Life insurance is often an avoided topic of discussion — after all, no one likes to contemplate death, particularly their own. However, this conversation is imperative for any adult. Many people do not plan ahead and then find themselves scrambling to get life insurance during or after a life-threatening event. If you aren’t sure whether life insurance is for you, keep reading.

Leftover Debt

Do you have debt? If you died tomorrow, that debt wouldn’t just disappear — someone would have to inherit it, most likely one of your relatives. Your loved ones likely have debts of their own, and certainly don’t need yours added to their burden. Any home, business, or personal finances may be passed on to those in your family if you pass away.

You Have Children

If you have children, you know how much they can cost. If you died, would your spouse or significant other be able to care for them? Life insurance enables you to make sure that all of your children's financial needs will be covered in case of an emergency. Many parents believe that life insurance is a vital requirement for the wellbeing of their children.

You Own a Business

If you died, what would happen to your business and those that you employ? A succession plan should always be put into place to protect your business and those who are part of it. Financial advisors are great resources for businesses that need a steady plan with life insurance incorporated. Succession plans can be anything from official documents to carrying certain types of insurance like an executive life insurance policy.

You are Planning to Retire

The size of your property depends on how much your heirs could be taxed for the property. Sometimes this tax could be up to 45% after you pass away. Typically, life insurance policies are made payable right away. This enables the heirs of any property to take care of the taxes, cost of funerals, and any miscellaneous debts. They can do this without having to quickly liquidate any of their assets. When you have life insurance your proceeds are normally free of an income tax, and will not be added to the tax liability of your estate if structured correctly.

Why Don’t I Need Life Insurance?

Some of the most common reasons that people don’t invest in life insurance include the following:
- They can’t afford the payments
- They’re healthy
- No children
- They have other assets
- Buying life insurance is inconvenient
- They have coverage through their job
- They will buy it later
- Planning for death is unpleasant

If you have dependents — even if it’s just a spouse/significant other — you need life insurance. And premiums tend to be lower for younger, healthier individuals, so it’s better to act sooner rather than later. Even if you don’t end up needing your life insurance policy later in life, you can always sell it and enjoy the extra spending money.

Author's Bio: 

Shae Holland is a professional copywriter with expertise in a range of subjects. When she's not writing, she enjoys reading, exploring new chocolate recipes, and spending time with her two dogs. For more information about selling one's life insurance, visit here.