If just one is the income-earner, then that person should be insured. Many people also take out an additional policy to cover the cost of hiring someone to perform the non-income earner's household duties. If the farmer dies, there is the need to replace that person's contribution to the business. Retired Couple Retired couples usually have different needs for life insurance. If you have maintained a sufficient amount of life insurance to provide for your spouse, it can be used to maximize your pension, annuity or other retirement income.
Insurance can be useful for tax settlement and equalizing inheritances.
Plan for the future and change only when necessary. Assessing Your Life Insurance Needs Your family is unique because it has its own interests, needs, wants, values and goals. As a result, your insurance requirements are also unique. The worksheet will help you assess your family's life insurance needs before you contact or meet with a life insurance agent. That way, you'll be better equipped to discuss your needs and make a wise decision.