2 Life Situations which Require Term Life Insurance

According to www.nerdwallet.com, "Parents need life insurance to a certain extent. Again, it’s an question of dependence. If your kids rely on your salary for food and shelter, get life insurance. But if they’re college kids on the brink of independence, they might be okay without your post-mortem support."

According to askthebusinesslawyer.com and www.ocregister.com, "Life insurance on the partners in a business can be an effective way to ensure that the business survives the death of a partner and provides funds to the beneficiaries of the deceased partner."

In both of these situations, it is important to discuss the alternative.  Imagine your kids are young and something were to happen to you or your spouse.  What would happen to your children?  Imagine you just invested your entire life savings into a business partnership and something were to happen to you or your business partner.  What would happen to the business?  These are difficult questions to ask but good friends will ask you difficult questions because they care.

This post was reposted from http://finlit.biz/life-insurance/2-life-situations-which-require-term-life-insurance/, originally written on February 13th, 2013.