do occur, and above and beyond any monetary value that a life insurance policy may have, it does cover the cost of a funeral and burial expenses. These expenses are typically much more expensive than many people realize. Carrying a life insurance policy for a child isn't morbid; it's simply practical preparation for the worst case scenario. And in many circumstances, the policy can build cash value so that it can be borrowed against or cashed out early, or transferred to the child's name so that he or she can continue with the policy once they become of age. This type of policy can become quite valuable over time. So while it may not be anyone's favorite topic, there's no reason to put off starting a policy and you need to consider carrying one for every member of the family, even if the payoff amount is only equal to final expenses for him or her.

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