From the course: Financial Adulting
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Exploring life insurance
From the course: Financial Adulting
Exploring life insurance
- The next thing you need to consider is life insurance. Now remember, life insurance is primarily used to replace income lost from premature death. The most important thing to remember when you're considering whether to buy life insurance is to remember the point of life insurance, which is to manage risk. You can get sold life insurance as an investment, but it's not the best way to use it. You should be using life insurance for what it's designed to do, and that's to reduce risk in case someone needs the lost income. In other words, you only need life insurance if someone is relying on your income. If you make about the same amount of money as your spouse or significant other and you don't have children, you don't need life insurance. Remember it's designed for people who have dependents that need their income. Think about your life. If you were to pass away, what would your family do? Would they be able to…
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