It's not easy to think about how your loved ones would manage without you, but it's something everyone needs to plan for. Make sure they're taken care of with the right life insurance policy
You remind your children to grab their lunches, you always know where they left their shoes and you can tell just by looking at them that they're sick. What would they do without you? No mom likes to imagine not being there to watch her children grow up, but you'd want to know that your family was provided for if the worst were to happen. That's why you need life insurance. If someone relies on your financial support -- children, parents or a nephew you help with school -- you need a policy. Your work may offer one, but employers often don't offer enough coverage for large families. And once you leave the job, your coverage ends. Follow these steps to make sure you're protected.
Decide whether you need a policy If you're single and have no dependents, you don't need life insurance. But if others rely on your support, insurance is a must, even if you don't work outside the home. "If you cook and care for children, your survivors will need to hire someone to take care of those tasks," says Kristina Sommerkamp, a certified financial planner in Boca Raton, Fla. "That someone will have to be paid."