However, life insurance isn't necessarily for everyone, so don't make the decision to buy a policy automatically. Here are four instances where you should definitely consider how life insurance fits into your overall plan. You have a family that depends on you for income. If you don't like the answers to these questions, you should seriously consider purchasing at least enough life insurance to cover the amount of your mortgage and a few years' worth of living expenses for your family.
Many people also choose enough coverage to pay for college expenses for their children.
You have debts that exceed your assets. A life insurance policy in the amount of your debt solves this problem for you and your loved ones. You have estate-planning issues. This may especially be the case if your assets are tied up in a business or property that would otherwise have to be sold. Be sure to consult with your estate attorney to see if this makes sense in your situation.