Life insurance is important for anyone who supports others financially, such as partners, children, or relatives dependent on their income. It is also advisable for homeowners with mortgages to protect the primary earner. Business owners with partners should consider life insurance to protect both parties financially.
Who should consider purchasing life insurance?
We recommend life insurance for individuals who have financial responsibilities beyond themselves. This includes anyone who supports a partner, child, or relative who depends on their income.
Why is life insurance important if I have a mortgage?
If you have a mortgage, life insurance helps protect the primary earner’s ability to cover mortgage payments in case of unexpected death. When both partners contribute equally to household finances, it is advisable for both to have life insurance.
Should business partners have life insurance?
Business partners should consider life insurance to protect each other financially. Life insurance can provide funds to cover losses or buy out a partner’s share if one partner passes away. This protection also applies if someone is financially dependent on the business owner.