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Financial Friday: Do you need life insurance?

Published: Apr. 30, 2021 at 12:44 PM CDT
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HUNTSVILLE, Ala. (WAFF) - Do you need life insurance? The answer is yes if there are people who depend on your income, this is according to LeKeisha B. Garner, Life Insurance Specialist at Redstone Federal Credit Union.

But, every person’s situation is different. Your income is one of your greatest financial assets. If you were gone tomorrow, would your family and loved ones have enough financial security to live comfortably?

Here are points to consider:

  • Life insurance is not just for funeral expenses.
  • Income replacement is the chief reason to get life insurance.
  • It can provide for your spouse and children to cover living expenses.
  • It can cover college costs for your children.
  • If you own a business, a life insurance policy can cover some of the debts associated with the business.

If you are single with no dependents, do you still need life insurance?

• If no one in your life would be financially harmed by your death, you don’t need a life insurance policy.

  • However, you may want to build your savings and investment accounts to cover funeral expenses and any debt you leave behind.

Bottom Line: Protecting your loved ones if you are no longer here is a key element of financial planning.

For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.

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