HUNT VALLEY, Md. ( TheStreet) -- How do you know if you need life insurance in your 50s? And if so, how much?For starters, is anyone reliant on you for their financial well-being? A spouse? Minor children? Life insurance does not pin a numerical value on your life; it helps compensate for the financial loss accompanying your death. Therefore, if no one is reliant on you for their financial well-being, you don't need life insurance. End of story? Not exactly.
|We avoid certain risks altogether (skysurfing without a parachute, say) while reducing others, but until you can handle the costs of death on your own, lacking life insurance shouldn't be among those risks.|