When Do I Need Life Insurance?

Post 6 of 9

This is the last installment in our series on when you should consider purchasing insurance. Today’s topic will cover life insurance and the various points in life you should obtain or review your policies. It is important to note that we will not be covering the different types of life insurance and their specific purposes.

Unlike homeowner’s, renter’s, and auto insurance, there aren’t many safeguards in place that ensure you have life insurance at the proper times. Here are a few questions you can ask yourself to see if it’s time to purchase life insurance:

  • Do I have financial debt that someone else has cosigned? If so, do I know if the cosigner will be held financially responsible for the debt if I pass away? 
  • Do I have financial debt that someone else is listed on?
  • Does anyone depend on my income that would suffer financial hardship if that income was lost due to my passing?
  • Does my family have enough assets available to pay for my funeral expenses?

If you answered yes to the first three questions or no to the last question, you need to consider purchasing life insurance. Keep in mind that the above list is not all inclusive and speaks mostly to personal financial needs. Your personal situation should be discussed with your life insurance agent to guide you to the best product.

Do you have a question that you’d like to ask? Email us at customerservice@mayflowerwollam.com and we might use it in a future entry!

This article was written by Joshua Palmer

Josh is a licensed insurance agent with the Mayflower Wollam Insurance Group. He is a graduate of Mineral Ridge High School, Class of 2008, and attended the United States Air Force Academy, Class of 2012, where he earned a Bachelor of Science in Meteorology. Josh brings a unique background into the agency and focuses on a mixture of personal, commercial, farm and life insurance. His office is located in our Cortland location.