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Article: You need life insurance
- Article from:
- The Officer
- Article date:
- December 1, 2002
- Author:
CopyrightCopyright Reserve Officers Association Dec 2002. Provided by ProQuest LLC. (Hide copyright information)
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Generally speaking, you need life insurance if you fall into one of three categories: If you have significant debt, if you have dependents, or if you have other significant or ongoing expenses/costs. Most people fall into one or more of these general categories.
IF YOU HAVE DEBT
When you think of debt, you usually think of a mortgage. Most people don't have the resources readily available to pay off a mortgage, out-of-pocket, if the primary income ceases. However, there are other debts you should consider in your planning, such as credit cards, home equity loans, vehicle loans and even taxes. If you have a substantial estate, life insurance may be used to pay the taxes that might ...