Monday, November 20, 2006

Get Life Insurance if Others Depend on Your Income

The Houston Chronicle financial writer talks about who should buy life insurance. It comes down to what we've said for some time: "If someone depends on you financially and would be financially hurt if you died, you should have life insurance."

Here's what the article says in part:

"A person should buy life insurance when others are dependent upon their earning income. A classic situation would be when a couple starts a family and has a child. You might also get some life insurance for a stay-at-home parent, because if he or she were to pass away, the surviving spouse would likely face higher household expenses — to buy services that his or her spouse had been providing — and possibly reduced income if the person couldn't work as much as he or she had in the past."


"In the case of a two-income couple, I would recommend life insurance if they are dependent upon and relying upon each other's income."

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