How do you Know if you Need Life Insurance in Philadelphia?

Life Insurance in Philadelphia

How do you know if you need to purchase life insurance in Philadelphia? The basic answer is if your passing would leave a family member (or business partner) in a financially compromised position, you need life insurance. Let's say you live in Philadelphia, the city of brotherly love, and wonder if you need life insurance. Here are some helpful considerations in making that decision.
Single parents need life insurance more than any other group. It's unfortunate that single parents also have the least amount of disposable income available to purchase this product. Leaving children behind without proper means of support is truly catastrophic. If you shop around you can find a $250,000 life insurance policy in Philadelphia (if you are near 20 years of age) for $15.01 per month. Perhaps older family members could help fund the policy. If several family members chipped in several dollars a month, you could afford it. Leaving $250,000.00 is a huge safety net for families at every level of income.
You can purchase Life insurance with the cheapest of premiums if purchase your policy while young and healthy. If you believe you might want to purchase life insurance in the future (and can possibly budget the cost now) buy while you are young and healthy.
Single people with elderly parents can also make use of life insurance. Even though your parents may have income and various policies of their own, nothing can sustain elderly parents more than a living child. What if something should happen to you? A large amount of money could help them pay for health care aides and services to replace you in their direst time of need. Having just lost my mother at age 88 I know how vulnerable she was.  Life insurance protects your loved ones.
The most commonly acknowledged reason for life insurance in Philadelphia is being married with children. Whether you both work, or one stays home to care for the children, how would you replace your partner? The cost of childcare, transportation, cleaning services, laundry services, etc. would be overwhelming should a homemaker pass away. If the primary earner should pass unexpectedly, what would you do? It is truly a terrifying prospect. Life insurance replaces income.
For those who are married without children the consequences of an unexpected spousal death are equally dire. Married debt in a community property state is shared debt. In the event one spouse dies the other would inherit all the debt with half the income. Life insurance pays debt.
To sum it up, life insurance can be the least expensive and most important purchase you will ever make in your life.