1 year ago

A Guide to Who Needs Life Insurance - NerdWallet (blog)

A Guide to Who Needs Life InsuranceA Guide to Who Needs Life Insurance

Life insurance can fill a wide variety of needs, includingcovering the finite years of a mortgage andprotecting the interests of a special-needs child who will need financial support after youre gone.

In fact, 63% of Americans consider life insurance a necessity, according to the nonprofit industry group Life Happens. But 30% say they dont have enough coverage, 19% have only group life insurance (the coverage thats available through work and often doesnt provide enough money to meet a familys needs), and 43% have none at all, according to Life Happens and industry group LIMRA.

Heres a guide to who needs life insuranceand what kind of policy likely works best in each situation.

NerdWallets life insurance comparison tool can help you figure out how much coverage you need and compare rates. People who are interested in permanent life insurance should consult a financial advisor to find the right policy type.

Aubrey Cohen is a staff writer at NerdWallet, a personal finance website. Email: acohen@nerdwallet.com. Twitter: @aubreycohen.

Image via iStock.

Did you find this article helpful?yes no You might also like:

2 years ago

Become A Personal Financial Wizard With This Advice

Given the current state of the economy, people are doing everything they can to stretch their dollars. This is necessary to be able to make purchases for essential items, while still having a place to live. The following personal finance tips will help you to get the most out of the limited amount of money that you have.

Shop around before committing to a specific lender for financing. Talk to several loan officers, and always get terms on paper. You can also let the loan officer know of other rates you have been quoted, giving them a chance to compete for your business. Additional fees and charges as well, although be sure to not only compare interest rates.

Stop charging a

2 years ago

By Making Smart Decision, turn Your Finances Arounds

If you find yourself in a mountain of debt, it can seem like you will never be able to dig yourself out. Start creating strict shopping and budgets lists that will help you stay on track with your income. Read this article for more tips on managing your personal finances.

When using an ATM while traveling, make sure the bank itself is open. ATMs have an annoying tendency to eat cards. This can be a major inconvenience if your card is eaten at a bank that is hundreds of miles from home. You will more likely be able to retrieve your card if the bank is open.

You shouldn't have more than four credit cards if you are trying to get the best credit score. One card will not sufficie