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Buying Life Insurance

If there are individuals who depend on you for financial support, or if you work at home providing for your family you need life insurance. As young parents, life insurance is essential to protect a spouse in the event of a sudden death of the other spouse. The everyday costs of raising children and paying for kid’s college education can be covered by a life insurance policy in the event of a death. Older people may also need life insurance to protect a surviving spouse against the possibility of the couple’s retirement savings being depleted by unexpected medical expenses. Wealthy individuals with large assets can use life insurance as a tool to help reduce the effects of estate taxes or to transfer wealth to future generations.