Archive - July 1, 2008

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Life Insurance 101 – Part 1: Why Do I Need Life Insurance?

Life Insurance 101 – Part 1: Why Do I Need Life Insurance?

Everyone has heard of life insurance and most people have some; it’s not an exotic concept. Yet for the average person, buying life insurance means signing the most complex contract you’ll ever enter into. This will be the first of a series of short primers on life insurance: why people need it, how it works, how much to buy, what kind to buy.

One of my favorite graphics is this one, which originally appeared in the August 2006 National Geographic.  It illustrates a fundamental fact: although we don’t know when we will die, we each have a 100% probability …

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