Pinnacle Life Marketing Manager Kerry Vaughan spoke with Newshub to clarify life insurance. Kerry stated that it would be a good idea if people with financial obligations took out life insurance. In the interview Kerry provides three different examples of when life insurance is necessary.
- You have dependents
- You have a mortgage or other debt
- You’re worried about what getting ill would mean for you financially
Similarly, Vaughan gave three examples of when life insurance isn’t necessary:
- You have no dependents or debts
- You’re very young
- You have out-lived your need for it
To the top list I would add the ideas that life insurance gives rapid payment compared to the sale of real property, and also if you expect that you might soon have one of those three reasons in the future. To the bottom list I would add that your assets have grown to the point where you have sufficient funds to meet your commitments and desires for your estate.