1. Peggy MacePRO
    President and Senior Agent, Outlook Life, Most of the U.S.
    For most people, it is good to have life insurance. Life insurance allows you to provide for those you love, even after your death. They know when they receive that death benefit which was left specifically to them, that you cared about them and were a responsible person. Life insurance helps financially, but it also has other good ramifications at a very sad and tragic time.
    Answered on December 30, 2013
  2. Matt BenorePRO
    Founder, DenverWest Insurance Professionals, Inc.,
    The only way to answer this is to look at your situation and determine why you should consider having Life Insurance.  Here are some examples why you would consider having a Life Insurance.

    you are married.  A life policy would pay off any expenses and help to maintain the standard of living you currently have or perhaps want to provide the means to improve the living standard.
    you have children.  This is a common reason.  Have coverage to support your spouse until the kids move out.  Perhaps you want to make sure the children have the means to go to college if you were to die prematurely.
    your a partner owning a business.  Life Insurance is used for Key Person & Buy-Sell agreements.  Key Person pays the company for lost income if a Key (important) employee passes while the company looks for someone to replace you.  Buy-Sell purchases the ownership of your partners  half that would otherwise fall to the family, surviving spouse.
    you have  a bank loan.  Sometimes, depending on the structure of a loan, you might be required to have Life Insurance which would pay the loan back upon your untimely death.  This is one way a bank may minimize the risk on the loan defaulting.
    There are just 4 examples which are common.  There are many other situations where it is good to have Life Insurance.  Contact your agent/broker to discuss your situation.
    Answered on December 30, 2013
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