One of the most important questions when it comes to life insurance is who needs to buy one. Below are some of the people who may need insurance as a safeguard for many life events:
- Parents with young children – A lot of new parents consider investing in life insurance. This is to ensure that their family can comfortably arrange for all regular and unforeseen expenses and there is no substantial burden on their savings.
- Individuals with dependent family members – In today’s era, a single earning member of the family could mean higher chances of getting into a debt burden unless there is an insurance cover. With rising inflation, affording day to day expenses could be tough for a single earning member. Thus, insurance can come in handy for such individuals too.
- Elders with limited savings – People who are either retired or nearing retirement may find their hands tied when it comes to expenses. This is mainly if the individual does not have a substantial amount of savings. With insurance, such individuals can live their lives comfortably and do not have to undergo the stress of cash crunch.
- People whose children need higher education – Since higher education is getting expensive with every passing day, insurance is required to cover such expenses. In absence of insurance, the individual may have to give up life savings to cover education expenses.
- People with businesses – Even if an individual starts off a business by using personal savings, it will require additional funds for growth in the future. With insurance, business funding or covering for any emergency financial needs becomes easier. Hence, people who own businesses must opt for insurance.