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Deciding If You Need Life Insurance

By: Irena Julian

We are all aware of Life Insurance and that it's purpose is to protect our families financially should we have an accident, a critical illness or die but it is still a hard for us to decide whether we actually need to take out a life insurance policy.

The decision is hard because we need to commit ourselves to paying insurance premiums over many years. We need to decide how much we are going to pay each month and how do we even know that we can afford the payments in perhaps 10 or 20 years time; we can't forecast what our future income is going to be.

We also have to take into consideration any early termination penalties. If we end the insurance policy before the end of its term will we have to pay to get out of the policy? Penalties are normally applied when an interest rate has been calculated assuming the policy is going to run over a set period of time.

For some Life Insurance is sometimes regarded as a method of saving for the future and a way of having additional funds for later in life especially when we are losing confidence in state pensions. It is worth noting that there are probably better ways to save for the future if you do not actually need life insurance, this is because some of your savings are offset against the insurance side of the policy.

In the main Life Insurance is definitely worth thinking about if you have a spouse or children to support and need to know that they will be financially secure when you die. Life Insurance is a way of replacing your missing income. It will help to perhaps put your children through schooling and give them a good start in life when you are not there to help them personally.

We also need however to consider that situations change, what about divorce or children leaving home and becoming self sufficient, because of this we need to be aware of what penalties will be incurred should we ever decide to terminate the policy before it is actually due to end.

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