A sound financial plan wouldn’t be complete without life insurance. At least, that’s what everyone says, but how true is it? The popularity of this investment backup stems from the large financial gain one receives when something bad happens. In other cases, the insurance policy is all paid up, and the beneficiary now has the option of getting his investment back. But these instruments take years and even decades to mature, so it it really worth it?

The answer depends on a number of factors, but it ultimately boils down to the number of people who stands to gain from the insurance policy. For a married father of three children, an insurance will provide a safety net for his kids in the event of an untimely death. A bachelor on the other hand won’t have any use for the money once he’s dead.

This matter can also lead to other serious questions about whether or not a person wants to get married and have kids. Insurance only covers a person’s beneficiaries after he dies. While he’s alive however, he’s responsible for his family. So the more important question is this: is it worth having a family?

This is of course a personal choice, but whatever decision a person makes, he has to be aware of the financial ramifications, even long after he’s passed on.