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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