If you have a life insurance policy when you die, your beneficiaries will receive some benefits that can make the administration of your estate less costly and less of a burden on them:
No. Life insurance is primarily for the person who wants to take care of family members or other loved ones financially after the person dies. It also depends on the immediate financial situation of the person, since people who are more strapped for cash obviously have greater financial priorities than paying for a life insurance policy. There are certain factors you should think about when determining whether you really need a life insurance policy:
You may want to consult an estate attorney. Your attorney can help you plan out your estate based on your future needs as well as the needs of your dependents. Your attorney can help you understand whether it would be advantageous for you to purchase a life insurance policy, and how it will affect your dependents once you have passed on.
Last Modified: 09-15-2014 02:15 PM PDTLaw Library Disclaimer
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