By Jared Nelson
I remember lying awake in bed one night several years ago, tossing and turning. There was something on my mind that I just couldn’t resolve. My wife had recently given birth to our fourth child and I just couldn’t shake the weighty feeling of financial responsibility. Then it hit me. As the only wage earner for my family, I had a moment of sudden clarity. My family was wholly dependent on me for financial support and I didn’t have a backup plan. I needed life insurance! I had a very pressing insurance need.
While there are certainly a lot of opinions about life insurance, there is a methodical way to approach the topic. To begin, you need to separate the various reasons to purchase life insurance into two categories: needs and wants. The act of dying itself does not create a need for insurance, but depending on your own unique individual circumstances, your death may indeed produce the need for those you care about.