{"id":657,"date":"2018-10-11T19:50:45","date_gmt":"2018-10-11T19:50:45","guid":{"rendered":"https:\/\/ladderlife.com/blog\/?p=657"},"modified":"2021-05-19T19:24:38","modified_gmt":"2021-05-19T19:24:38","slug":"who-needs-life-insurance-2","status":"publish","type":"post","link":"https:\/\/ladderlife.com/blog\/2018\/10\/11\/who-needs-life-insurance-2\/","title":{"rendered":"Who Needs Life Insurance?"},"content":{"rendered":"\n<p>As you consider your financial planning, have you found yourself wondering &nbsp;\u201cwho needs life insurance?\u201d Or \u201cwhich types of people benefit most from life insurance?\u201d<\/p>\n\n\n\n<p>While everyone\u2019s situation is different, here are a few things to consider if you are pondering whether you need a life insurance policy.<\/p>\n\n\n\n<p>First, if you have any dependents, life insurance is worth considering. Ballparking your potential future financial obligations will help you assess if you need to have a financial contingency plan in place to help keep your people financially secure if something happens to you. &nbsp;<\/p>\n\n\n\n<p>Future financial obligations include things like mortgages and any other debts, college tuition for children, elder care for aging parents, and basic living costs for your beneficiaries. Once you know that number, you can figure out whether you\u2019d need to leave extra financial support to ensure adequate financial coverage in your absence.<\/p>\n\n\n\n<p>You can use an <a href=\"https:\/\/ladderlife.com\/calculator?lddr_source=ladder&amp;lddr_medium=blogpost&amp;lddr_name=calculator\">online calculator<\/a> to do this, but here are some general guidelines that may help with a baseline estimate: &nbsp;<\/p>\n\n\n\n<p>10-15x your annual salary (depending on cost of living) <br><br>+ outstanding mortgage (and\/or other loan) debt <br><br>+ $100k x # of children (for college education) <br><br>+ any additional cushion you\u2019d want to help family<\/p>\n\n\n\n<p>&#8211; any savings you\u2019ve accumulated<br>__________________________________________________________<\/p>\n\n\n\n<p>= coverage needed<\/p>\n\n\n\n<p>Coverage needs vary by individual but this simple equation is a good place to start.<\/p>\n\n\n\n<h3><strong>Types of people who benefit from life insurance include:<\/strong><\/h3>\n\n\n\n<h4><strong>Young parents still building financial security<\/strong><\/h4>\n\n\n\n<p>Young parents who earn good money but have not yet accumulated a large amount of wealth are great candidates for life insurance. &nbsp;They want to make sure mortgage payments and future education costs for their kids are covered and their nest egg is protected. <\/p>\n\n\n\n<h4><strong>Adult children taking care of parents or other family<\/strong><\/h4>\n\n\n\n<p>If you are supporting parents or other family members who do not have the means to support themselves financially if something happens to you, having some coverage is a wise move.<\/p>\n\n\n\n<h3><strong>Who might not need life insurance?<\/strong><\/h3>\n\n\n\n<p>If you have means of financial support beyond your own day to day income, you might not find life insurance at the top of your financial to-do list. &nbsp;When might this be the case? If you are the beneficiary of a trust or have significant wealth accumulated that would cover your family\u2019s needs, if you have parents or other relatives who would support your family, or you have property or other assets you could easily liquidate in a time of need.<\/p>\n\n\n\n<p>At Ladder we\u2019re always happy to help and we want the very best for our customers. If you have any questions please do email us and we would be happy to answer your questions and help you think through your coverage options \u2013 no strings attached!<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n\n\n\n<p><strong>About us:<\/strong><br><br><em>Ladder wants to help people live their best lives, so we built life insurance that is instant, simple and smart. We offer direct-to-consumer, fully underwritten, term life insurance online. We do not charge policy fees and we do not employ commissioned sales agents. You can apply for life insurance coverage in minutes and get an instant decision. You can also decrease your coverage online over time, with no fees or penalties, so you can adjust your coverage as your family\u2019s life needs change.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you consider your financial planning, have you found yourself wondering &nbsp;\u201cwho needs life insurance?\u201d Or \u201cwhich types of people benefit most from life insurance?\u201d While everyone\u2019s situation is different, here are a few things to consider if you are pondering whether you need a life insurance policy. First, if you have any dependents, life insurance is worth considering. Ballparking your potential future financial obligations will help you assess if you need to have a financial contingency plan in place to help keep your people financially secure if something happens to you. &nbsp; Future financial obligations include things like mortgages and any other debts, college tuition for children, elder care for aging parents, and basic living costs for your beneficiaries. Once you know that number, you can figure out whether you\u2019d need to leave extra financial support to ensure adequate financial coverage in your absence. You can use an online calculator to do this, but here are some general guidelines that may help with a baseline estimate: &nbsp; 10-15x your annual salary (depending on cost of living) + outstanding mortgage (and\/or other loan) debt + $100k x # of children (for college education) + any additional cushion you\u2019d want to [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[103],"tags":[75,7,38],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ladderlife.com/blog\/wp-content\/uploads\/2018\/10\/StockSnap_BQ4866DS8U-e1539283557544.jpg?fit=1200%2C800&ssl=1","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who Needs Life Insurance? | Ladder Life Insurance Blog<\/title>\n<meta name=\"description\" content=\"Have you found yourself wondering \u201cwho needs life insurance?\u201d While everyone\u2019s situation is different, here are a few things to consider.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ladderlife.com/blog\/2018\/10\/11\/who-needs-life-insurance-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Who Needs Life Insurance? 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