Professional Insurance Blog

Who needs life insurance?

If there are people who depend on one person’s income as the principal financial support, then the principle person needs life insurance to protect the dependant’s from financial loss.
Older couples also may need life insurance to protect a surviving spouse against the possibility of the retirement savings being exhausted by unexpected medical expenses. And if persons have substantial assets then they need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.

Smoking is not just a burden on your health but your finances as well. There is the direct cost of purchasing them and the accrued cost over time can be ridiculously high. The collateral financial cost of smoking is the negative impact it can have on life insurance. Smokers more than other clients will be more likely to suffer serious illness or die as a result of the habit, and so companies know there is a higher standard of risk involved when offering them life insurance.