Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Who has the greatest need for life insurance? Everybody that has beneficiaries that they want to indemnify, cover, or protect from their own indebtedness. Maybe you have a mortgage; maybe you have credit card debt or auto debt. You may have future obligations like college or retirement. Whatever you want to protect, you want to be able to make sure your beneficiaries receive the tax-free benefit of life insurance proceeds to take care of those obligations so that they're not saddled and suffer through financial liabilities that you incurred or you created.
Remember, just a heads up; you may even want to create this for charitable intent. Whatever your reasons are, who has the greatest need? People have the greatest exposure.
Those who have the greatest need for life insurance are people with few assets, but many financial responsibilities. In other words, if they died, the loss of their income would leave a gaping hole in the financial welfare of those they left behind, because there would be nothing else to replace it. Life insurance is a low cost way of covering that need.
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Remember, just a heads up; you may even want to create this for charitable intent. Whatever your reasons are, who has the greatest need? People have the greatest exposure.