There is a millennium of things that one needs to worry about in contemporary times. If you are baffled and do not know if you need insurance or not, do not worry, we are here to solve your problem. The conditions, ambiance, and situation of one person differ from every other person. So, it would not be a prudent decision to answer the question of whether you need insurance or not in black and white. An effort is made to enlighten this issue.

Long-Term Requirements:                                       

What is the age of my children?

This is very important question to answer before reaching at any decision. If your children are very young, it is a wiser move to go for life insurance. This is because if anything happens to you, your children will have something for their support. Another benefit of insurance at this stage is; you will have money in your hand when your children will reach the university level. Their university expenses will be paid off with this money.

How much money do you need to run your domestic expenditures?

Having enough money to keep running your house expenditure is a basic necessity for you. But, if you have an extra amount left every week after spending on your all expenses; you can think of insurance. You cannot go for insurance if you are even unable to cope with the necessary outlay.

How much time your dependents need to become independents?

If your children are in university or college and they would be graduated soon, you do not need any kind of insurance. This is because when they get out of school or university, they will get jobs. Resultantly, you would not need to be worried about them. On the other side, if your children are young and you think they would take a longer period of time to be independent, you may go for an insurance plan.

Short-Term Requirements:

What assets do you have to take care of your family?

Assets play an important role in finalizing your decision. If you have multiple assets under your ownership, you need not worry man. Your bank balance and real-estate will take good care of your family in your absence. But if you are a poor person like me, you need to go sooner than later to an insurance company.

How much debt your company owes to the bank?

If you are a person whose credit ratio is one the higher side of the graph, you should take some safety measures like an insurance policy. Your company can any time succumb to the loss. But, if you have insurance policy under your belt, you need not worry much. An insurance company will help you settle many losses.

How much time it will take for your inheritors to receive your property?

Your inheritors might not get their due share of the property even after months. Different countries have different policies for transferring property to the heirs. In some countries, it takes months while in others it might take a year or even more. This is the reason you need to have insurance policy behind you. Your heirs will not undergo hunger in case of any accidental death of yours. Insurance companies do not as much time as other property transferring processes.