| Should I buy Life Insurance? |  |
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Should I Buy Life Insurance?
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| Life Insurance can help protect your family by replacing lost
income or providing funds to pay outstanding bills or taxes in case of
your death. Some life insurance policies will also pay you dividends
or build up a sum of money from which you may take a loan. |
Your need for life insurance can change over a lifetime. If
you are thinking about life insurance as financial protection for your
family in case of your death, here are some scenarios which show how needs
may differ:
- Single adults may not need much life insurance, unless they are
single parents or support someone such as an elderly parent.
- Working couples without children or dependent parents may not need
much life insurance, if the surviving spouse is able to make a good
income and there are no major debts to pay off.
- Families (including single parent households) usually need life
insurance because young children depend on their income. People with
grown children are less likely to need life insurance. (If you are
over 65 and your children are on their own, you might not need as much
life insurance.)
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Source: Massachusetts Department of Insurance
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For information about Lynch Insurance please contact:
William Lynch |
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