I came across an interesting article that talks about why an individual should seriously consider life insurance when they reached the age of 30, especially when they have dependents. Below are some questions that worth taking a look.
- Do you have debts your family will need to pay? (i.e.: mortgage, car loans, credit card)
- Do you have college-bound children?
- Will your family need to replace your annual income or have an emergency fund?
- How much do you think your funeral will cost?
- How much money do you want to leave your heirs?
- Is there a family business that will need financial support?
Here’s the link to the article, enjoy it!
http://www.moneyville.ca/blog/post/947787–why-30-year-olds-need-life-insurance