Do you need life insurance? One single insightful question will lead you to a conclusive answer.

Would someone in your life be negatively affected financially if you died today? Whether you have life insurance or not, it is likely many would be affected emotionally in that eventuality, but life insurance can ensure that, while emotionally distressed by losing you, your loved ones have the relief of being financially unaffected. Here’s how:

If you have debt – Mortgages, business debt, student loans, personal debt, can all be settled by your beneficiary with the generally tax free proceeds of your life insurance policy, allowing them to avoid default and its potentially devastating consequences for your loved ones.

If you have minor children – Your life insurance policy can provide the funds needed to provide for your minor children until they are able to become financially independent.

If your spouse is a homemaker –  Life insurance can provide an income for them while they transition back to the work force, especially while they may also have to care for minor children on their own.

If your spouse is a breadwinner – They will need financial support while they transition to single parenting.

If you own a business – Do you have a business partner? If so, how would your ownership and responsibilities in the business be handled? Life insurance may allow your partner to buy out your interest from your family if they are not seasoned or interested enough to handle your responsibilities. If you don’t have a partner, life insurance can buy your family time and resources in executing your business succession plan. By the way, you need to set up such a plan now if you haven’t already.

Funeral expenses, averaging $10,000 to $15,000 or more nationwide, could be an onerous burden on your family without the support of life insurance.

It is pretty obvious that most people need life insurance. Why, then, are more than 40% of Americans uninsured, according to Life Happens and LIMRA’s 2017 Insurance Barometer Study? Here’s a few common reasons. Have you said anything like this to yourself lately?

“I can’t afford life insurance.” Many find it hard to include the cost of life insurance in their first tier of necessities, especially if they feel they are struggling financially. Two realities apply: First, most Americans severely overestimate the cost of life insurance, while life insurance typically costs a fraction of what most spend on coffee, eating out, or entertainment. Second, if things are tight right now, how would the family fare without your income and no life insurance?

“I already have life insurance at work.” And you should, the cost is often subsidized by your employer. Think of this though, one or two years pay, the typical face amount of life insurance offered at work, will not sufice if anyone will depend on your income for longer than that. Also, life insurance is offered by most employers as a benefit of working there, a benefit typically lost if you discontinue your employment there.

“I’m young and in great health!” Well, congratulations! This is the best time to secure life insurance, you’ll get the most affordable premiums. Remember though, no one is immune to accidents and sudden illnesses, and if you were fortunate enough to survive such an event, your chances of getting coverage would decrease as much as your potential premiums would increase. That is, if you’re able to obtain coverage at all.

“I’m happily single and have no minor children.” Remember the original question: Would someone in your life be negatively affected financially if you died today? If your answer is still “yes” then you still need life insurance today.

If any of this overwhelms you, please know you’re not alone. We can help you determine the best solution. Please get your free quote today.

***This article expresses the views held here at StrongBox, not those of any insurance carrier represented by the author.