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When do you need Life Insurance?

In our Ask H Video Series, Green Marker is answering your questions on estates, taxes, insurance, wealth continuity, financial literacy and more.

To start-off our Ask H, we are sharing a 3-part series on the basics of insurance.

Question 1: When do you need life insurance?

When you have an obligation and you may die before you fulfill the obligation. For example

  • As a business partner, your insurance pay-out covers your shares so family can benefit

  • As someone who will have capital gains and other tax obligations, insurance will provide liquidity to cover taxes and other expenses

Question 2: How is your life insurance policy affect by marriage? divorce?

In marriage, your life insurance policy can cover:

  • Mortgage payments

  • Replace your income until you are at least retirement age, allows your kids to go to school

  • Take care of your family's cash flow needs

In divorce, your insurance pay-outs can cover:

  • Your alimony payments to the end of the term in the divorce agreement

  • Your child support obligations before your kids reach the age of 18 or 25 (as per divorce agreement)

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