1. Why do I need a life insurance policy?
Contrary to what you may think, not everyone needs life insurance. Your agent should be able to give you a compelling reason why having a policy would be helpful to you and your beneficiaries. It’s important to remember that the primary purpose of life coverage is to replace your income when you die, to ensure your dependents are provided for. A parent of young children typically has a high need for life coverage, especially if he or she is the family’s primary wage earner. However, if you have no spouse or dependents, a life policy might not be necessary. Also, if you have enough financial resources to provide for your dependents if you died unexpectedly, buying life insurance may be a waste of money.