A while ago we talked about travel insurance with its pros and cons. Some aspects you need, while others you can omit and save your money.
But do you need life insurance when you travel?
I believe the answer to this would be the same regardless of whether you are traveling or not: it depends.
Some of the factors that affect whether or not you need life insurance (and in turn what kind of life insurance you need) include your current financial situation, whether or not you have dependents and/or a partner, and your estate planning needs. (Don’t know what an estate plan is? Stay tuned for next week’s tip!)
I believe in insurance, but I also believe it’s possible to over-insure ourselves, thus spending too much money on insurance premiums and not having as much in the budget for the things we like to do while traveling. With the right knowledge about what our needs are and what insurance plans can satisfy those needs, we can get just the right amount to protect ourselves (and our loved ones) from financial ruin in the event of “life happening while we’re busy making plans”.
Want to test your knowledge of life insurance and determine your needs? Check out this Financial IQ Test to see how you measure up.